Adjustable Rate Mortgage
Adjustable Rate Mortgages will adjust depending on the type of loan – Your rate is fixed for either 3, 5, 7, 10 or 15 years depending on your loan type and then may change thereafter annually up to 2% per year with a maximum of 6% of the starting rate. The annual percentage rate is the advertised rate and can vary based on credit worthiness, term of loan and down payment.
How Your Interest Rate and Payment Are Determined – Your interest rate will be based on an index plus a margin. Your payment will be based on the interest rate, loan balance, and loan term. The Effective Federal Funds Rate (EFFR) is calculated as the effective median interest rate of overnight federal funds transactions during the previous business day. It is determined daily by the Federal Reserve Bank of New York, and is published daily in the Money Rates section of the Wall Street Journal. We have recently used 2.50% as a margin. Your margin may be different. Ask us for our current rate and margin. Your interest rate will equal the index rate plus our margin unless your interest rate “caps” limit the amount of change in the interest rate. Your interest rate will not exceed the maximum rate allowed by law.
How Your Interest Rate Can Change – Your interest rate can change annually beginning upon the agreed upon change date after closing and annually thereafter. Your interest rate cannot increase by more than 2.00% annually and not more than 6.00% above the initial rate over the life of the loan. The interest rate will never go below the initial rate.
How Your Payment Can Change – Beginning on the change date, your payment can change annually based on the margin and index. Your monthly payment can increase or decrease based on annual changes to the margin and index. You will be notified in writing 60 days before the due date of payment at a higher amount. This notice will contain information about your interest rates, payment amount and loan balance.
APR= Annual Percentage Rate.
Rates are subject to change without notice.
Fixed Rate Mortgages
10 year mortgage disclosure
APR = Annual Percentage Rate. Normal credit qualifications apply. No origination fees for the 10-year fixed mortgage. Other fees, including recording fees, document preparation and title fees will apply. If funds are for a refinanced loan, then closing costs may be financed with the loan. We will loan up to 90 percent of the purchase price or the appraised value – whichever is the lower amount. Financing up to 90 percent with no Primary Mortgage Insurance. No prepayment penalties.
15 year mortgage disclosure
APR = Annual Percentage Rate. Your APR may be different based on the final loan amount, loan to value and finance charges. Normal credit qualifications apply. Origination fees apply. Additional fees, including recording fees, document preparation and title fees will apply. If funds are for a refinanced loan, then closing costs may be financed with the loan. We will loan up to 90 percent of the purchase price or the appraised value – whichever is the lower amount. Financing up to 90 percent with no Primary Mortgage Insurance. No prepayment penalties.
Home Equity Line of Credit
All HELOC’s have a 15-year maturity and a 10- year draw period. Payments are interest only. Any balance left after 15 years will be due in full at the time of the maturity date.
Closing costs with the exception of appraisal or attorney fees are paid by MSCU with at least a $15,000 advance. Closing costs must be paid by member if the loan is paid in full or principle balance is below 75% of initial advance within one year of loan date.
View the HELOC Disclosures for more information
Auto Loan Disclosure
APR= Annual Percentage Rate. Loans are subject to credit qualifications and approval. The APR can vary based on previous credit performance. See credit union for rate and fee disclosures.