MSUFCU Routing Number: 272479663
MSUFCU SWIFT Code: MSUCUS44

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MSU Federal Credit Union | Disclosures | Home Loans

Mortgage & Home Loan Disclosures

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 can 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 percent 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% 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 costs* 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 $20.00 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 $25.00 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% 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 and $500. 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.

*Bridge loans and out-of-state home equity 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% 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% 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 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

 Year*

Index (%) 

Up to 70% Margin** 

Up to 70% APR (%) 

Minimum Payment ($)*** 

1999 

7.75 

-.25 

7.50

150 

2000 

8.50 

-.25 

8.25

150 

2001 

9.50 

-.25 

9.25

150 

2002 

4.75 

-.25 

4.50

150 

2003

4.25 

-.25 

4.00**** 

150 

2004 

4.00 

-.25 

4.00**** 

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

4.00****

150

2010

3.25

-.25

4.00****

150

2011

3.25

-.25

4.00****

150

2012

3.25

-.25

4.00****

150

2013

3.25

-.25

4.00****

150

 

Minimum Monthly Payment 80% LTV

 Year*

Index (%) 

Up to 80% Margin** 

Up to 80% APR (%) 

Minimum Payment ($)*** 

1999 

7.75 

+0.00 

7.75

150 

2000 

8.50 

+0.00 

8.50

150 

2001 

9.50 

+0.00 

9.50

150 

2002 

4.75 

+0.00

4.75

150 

2003 

4.25 

+0.00

4.25**** 

150 

2004 

4.00 

+0.00

4.25**** 

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

4.25****

150

2010

3.25

+0.00

4.25****

150

2011

3.25

+0.00

4.25****

150

2012

3.25

+0.00

4.25****

150

2013

3.25

+0.00

4.25****

150

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

Revised 09/13



 
Privacy Policy
REV. 09/12

 

FACTS

WHAT DOES MICHIGAN STATE UNIVERSITY FEDERAL CREDIT UNION DO WITH YOUR PERSONAL INFORMATION?

Why?

Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some, but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What?

The types of personal information we collect and share depend on the products or service you have with us. This information can include:

  • Social Security Number and income
  • account balances and payment history
  • credit history and credit scores

How?

All financial companies need to share members' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their members' personal information; the reasons Michigan State University Federal Credit Union chooses to share; and whether you can limit this sharing.

 

 

Reasons we can share your personal information

Does Michigan State University Federal Credit Union share?
Can you limit this sharing?

For our everyday business purposes-
such as to process your transaction, maintain your accounts(s), respond to court orders and legal investigations, or report to credit bureaus

YES
NO

For our marketing purposes-
to offer our products and services to you

YES
YES

For joint marketing with other financial companies

YES
YES

For our affiliates' everyday business purposes-
information about your transactions and experiences

NO
We don't share

For our affiliates' everyday business purposes-
information about your creditworthiness

NO
We don't share

For nonaffiliates to market to you

NO
We don't share

 

 

To limit our sharing

  • Call 517-333-2424 or 800-678-4968 - our member service representatives will assist you in your opt-out preference.
  • Visit us online: www.msufcu.org, login to your account via ComputerLine, select the
    “Messages” option at the top of your screen and leave a secure message.

    Please note:

    If you are a new member, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our member, we continue to share your information as described in this notice.

    However, you can contact us at anytime to limit our sharing.

 

 

Questions?

Call 517-333-2424 or 800-678-4968 or go to www.msufcu.org

 

 

What we do

 

How does Michigan State University Federal Credit Union protect my personal information?

To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.

How does Michigan State University Federal Credit Union collect my personal information?

We collect your personal information, for example, when you

  • open an account or deposit money
  • pay your bills or apply for a loan
  • use your credit or debit card

    We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.

Why can't I limit all sharing?

Federal law gives you the right to limit only

  • sharing for affiliates' everyday business purposes- information about your credit worthiness
  • affiliates from using your information to market to you
  • sharing for nonaffiliates to market to you

What happens when I limit sharing for an account I hold jointly with someone else?

Your choices will apply to everyone on your account.

 

 

Definitions

 

Affiliates

Companies related by common ownership or control. They can be financial and nonfinancial companies.

  • Michigan State University Federal Credit Union has no affiliates.

Nonaffiliates

Companies not related by common ownership or control. They can be financial and nonfinancial companies.

  • Michigan State University Federal Credit Union does not share with nonaffiliates so they can market to you.

Joint Marketing

A formal agreement between nonaffiliated financial companies that together market financial products or services to you.

  • Our joint marketing partners include insurance companies.

