Home Equity and Unimproved Land Rates
Effective April 1, 2024
| Loan Type | Term | Loan Amount | Interest Rate (APR*) |
|---|---|---|---|
| Home Equity | 60 Months | Any Amount | 6.00% - 10.00%** |
| Home Equity | 120 Months | $20,000 & Up | 6.50% - 12.25%** |
| Home Equity | 180 Months | $20,000 & Up | 7.05% - 13.75%** |
| Home Equity | 240 Months | $100,000 & Up | 8.00% - 15.25%** |
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Terms and Conditions
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• The specific rate and term will be dependent on credit rating, collateral value, amount financed and relationship with BFCU.
• All loans are subject to BFCU lending policies and subject to credit approval.
• **Discounts for direct multiple services (0.25% APR*) and direct deposit with automatic payments (.50% APR*) with BFCU may be applied as low as the rate indicated under each term tier above.
• All taxes, title transfer fees, closing and loan processing fees apply.
• If a survey or appraisal is required, the member will be responsible for fees.
• BFCU loan documentation fees will apply and will be considered as part of the closing costs.
• Property must be located within 175-mile radius from any BFCU location.
• All closing fees will be the member’s responsibility.
• Minimum of a professional property title search will be required.
• Border Federal Credit Union requires a reserve account on all 1st lien loans and on 2nd lien loans if the member does not currently have an escrow reserve account.
*APR = Annual Percentage Rate - NMLS #509503
Unimproved Land
| Loan Type | Term | Loan Amount | Interest Rate (APR*) |
|---|---|---|---|
| Unimproved Land | 60 Months | Any Amount | 7.75% - 13.75%** |
| Unimproved Land | 120 Months | Up to $20,000 | 9.00%-14.75%** |
| Unimproved Land | 180 Months | $30,000 & Up | 9.50% - 15.75%** |
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Terms and Conditions - Unimproved Land
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Unimproved land purchases; refinances from another lender or used as collateral for a loan (if no lien on the property).
Should not exceed 100 acres and must be located within a 175-mile radius of any Border FCU location.
The loan amount may not exceed 90% of the lowest of either the appraised value or sales price.
A 1% origination fee, underwriter's fee, and third-party closing fees apply.
The specific rate and term will be dependent on credit rating, collateral value, amount financed, and relationship with BFCU.
**Discounts for direct multiple services (0.25% APR*) and direct deposit with automatic payments (.50% APR*) with BFCU may be applied as low as the rate indicated under each term tier above.
Loan terms and rates are subject to change.
All taxes, title transfer fees, closing, and loan processing fees apply.
All loans are subject to BFCU lending policies and subject to credit approval.
Disclosures:
*APR = Annual Percentage Rate
** ALLOWABLE DISCOUNTS
0.50% discount may apply for Direct Deposit and Automatic Loan Payments with Border FCU.
0.25% discount may apply if the borrower utilizes two additional Border FCU services (ie. VISA, Checking, Term Share Certificates, IRA's, Credit Life and Credit Disability, and other loans)
