HOME EQUITY (First or second mortgage only)

Maximum: $150,000.) 80% of appraised value less first mortgage balance
Terms: Ten year draw period -then rewrite or amortize over a maximum of twenty years.
Rate: Variable, adjusted each quarter, 7.9% minimum, no maximum, 1/2% maximum change per quarter,
Appraisal: May use recent appraisal from another source - Must be certified if $100,000. Or more
Closing Costs: None unless loan is not closed, the original balance is less than $8,000., or the mortgage is released within two years.

Minimum Payment: Balance at time of advance must amortize in twenty years or less
Minimum Advance: None
Taxes and Insurance: Responsibility of member. Payment may be structured to allow for advances for taxes and insurance
Time to Close: Approximately 1-3 weeks depending on individual circumstances and availability of required documents.

ALL HOME LOANS

Restricted to St. Joseph, Elkhart, Kosciusko, Marshall, Starke and LaPorte counties in Indiana. Cass and Berrien in Michigan. The property to be mortgaged must be the member's residence.
No loans on land only or for construction of a new home.

OUR HOME LOANS ARE DIFFERENT!

• Home mortgage loans at Communitywide have many distinct features that you'll find nowhere else.
• Competitive rates and terms let you take advantage of favorable market conditions.
• No points need to be paid in order to get the lowest rate.
• Low closing costs, with no application, origination, or credit fees, will save you plenty.
• No early payoff penalty lets you pay ahead or pay off at any time without extra cost.
• No minimum loan balance requirement means you can borrow just what you need.
• Direct Payments may be made automatically from your savings or checking account
• ACH automatic payments may be made from many other places
• Local service from persons you know and trust will always be available.