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Home
Loans
1st
Mortgage Loans
-
Terms
up to 30 years
-
Fixed
rates, adjustable rates & balloon notes
-
Conventional
loans with as little as 5% down
-
Construction
Loans
-
Financing
anywhere in the U.S. with appraisal
-
Financing
for condominiums, vacation homes, double wides, townhouses, patios and
planned urban developments. Financing is not available for farms or time shares
-
Sharefax
does not hold any loan with a term exceeding 15 years.
-
Any
loan with a term greater than 180 months is sold to a third party
Preferred
Mortgage Program
This
program is designed for members who want a repayment period of 180 months
or less. The rates in this program are lower than most mortgage
programs but guidelines are tighter
-
A
minimum down payment of 5% is required on residential mortgages, 25%
on investment property
-
Residential
property must be owner occupied. Residential property can
contain no more than 4 unit.
-
Closing
costs are also lower than those of most other institutions
Necessary
information when applying for a 1st Mortgage Loan:
-
Last
2 years of W-2's
-
Four
most recent Paycheck Stubs
-
1st
Mortgage information
-
Copy
of Deed
-
2nd
Mortgage info (if applicable)
-
Copy
of Sales Contract (if applicable)
-
Homeowner's
Insurance Info
Closed
End Second Mortgage
Loans
Closed
End 2nd Mortgage Loans are best for those who need a one-time lump sum of
money. You can borrow up to 100% of the appraised value of your home, minus
any outstanding mortgages.
- Fixed loan amount
- Fixed interest rate
- Fixed term of up to 15 years
- Maximum amount of $200,000
- Minimum of $1000
- Closing costs plus a $125 application
fee
Line
of Credit Home Equity
Loans - No
Annual Maintenance Fees!
Our
variable rate 2nd Mortgage allows members to have greater flexibility. You
are approved for a maximum amount and then you can advance the loan
whenever you need the funds.
- Variable Rate Line of Credit based on
the Wall Street Journal's Average Banks Prime Rate
- Rate can change quarterly (14th of
January, April, July, October)
- Maximum interest rate increases 2% a
year and 6% over the life of the loan; minimum rate of 7%
- 7 year draw period
- Maximum repayment period of 10 years
from the date of the last advance
- Maximum loan amount of $200,000
- Minimum advance of $100
Necessary
information when applying for a 2nd Mortgage Loan:
- 1st Mortgage information
- Three most recent Paycheck Stubs
- 2nd Mortgage info (if applicable)
- Copy of Deed
- Homeowner's Insurance Info
Mobile
Homes
Vacant Land Loans
- A minimum down payment or equity of 30% of the appraised amount or purchase price, whichever is less, is required.
- Only adjustable or fixed rate mortgages of 15 years or less are permitted.
- Maximum acreage financed is 50 acres.
- Interest rates will be based on current commercial loan pricing.
- A certified appraisal, survey and title search are required.
- Call for additional details.
Construction Loans
- Terms up to six months
- Maximum LTV - 80%
- Interest only
- Experienced builder required – references needed
- Will not finance manufactured homes
- 20% down payment deposited into Sharefax or unencumbered building lot owned.
- Draws & payees will be authorized after inspections by CUSO ($100 per draw).
- Builder’s risk insurance required.
- Copies of building plans, specifications sheet, furnishings
- Title search required prior to construction.
- Checks are payable to contractor, subs, suppliers and members.
- Only personal residences, when resided in by the member, may be financed.
- Call for additional details.
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