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SHARE-SECURED
These loans are secured totally by funds in your accounts.
TUITION REIMBURSEMENT
This loan was created to help relieve the financial burden of the required classes you must take. They are good for six months for a maximum amount of $3,500.00. You make payments each pay until you receive your reimbursement from your school district. At that point you payoff the remaining balance of the loan.
A school approval form must accompany these loan applications and a copy of the bill indicating the number of credits and the cost per credit for the course or courses for which you are registered. You must be on Direct Deposit or Payroll Deduction in order to qualify for a Tuition loan.
VEHICLES LOANS
All vehicle loan applications must be accompanied by a buyer's agreement from the dealership. They may be faxed to the Credit Union at 717-600-0056. Vehicles are classified as cars, trucks, motorcycles, boats, etc.
NEW VEHICLES
New vehicles are classified as any vehicle that has not been titled. These loans are good for 100% of the dealer's asking price excluding taxes and tags.
USED VEHICLES
Used vehicles are classified as any vehicle that has previously been titled. The vehicle cannot be more than six years old. These loans are good up to the wholesale value or 90% of the dealer's asking price - excluding taxes and tags.
MOBILE HOMES
We also do loans for mobile homes. If the mobile home will be located in a park, the application must be accompanied by a park approval form, which can be obtained from the credit union and completed by the park owner.
LOANS SECURED BY OTHER PROPERTY
This type of loan is for vehicles older then six years or do not have a title. They also can be used for loans that will be secured by something other then a titled vehicle.
CO-MAKER SECURED LOAN
This type of loan is secured by your spouse, parents etc. We use their income and expenses as well as your income and expenses to determine the debt ratio. You will need to complete a loan application and a co-maker application to apply for this type of loan. We also need to verify income for any applicant that is not employed by a school district that we serve.
LINE OF CREDIT LOANS
Line of Credit loans are good for five years from date of approval. Apply for amounts up to $5,000 and access any time by share draft, transfer to savings account or check withdrawal.
EQUITY LINE OF CREDIT LOANS
Home Equity lines of credit are also good for five years; at that point, if you would like to continue the line of credit you must request a credit review in writing. The loan amount cannot exceed 80% of the value of your home. When applying for a home equity line of credit, you will also be responsible for additional fees for a property report, a flood determination report and the recording and satisfying of the lien on your property. Any person whose name is on the mortgage must be a co-applicant on the loan.
SIGNATURE LOANS
These loans are unsecured. The maximum term is five years; maximum amount of
loan cannot exceed $25,000.00.
MORTGAGE BACKED LOANS
These are home equity loans. The length of the loans can be up to ten years.
The loan amount cannot exceed 90% of the value of your home. When applying
for a home equity loan, you will also be responsible for additional fees for
a property report, a flood determination report and the recording and satisfying
of the lien on your property. Any person whose name is on the mortgage must
be a co-applicant on the loan.
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