MSUFCU Routing Number: 272479663
MSUFCU SWIFT Code: MSUCUS44

MSUFCU Alert

In observance of Labor Day, the Credit Union will be closed on Mon., 9/7.

 

ComputerLine - Protected by TrulyU®

Forgot Username? Forgot Password?
MSUFCU Live Chat

800-678-4968 • 517-333-2424
Mon-Fri: 7:00 a.m. - 9:00 p.m. ET
Sat: 9:00 a.m. - 3:00 p.m. ET

MSU Federal Credit Union | Disclosures | Home Loans

Mortgage & Home Loan Disclosures

Pursuant to Michigan Public Act 660 of 2002


If you obtain this loan, the lender will have a mortgage on your home. You could lose your home, and all money you have invested in it, if you do not meet your obligations under the loan, including making all your payments.

 

Mortgage loans rates and closing costs and fees vary based on many factors, including your particular credit and financial circumstances, your earnings history, the loan-to-value requested, and the type of property that will secure your loan. Higher rates and fees may be applicable depending on the individual circumstances of a particular consumer's application.
 

You should shop around and compare loan rates and fees. This particular loan may have a higher rate and total points and fees than other mortgage loans. You should consider consulting a qualified independent credit counselor or other experienced financial advisor regarding the rate, fees and provisions of this mortgage loan before you proceed. For information on contacting a qualified credit counselor, ask your lender or contact the United States Department of Housing and Urban Developments online or at 800-569-4287 for a list of counselors.
 

Your payments on existing debts contribute to your credit ratings. You should not accept any advice to ignore your regular payments to your existing creditors.

HUD APPROVED COUNSELING CENTERS


DETROIT NON-PROFIT HOUSING CORPORATION
8904 Woodward Avenue, Suite 279
Detroit, MI 48202
Phone: 313-972-1111
Fax: 313-972-1125
E-mail: detroitnon@aol.com


MICHIGAN STATE UNIVERSITY EXTENSION SERVICES
240 Agriculture Hall, MSU Campus
East Lansing, MI 48824
Phone: 517-432-5620
Fax: 517-353-4846
E-mail: costner@msu.edu 


GREENPATH DEBT SOLUTIONS
2111 Woodward Avenue, Suite 906
Detroit, MI 48201
Phone: 877-337-3399
Email: housingdepartment@greenpath.com
Website: www.greenpath.com

GREENPATH DEBT SOLUTIONS

612 S. Creyts Road, Suite C
Lansing, MI 48917
Phone: 877-337-3399
Email: housingdepartment@greenpath.com
Website: www.greenpath.com


MICHIGAN STATE HOUSING DEVELOPMENT AUTHORITY
735 E. Michigan Avenue
Lansing, MI 48909
Phone: 866-946-7432
Email: SaveTheDream@Michigan.gov

Website: www.michigan.gov/mshda



This disclosure contains important information about our home equity line-of-credit—Real Estate Secured “Prime Advantage” Equity Loan Plan. You should read it carefully and keep a copy for your records.

Availability of Terms

All of the terms described below are subject to change. If these terms change (other than the ANNUAL PERCENTAGE RATE due to fluctuations in the index) and you decide, as a result, to not enter into an agreement with us, you are entitled to a refund of any fees that you paid in connection with your application.


Security Interest
We will take a mortgage on your home. You could lose your home if you do not meet the obligations in your agreement with us.


Possible Actions
We can amend your line-of-credit plan and implement certain changes as specified in the Prime Advantage Equity Loan Plan Agreement. You may receive from us, upon request, information about the conditions under which such changes may occur. We can terminate your line-of-credit, require you to pay us the entire outstanding balance in one payment, and charge you certain fees if:

(1) You engage in fraud or material misrepresentation in connection with the line-of-credit;

(2) You do not meet repayment terms; or

(3) Your action or inaction adversely affects the collateral or our rights in the collateral.

 

We can refuse to make additional extensions of credit or reduce your credit limit if:

(1) The value of the dwelling securing the line-of-credit declines significantly below its appraised value for purposes of the credit line;

(2) We reasonably believe that you will not be able to meet the repayment requirements due to a material change in your financial circumstances;

(3) You are in default of a material obligation in the agreement;

(4) Government action prevents us from imposing the annual percentage rate provided or impairs our security interest such that the value of the interest is less than 120% of the credit line;

(5) A regulatory agency has notified us that continued advances will constitute an unsafe and unsound practice; or

(6) The maximum annual percentage rate is reached.

 

Minimum Payment Requirements
You may obtain advances of credit for 10 years (the "draw period"). During that period payments will be due monthly. Your minimum payment will be equal to 1.50% of the "new balance," rounded up to the nearest whole ten dollars, but not less than $20.00. The payment will not change until a subsequent advance is taken. After the draw period ends, you will no longer be able to obtain credit advances and must pay the outstanding balance over 5 years (the "repayment period"). Payments during the repayment period are calculated in the same way as during the draw period. The minimum monthly payment may not pay all of the principal. You will then be required to pay the entire remaining balance in a single "balloon" payment at the end of the repayment period.

