Courtesy Deed of Trust loans are available as secured or unsecured loans.
Secured loans can be made using the vehicle and a deed of trust on a primary
residence to secure the loan. Unsecured loans can be made using the deed of
trust on a primary residence.
Secured
Rate the same as vehicle loan
Term same as vehicle loan
Unsecured
% APR1 using Payroll Deduction/Funds Transfer repayment
Calculate Payment
Closed-End Fixed Rate Second Mortgage Loan for Improved Property
The Credit Union offers this product for members interested in the security of
a fixed rate. This loan may be used for a variety of purposes such as debt
consolidation or home improvements. It can be secured by a primary residence or
vacation home.
Specifications
% Initial rate and APR1 using Payroll Deduction/Funds Transfer repayment
Calculate Payment
Loan amount based upon loan-to-value of the property securing the loan
Property must be in North Carolina or in a county in South Carolina, Virginia or Georgia
that adjoins North Carolina
Life and Disability insurance available
No origination fees or discount points required
Closed-End Variable Rate Second Mortgage Loan for Improved Property
A variable rate second mortgage loan is beneficial to members who borrow for a
specific purpose. This loan may be secured by either a primary residence or
vacation home. The interest rate on a variable rate second
mortgage loan is subject to change by a maximum of 1% per quarter and the cap
over the life of the loan is 18%.
Specifications
% Initial rate and APR1 using Payroll Deduction/Funds Transfer repayment
Calculate Payment
Loan amount based upon loan-to-value of the property securing the loan2
Maximum term of 120 months (ten years)
Property must be in North Carolina or in a county in South Carolina, Virginia or Georgia
that adjoins North Carolina
Life and Disability Insurance available
No origination or discount points required
Unimproved Property Loan
The Credit Union also offers a closed-end fixed rate loan for unimproved
property. This loan may be secured by property up to 10 acres or 2 adjacent
building lots. The property must be intended as a future home site.
Specifications
% Initial rate and APR1 using Payroll Deduction/Funds Transfer repayment
Calculate Payment
Property must be in North Carolina or in a county in South Carolina,
Virginia or Georgia that adjoins North Carolina
Life and Disability Insurance available
No origination fees or discount points required
Processing Fees
Fees may range from $300 to $7503.
Most interest paid on mortgage loans (first and second mortgages) is deductible
on itemized returns; therefore, substantial savings may be realized by
borrowing against a home as opposed to other methods of credit. Check with your
tax advisor for specific tax benefits that may apply to you.
You can apply for a Deed of Trust or second mortgage loan online in Member
Access. Our
application form
can also be completed and provided to your local branch or Call Center.
1 APR = Annual Percentage Rate.
2 The maximum combined loan amount at a 90% loan-to-value is
$400,000 for properties not located in a subdivision and $500,000 for
properties that are. Maximum combined loan amount for second home or vacation
home is 80% loan-to-value.
3 Processing fees on loans secured by property in Virginia and
South Carolina are higher and not all fees can be waived. Appraisal fees vary
by region. A loan officer can assist you in determining the expenses in your
area.