 


Online Privacy


Our privacy policy is the same whether you are online or not. At our website, www.msufcu.org, you may apply for membership, accounts, loans and services. You may also communicate with us via the secure "Contact Us" form. To protect information you provide us online, we use multiple levels of security. All applications, forms and ComputerLine transactions are submitted to us securely using the industry standard "Secure Socket Layer" (SSL) encryption to secure your submission. MSUFCU uses 128-bit encryption and we use firewalls to secure your information. A firewall is a security measure that insulates the credit union's computer network from the World Wide Web. We analyze the traffic coming in and out of the firewall, which could indicate intrusion activity and computer viruses. MSUFCU contracts with a third-party technology specialist to try to penetrate our network and evaluate the security of our online applications and ComputerLine. MSUFCU has successfully passed each evaluation and is annually certified as a secure site. To read more about online security requirements click here.


Links to Other Web Sites


Links from our website are provided for your convenience only. These linked sites are separate from our credit union's web site. We are not responsible for the content or availability of any linked third party websites or the privacy practices of such third parties. In addition, a link from our website to another does not indicate that MSU Federal Credit Union endorses the services or policies of such third party websites. You should always investigate the information practices of all websites that you access and carefully examine the privacy policies of any websites linking to or from our website. Information collected from the linked websites will be subject to the information practices of those websites.

 

Our Use of Cookies


If you conduct transactions with MSUFCU via ComputerLine, you may notice our use of Internet cookies. Cookies are a small text file assigned and attached by a web server to the directory file on your computer. Cookies enable our systems to recognize your browser and your information as you navigate and conduct transactions within ComputerLine. If we did not use cookies within ComputerLine, you would need to enter your account number and password each time you wanted to see another page or each transaction you initiate. ComputerLine uses temporary session cookies that are stored on your Computer only during your current session and are automatically deleted from your computer when you close your browser. No information is collected from your computer.


Children's Online Privacy Protection Act (COPPA)


MSUFCU does not knowingly collect, nor is our web site designed or directed to use personal information from children under the age of 13 without containing verifiable consent from their parents. We do offer three children's programs on our web site: Sweet Pea for children ages 0-4, Dollar Dog Kids Club for children ages 5-12, and the Cha-ching program for teens age 13-17. Unless applying for MSUFCU membership, no information is collected from children to participate in the online activities and information found in these areas of our website.


Sweet Pea: Contains an online membership application that is designed to be submitted by a parent or guardian. In this membership application we ask information about the child for the purpose of establishing a Sweet Pea account for membership. Information directly collected from the submitted application includes the child's name, social security number, birth date and address. Before the application can be submitted, the parent/guardian has to agree to consent to submit this information solely for the purpose of establishing a Sweet Pea account at MSUFCU. Parents/guardians have the ability to review the personal information collected prior to submitting the application. The child's name, age, and address information will also be used to send via U.S. Postal Mail a yearly Sweet Pea account birthday card. At any time a parent/guardian may contact MSUFCU and ask that the submitted information no longer be used to contact the child. MSUFCU staff  will have access to the information collected. You may reach the credit union at 517-333-2424 or toll-free 800-MSU-4-YOU or by sending a secure message using the "Contact Us" form at
www.msufcu.org. In accordance with MSUFCU's privacy policy, at NO TIME is the child's information provided to a third party.


Dollar Dog: Contains an online membership application that is designed to be submitted by a parent or guardian. In this membership application we ask information about the child for the purpose of establishing a Dollar Dog account for membership. Information directly collected from the submitted application includes the child's name, social security number, birth date and address. Before the application can be submitted, the parent/guardian has to agree to consent to submit this information solely for the purpose of establishing a Dollar Dog account at MSUFCU. Parents/guardians have the ability to review the personal information collected prior to submitting the application. The child's name, age, and address information will also be used to send via U.S. Postal Mail a quarterly newsletter. At any time a parent/guardian may contact MSUFCU and ask that the submitted information no longer be used to contact the child. MSUFCU staff will have access to the information collected. You may reach the credit union at 517-333-2424 or toll-free 800-MSU-4-YOU or by sending a secure message using the "Contact Us" form at www.msufcu.org. In accordance with MSUFCU's privacy policy, at NO TIME is the child's information provided to a third party.


Cha-ching: This section of our web site is designed for teens ages 13-17. A Cha-ching membership application is available to submit online to establish an MSUFCU Cha-ching membership account. Information directly collected from the submitted application includes the child's name, social security number, birth date and address. The child's name, age, and address information will also be used to send via U.S. Postal Mail a quarterly newsletter. At any time a parent/guardian may contact MSUFCU and ask that the submitted information no longer be used to contact the child. MSUFCU staff will have access to the information collected. You may reach the credit union at 517-333-2424 or toll-free 800-MSU-4-YOU or by sending a secure message using the "Contact Us" form at www.msufcu.org. In accordance with MSUFCU's privacy policy, at NO TIME is the child's information provided to a third party.