 

Minimum Payment Example
If you took a single $10,000.00 advance and the ANNUAL PERCENTAGE RATE was 4.00% APR, it would take 6 years and 4 months to pay off the advance if you made only the minimum payments of $150.00 per month until the final payment, which would be $78.79. 


Fees and Charges
In most cases there are no closing costs1 in setting up your Prime Advantage home equity loan. Should you stop payment on a loan check or electronic request drawn on your Prime Advantage loan account, a Stop Payment Fee of $25.00 will apply. A Late Fee of $35.00 will apply if your payment is received 7 days or more after the due date. A Non-Sufficient Funds Fee of $30.00 will apply should a check overdraft or electronic loan request exceed your credit limit. The Prime Advantage Platinum Visa Credit Card has a transaction fee for purchases and cash advances equal to 1.00% or 3.00% of the transaction for international transactions.

 

You may also be required to pay certain fees to third parties to open this
line-of-credit. These fees generally total between $250.00 and $500.00. Upon your request, we will provide an itemization of the fees you will have to pay to a third party. Also, you must carry insurance on the property that secures the line-of-credit.

 

1 Bridge loan fees may apply.

 

Tax Deductibility
You should consult a tax adviser regarding the deductibility of interest and charges for the line-of-credit.


Minimum Draw Requirement
The minimum credit advance that you can receive is $250. Your total loan balance cannot exceed your credit limit as established by us.


Variable Rate Information
The line-of-credit has a variable-rate feature, and the ANNUAL PERCENTAGE RATE (corresponding to the daily periodic rate) can change as a result.

The ANNUAL PERCENTAGE RATE includes only interest and no other costs.

The ANNUAL PERCENTAGE RATE is based on the value of an index and your credit score. The index is the Prime Rate published in the Wall Street Journal. To determine the ANNUAL PERCENTAGE RATE that will apply to your credit line, we subtract or add a margin to the value of the index.


Upon your request, we will provide you with the current index value, margin and ANNUAL PERCENTAGE RATE. If you open a credit line, ANNUAL PERCENTAGE RATE information will be provided on periodic statements that we will send you.

Rate Changes

The ANNUAL PERCENTAGE RATE can change monthly. The maximum ANNUAL PERCENTAGE RATE that can apply is 18.00% APR (the "cap"). There is no limit on the amount by which the rate can change during any one year period.


Maximum Rate and Payment Example
If you had an outstanding balance of $10,000, the minimum monthly payment at the maximum ANNUAL PERCENTAGE RATE of 18.00% APR would be $150.00. This maximum ANNUAL PERCENTAGE RATE could be imposed within the first month if the index and/or margin increase sufficiently.


Historical Example
The following tables show how the ANNUAL PERCENTAGE RATE for a single $10,000.00 credit advance would have changed based on changes in the index over the last 15 years. The values are from January 1 of each year. The values shown in the following tables are for Tier 1 rated members with a credit score of 720 or above. 


The tables assume that no additional credit advances were taken, that only the minimum payments were made each month, and that the rate remained constant during each year. It does not necessarily indicate how the index or ANNUAL PERCENTAGE RATE will change in the future. Rate information will be provided on or with each periodic statement you receive from us.

 

Minimum Monthly Payment 70% LTV

 Year1

Index (%) 

Up to 70% Margin2  

Up to 70% APR (%) 

Minimum Payment ($)3

2001

9.50

-.25

9.25

$150

2002

4.75

-.25

4.50

$150

2003

4.25

-.25

4.004  

$150

2004

4.00

-.25

4.004

$150

2005

5.25

-.25

5.00

$150

2006

7.00

-.25

6.75

$150

2007

8.25

-.25

8.00

$150

2008

7.25

-.25

7.00

$150

2009

3.25

-.25

4.004

$150

2010

3.25

-.25

4.004

$150

2011

3.25

-.25

4.004

$150

2012

3.25

-.25

4.004

$150

2013

3.25

-.25

2.004

$150

2014 3.25 -.25 2.004 $150
2015 3.25 -.25 2.004 $150

 

 

Minimum Monthly Payment 80% LTV

 Year1

Index (%) 

Up to 80% Margin2 

Up to 80% APR (%) 

Minimum Payment ($)3

2001 

9.50 

+0.00 

9.50

$150 

2002 

4.75 

+0.00

4.75

$150 

2003 

4.25 

+0.00

4.254

$150 

2004 

4.00 

+0.00

4.254 

$150 

2005 

5.25 

+0.00

5.25

$150

2006

7.00

+0.00

7.00

$150

2007

8.25

+0.00

8.25

$150

2008

7.25

+0.00

7.25

$150

2009

3.25

+0.00

4.254

$150

2010

3.25

+0.00

4.254

$150

2011

3.25

+0.00

4.254

$150

2012

3.25

+0.00

4.254

$150

2013

3.25

+0.00

2.004

$150

2014 3.25 +0.0 2.004 $150
2015 3.25 +0.0 2.004 $150

 

1Rate stated reflects January 1 rate only.
2This is a margin we have used recently.
3Payment is rounded to the nearest whole dollar.
4Rate stated reflects Floor Rate.

 

Rev. 01/15