Definition

• A Home Equity Loan is a loan for any legal purpose which uses the equity in a member's home as the collateral. It is similar to a "second mortgage." The property must be owner-occupied.
• Closed End Home Equity Loan - Our standard Home Equity Loan type. This is a loan using home equity as collateral which is repaid in substantially equal payments over a fixed period of time.
• Home Equity Line of Credit - HELOC is a form of revolving credit in which your home serves as collateral. Please contact us directly at 1 (866) 818-5187.

Fees

Special: Security Service will pay all fees for Colorado Home Equity Loans except the following:

• Appraisal - For loans $100,000 and above, appraisals are required and must be ordered by SSFCU. Appraisals are typically $400 paid at the member's expense. Most loans under $100,000 can be underwritten using the county tax appraisal.
• Off-Site Closing - Members who can't come to an SSFCU office for closing will pay any fees charged by the title company or attorney who conducts the closing.
• Title Insurance - for loan amounts $100,000 and above members will be required to pay for title insurance.
• Release of lien fees are typically $21.00.

Loan Amounts

• The minimum loan amount is $4,000.
• The maximum loan amount is $200,000.

Determining How Much You Can Borrow

• 100% LTV up to $15,000, 90% LTV up to $100,000, 80% LTV up to $200,000.
• Equity will be determined based on the value of your home per county tax appraisal records (SSFCU will order an appraisal at the member's expense if required), less all outstanding mortgage balances.
• Actual amount you may borrow depends upon our usual credit criteria (credit history, income, other debts, etc.)

Terms Lengths

• 1 year for every $1,000 up to $10,000.
• For loan amounts $10,001 and up - the maximum term is 180 months (15 years).

Rate

• Please check our rate sheet for the low current rates on Security Service Home Equity loans!

Who Can Borrow

• The property must be an owner-occupied, one to four family property in Colorado.
• First Lien property must be an owner occupied primary residence or secondary residence/vacation home. Second Lien property must be an owner occupied/primary residence. No rental properties are allowed.

Lien Position

A Deed of Trust will be taken on the home. The SSFCU Home Equity Loan must have first or second lien position. If the home has a first mortgage and another lien such as a home home equity, improvement, wrap, or purchase money second, arrangements. The second lien must be paid off with the Home Equity Loan.

Disbursement

The loan will be disbursed by the Home Equity Department into the member's account after the required waiting periods have passed.

Credit Approval

Normal credit criteria apply. Applicants must have an adequate source of funds for repayment and income commensurate with the credit limit approved.

Miscellaneous Rules

• Credit life and disability insurance cannot be calculated within the loan. It can be purchased from an outside source.
• Loan documents cannot be signed in the member's home. You must come into an SSFCU service center or close at an attorney's office or title company.
• HMDA information (demographic information for government tracking purposes) must be provided if the home equity loan is for purposes of home improvement.

Documentation

The member will provide:

• Completed loan application form
• Copy of warranty deed
• Proof of the current value of your home (latest county appraisal or you may request an appraisal be ordered by SSFCU at your expense)
• Verification of mortgage balance (copy of mortgage statement)
• Verification of income 2 paystubs to cover a 30 day period / self employed last 2 year tax returns
• Proof of homeowner's insurance (copy of policy)
• Proof of flood insurance policy if property is in a flood zone (copy of policy)
• If loan purpose is home improvement, you must complete the HMDA form (government requirement) located within the Home Equity Application.
• The property must be owner-occupied (rental, investment, manufactured, mobile or modular homes are not allowed).

SSFCU will provide:

• Documents to be signed at closing for the loan and lien perfection
• All disclosures required by State and Federal laws.