Updated: Wednesday, 30 Jun 2010, 11:32 AM EDT
When planning a new purchase or refinance of a home, knowing your options could mean valuable savings for you. BayPort Credit Union has a variety of affordable and flexible financing plans. Let our knowledgeable mortgage staff assist you in determining your best options.
Home Equity Loans
Home Equity loans may be made for any purpose on your primary residence or vacation home. Mobile homes, modular homes or rental properties are not eligible for Home Equity loans at the Credit Union. Homes must be located within the States of Virginia or North Carolina and may require an appraisal. Click here for Rates.
How to Apply
Choose your loan type:
The following items would be helpful in processing your application as quickly as possible. You may fax these items to us at 757-928-7817:
If you have any questions, please contact us.
The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to enter into a binding contract); because all or part of the applicant's income derives from any public assistance program, or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The federal agency that administers compliance with this law concerning this creditor is the Federal Trade Commission, Washington, D.C. Regional Office, Room 810, 8th Floor, Bicentennial Building, 600 E. Street, N. W., Washington, D.C. 20580.
*The Adjustable Rate Mortgage means that the interest rate of the loan may be adjusted at the end of each three year interval. The index rate for the adjustment is the weekly average yield on U. S. Treasury Securities adjusted to a constant maturity of 3 years, plus our margin rounded to the nearest 1/8%. Information about the index is published weekly in the Federal Reserve Statistical Release H.15. Information regarding the margin that will apply to the loan you are requesting will be provided on the ARM Disclosure that will be mailed to you within three days of application. This adjustable rate mortgage will not increase or decrease by more than 1% from the preceding three (3) year interest rate at each adjustment interval. The maximum increase or decrease in interest rate could not exceed 4% over the life of a 15 year loan. The monthly payments will be recalculated at the time of each rate change and will be based on the current balance, remaining term of the loan and the new interest rate. A notice will be mailed to you advising you of the rate adjustment and payment change.