Meijer Credit Union Policy Disclosures
At Meijer Credit Union, confidentiality and full disclosure are very important to us. Please see below to find out more information about Meijer Credit Union's Policies and Procedures. If, at anytime, you have questions regarding our policies, please do not hesitate to contact us.
USA PATRIOT ACT: IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, and record information that identifies each person who opens an account.
WHAT THIS MEANS FOR YOU:
When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents. In some cases, identification will be requested for current account holders if original documentation was not obtained with the opening of the account. We ask for your understanding as we work to support these efforts to maintain the security of your funds and our country.
HOME EQUITY & HOME EQUITY LINE OF CREDIT:
APPLICATION DISCLOSURE
LOAN AMOUNTS
- Maximum loan - $150,000.00
- Minimum loan - $5,000.00
TERMS
- •Fixed Rate - Max term up to 7 years & 15 years with a 5 year balloon.
- Variable Rate - Changes annually (Interest Rate: Based on Prime Rate)
- Rate quotes are guaranteed for a term not to exceed 60 days from the date of approval.
FEE
Member will pay for an appraisal and title insurance if needed. Member will pay the closing costs if the mortgage is not closed at the Meijer Credit Union.
AMOUNT OF ADVANCE
The Credit Union will use double your assessed evaluation as stated on your real estate tax statements to determine value. We will advance 90% of SEV or of appraised value on all HOME EQUITY loans, less balances of mortgages. We do not advance funds on COMMERCIAL, RENTAL, SPECULATION PROPERTY, OR MOBILE HOMES/MODULAR HOMES.
APPLICATION
At the time your application is submitted, you must provide the following:
_____ Most recent paid tax statement
_____ Assessed value form
_____ Copy of your present home owners insurance policy
_____ Name and address of first lien holder
_____ Copy of title insurance policy/legal
View our Terms & Conditions brochure.
View our FEE SCHEDULE.
INSURANCE
PRODUCTS DISCLOSURE
- Insurance products sold through or in the credit union are not insured by the National Credit Union Administration and are not issued, guaranteed, or underwritten by the credit union or the National Credit Union Administration or any other federal government agency.
- There is no requirement or obligation to purchase insurance from the credit union or any subsidiary, affiliate, or particular unaffiliated third party as a condition to obtaining a loan, and a decision as to insurance agents will not affect the credit terms in any way. The credit union may not condition an extension of credit on an agreement not to obtain, or a prohibition on the applicant from obtaining an insurance product or annuity from an unaffiliated entity.
