Loans from CMU FCU
Normally, approved loan requests received by Monday @ 2:00 PM have funds disbursed on Wednesday. Approved loan requests received by Wednesday @ 2:00 PM have funds disbursed on Friday. Upon request, other arrangements can be made to suit the borrowers needs. Loan applications are available at the credit union office and can be submitted in person, by fax (8-1861), or by mail.
A closed-end, unsecured loan that members can use for debt consolidation, furniture, vacation, or other purchases. The maximum term is 60 months and the maximum personal loan amount to any one member is $25,000. The loan amount granted is based on creditworthiness and all approvals are subject to underwriting guidelines.
A closed-end, unsecured loan to be used for the purchase of computer equipment. An invoice or quote from the computer vendor must be provided before any funds are disbursed. Computer Loans have the same amount and term restrictions as the Personal Loans. Refinancing is available for the purchase of additional computer equipment.
A closed-end, unsecured, short-term loan for emergency situations. These loans are not eligible for refinancing. New employees, who have not met their six-month eligibility requirement, may also be considered. Applicants must not be eligible for the credit unions Personal Loan in order to be given consideration. A processing fee will be assessed.
New Vehicle Loan:
A closed-end, loan secured by the vehicle title, intended for the purchase of new automobiles, vans, and trucks no greater than 2 tons. These vehicles cannot have been previously registered or have mileage that exceeds 7,500 miles. Prior model year vehicles that meet the above criteria may be refinanced as new (new car rate and term) until April 15th. The maximum amount financed is based on creditworthiness and underwriting guidelines and can range for 80% to 110% of the vehicles purchase price.
Apply for a PRE-approved new vehicle loan and take care of the financing before you start shopping for a car. PRE-approvals are good for 30 days and there is no obligation until you choose a vehicle and sign the final promissory note.
Used Vehicle Loan:
A closed-end loan secured by the vehicle title, intended for the purchase of automobiles, vans, and trucks that do not exceed two tons and have been previously titled. The credit union will finance the purchase price or up to 100% of the retail value as listed in the NADA Official Used Car Guide, whichever is less. The credit union will not finance any vehicle that is more than 7 model years old. A letter of intent to sell, available at the credit union office is required for purchases from a private party.
Home Equity Loan:
A loan that is secured by a lien on the property and is closed-ended. Available on primary residence located in Pennsylvania only. The maximum loan amount is $30,000 and the minimum loan amount is $7,500.
A $840 deposit and a completed loan application are required. After the initial credit approval, a property report, flood certification, appraisal, and title search are performed. If the application is withdrawn or does not meet the guidelines (i.e. appraisal too low to meet minimum net equity, unknown liens found on title, etc.) all costs incurred to that point are the applicant(s) responsibility. Upon disbursal of loan proceeds, the $840 deposit will either be applied to the final closing costs or returned to the member. All closing costs may be rolled into the loan amount provided sufficient net equity exists.
The borrower must provide proof of appropriate hazard insurance, including flood hazard insurance if the property is located in a designated flood zone, that covers all existing loans as well as the new loan amount.
Three (3) days are required before disbursement of funds.
Share Secured Loan:
A closed-end loan secured by shares (savings) held in the credit union. The applicant can borrow up to 100% of the amount held in the credit union share account. The shares are frozen in the credit union for the term of the loan.
Stock Secured Loan:
A closed-end loan secured by stock. The credit union will lend up to 50% of the current quoted market value of publicly traded stock on the New York Stock Exchange or the AMEX. The market value is based on the previous days closing price as listed from a reputable source.
Recreational Vehicle Loan:
A closed-end loan secured by the vehicle title, intended for the purchase of recreational vehicles (RV’s). The credit union will lend up to 80% of the purchase price on new RV’s. On used RV’s, the credit union will lend the purchase price or up to 90% of the wholesale value as listed in the NADA Used Recreational Vehicle Guide, whichever is less. A letter of intent to sell, available at the credit union office is required for purchases from a private party.
A closed-end loan secured by the vehicle title, intended for the purchase of motorcycles. The credit union will lend up to 80% of the purchase price on new motorcycles. On used motorcycles, the credit union will finance the purchase price or up to 90% of the wholesale value as listed in the NADA Used Motorcycle Guide, whichever is less. A letter of intent to sell, available at the credit union office is required for all purchases from a private party.
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