Bulldog - Home Equity


Home Equity Loans You may not be made of money, but your home is! With a home equity loan, you can tap the hidden equity in your home for just about anything. It's the smart way for home owners to borrow. You'll pay NO POINTS, NO CLOSING COSTS, and you'll enjoy potential tax advantages. Choose the convenience of a variable rate line of credit or the security of a fixed rate, fixed term loan.
If you own your home, and you live in Washington County or Frederick County, MD, Franklin or Fulton County, PA, or Berkeley or Jefferson County, WV, you may qualify for a home equity loan. We’ll establish a maximum loan limit based on your accumulated equity. And in as little as 24 hours, you can be pre-approved for the money you need for almost anything. What’s more, the interest you pay on your home equity loan, in most cases, is tax deductible (consult your tax advisor). Use your home to get cash for:
home improvements and remodeling debt consolidation new car vacation education taxes medical bills and much more!
MEMBERS Homeowners Insurance provides protection against losses on your property. You'll have the peace of mind that you are protected financially against covered losses that occur to your house and contents. Get a free MEMBERS Homeowners Insurance quote, understand coverages, and keep your home safe.
Variable rate home equity line of credit at a glance: open-end credit transactions first advance must be a minimum of $5,000, subsequent at least $500 advances can be deposited to your Share account, disbursed by check, or take advantage of our convenient check access--it's as simple as writing a check ($9.69 for a pack of 50 checks) loan amounts $5,000 to $250,000 – up to 80% of appraised value first or junior lien on principal residence, second home, or investment properties loan rate based on loan-to-value and your credit score repayment schedule– 10-year draw period with 10-, 15-, or 20-year amortization closing costs paid by the Credit Union payments can be made in cash or by convenient automatic debit of your BFCU Share or Share Draft account late fee of 3% of payment assessed 15 days after due date property insurance is required credit life and disability payment protection is available
Fixed rate, fixed term home equity loan at a glance: closed-end credit transaction loan amounts $5,000 to $250,000 loan proceeds disbursed following settlement first or junior lien on principle residence or second home loans up to 90% of the appraised value of the residence 81% - 90% maximum loan limited to $20,000 loan rate based on term, loan-to-value, and your credit score repayment schedule based on 5-, 7-, or 10-year amortization closing costs paid by the Credit Union payments can be made in cash or by convenient automatic debit of your BFCU Share or Share Draft account late fee of 3% of payment assessed 15 days after due date property insurance is required credit life and disability payment protection is available
For more information on home equity loans, or to schedule an appointment to apply, please contact the loan department or call (301)797-6318 during regular business hours.
Residential Mortgage Loans
Our mortgage loan program offers competitive interest rates with no prepayment penalties and convenient automatic payment debits from your Share or Share Draft account. Escrows for taxes and insurance are available. Because there are a wealth of variables that determine rates, please contact the Credit Union for current rate quotes.
We offer the following mortgages:
Fixed Rate 1st Mortgage as low as 0% down payment* 15-, 20-, or 30-year terms are available Adjustable Rate Mortgages low minimum down payment of 5%* 2% annual adjustment cap and a 6% lifetime cap 30-year term fixed rate conversion option is available investment properties are not permitted Fixed Rate 1st Mortgage with 5- or 7-Year Balloon** low minimum down payment of 10- 20%* interest rate and payment are fixed and amortized for 30 years loan matures in 5 or 7 years at maturity, extendable-term option is available for an additional 25 years no second mortgages allowed
* requires private mortgage insurance **different adjustment caps may apply
Refinances up to 90% of the appraised value including mortgage liens and reasonable closing costs (limited to 5% of the loan amount)–no other cash out is permitted up to 75% of the appraised value including mortgage liens, closing costs, and remaining funds balloon mortgage may not be used
Construction Loans one closing saves time and money and gives you and your builder peace of mind the loan is approved based on plans and specs rate protection eliminates buyer fallout all single family detached housing is eligible, including modular homes and kits
Unimproved Real Estate Loans BFCU will lend up to 90% of the purchase price of land for residential use only. The land must be an approved building lot with a well or public water and sewer, or raw land of no more than 3 acres in size with a well and an approved perc test obtained before settlement. The mortgage will be a 3-year balloon payable in full at that time with no option of refinance. The loan payment will amortize over a 20-year period. One point will be assessed with .50 point credited to settlement fees if construction financing is obtained from BFCU.
*To speed processing, please bring the following items with you at time of application:*
2 years of residency history 2 years of employment history 2 years of tax returns & W-2s 1 month of pay stubs 3 months of bank statements statements of investments list of monthly debts, account numbers, payments, and balances checkbook for application fees copy of real estate sales contract divorce decree and/or separation agreement if applicable Social Security card & driver's license mortgage company address or landlord for last 2 years
*Your rate is protected for 60 days from time of application.*
For more information or to make an appointment to apply for a mortgage loan, phone 301.797.6318 (choose option 5) or contact the credit union.

Bulldog Federal Credit Union
580 Northern Ave. Hagerstown, MD 21742
Phone: 301.797.6318 Fax: 240.420.2000
Email: webpage@bdfcu.com
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