home loan solutions

Home Loan Solutions

www.capcomfcu.org

Mortgage Options Conventional •Financeupto95%ofthepurchaseprice•Quickprocessingtimewithsame-day preapproval—ifcreditqualified•Flexibleratesandtermsavailable•Investmentpropertiesareallowed•Askanassociateaboutcurrentratesandother termsregardingourhomeloanproducts

Government •FHA–Perfectforfirst-timehomebuyers, memberswithlowdownpaymentsorthose withless-than-perfectcredit.Sellercan contributeupto6%towardsclosingcostsand pre-paiditems.•VA–VAloansallowfor100%financingofthe appraisedvalueon1to4unitowner-occupied properties.Mustbeaneligibleveteran.Seller cancontributeupto6%towardsclosingcosts andpre-paiditems.•USDA–GuaranteedRHSProgramallowsfinancing upto100%oftheappraisedvalue.Incomeand propertylimitationsapply.Nomonthlymortgage insurancerequired.Sellercancontributeupto6% towardsclosingcostsandpre-paiditems.

New Construction End Loans •Upto270DayRateLock.10%DownPayment withnoPMIrequired.Loanamountsup to$500,000.

Reverse Mortgage•Convertpartofequityintoup-frontcash.No repaymentrequireduntilthehomeisnolonger usedasaprimaryresidence.Federallyinsured. Mustbe62yearsofageoroldertoqualify.

CAP COM Home Equity Loans•OurfixedandadjustablerateHomeEquity Loansofferlowclosingcosts,terms5–20years, withmonthly,weeklyorbi-weeklypayments. Ourfixedrateloansoffera4yeardrawand variablerateloansoffera20yeardrawforthose whoarecreditqualified.Consolidatedebt,finish homeimprovements,paytuitionandmore!

Phone Numbers & WebsiteCCFCUPhone (518)458-2195CCFCUTollFree (800)468-5500CCFCUFax (518)458-2261Touch-24 (518)458-8986Touch-24TollFree (800)634-2340Connect-24 www.capcomfcu.orgMobileBanking www.capcomfcu.mobi

Main Office & Mailing Address18ComputerDriveEast•Albany,NY12205

Albany • Brunswick • Clifton Park Cohoes • Colonie • Glenmont • Latham

Niskayuna • North Greenbush

REV 2/14/2011

CAP COM FCU is federally insured by the National Credit Union Administration.

PartnerwithCAPCOMFederalCreditUnionforyourhomeloanneeds.OurHomeLoansoriginatelocallyandarealsolocallyunderwrittenandservicedforyourconvenience.

We make buying a home easy!Youhaveenoughtoworryaboutwhenyou’rebuyingahomeorrefinancingyourloan;letushelpwithsomeofthehassle.AtCAPCOMFederalCreditUnion,apersonalhomebuyingexpertwillwalkyouthroughtheentireprocess.Applytodayandbenefitwith:•Freemortgageconsultation•Quickandeasypreapprovals•Avarietyofratesandterms•Competitiveclosingcosts•Loanamountsof$40,000andup•First-timehomebuyersprograms•Jumbomortgages•Eligiblepropertytypes(1-4familyresidential)

•GreatHomeEquityLoanoptions!

•Onlinepaymentsandmore! Shop with confidence when purchasing your homeFirst-timehomebuyersoftenhavemanyquestionswhenitcomestobuyingthehomeoftheirdreams.CAPCOM

isknownforofferingcompetitivemortgageratesandourexceptionalbrandofmemberservice.WatchourwebsiteandLines of CommunicationnewsletterforFREEworkshopsonfirst-timehomebuyingandothermortgage-relatedtopics.

Mortgage Glossary Adjustable Rate Mortgage (ARM):Amortgageinterestratethatcanchangeatdesignatedintervalsbasedonafinancialindex.

Annual Percentage Rate (APR):Aratethatreflectstheannualcostofaloan,includingloaninterestrate,PMI(PrivateMortgageInsurance),pointsandsomefees.

Appraisal:Determinesthevalueofthepropertybeingusedascollateralbasedonsalescomparisonapproach.

Closing:Alegalproceduretotransferpropertyand/orfinalizeamortgagetransaction.

Commitment Letter:Thelender’sformalwrittennoticethataloanhasbeenapproved.

Escrow:Anaccountheldbythelenderthatisusedfortherealestatetaxesandhomeowner’sinsurance.

Points (Loan Discount Points):Afeethatmaybeassessedatclosingbythelendertoobtainaspecificinterestrate.Eachpointisequalto1%oftheloanamount(e.g.,twopointsona$100,000mortgagewouldcost$2,000).

Title Insurance:Aninsurancepolicywhichinsuresalenderagainsterrorsinthetitlesearch.Thecostofthepolicyisbasedontheloanamount.Owner’sPoliciesarealsoavailabletoprotectthehomebuyer’sinterests.

Preapproval:Theprocessofdetermininghowmuchmoneyyouwillbeeligibletoborrowbeforeyouapplyforaloan.

Credit Risk Score:Acreditriskscoreisastatisticalsummaryoftheinformationcontainedinaconsumer’screditreport.Theoverallcreditriskscoreishighlyrelativeinthecreditunderwritingprocessforamortgageloan.

Debt-to-Income Ratio:Theratio,expressedasapercentage,thatresultswhenaborrower’smonthlypaymentobligationonlong-termdebtsisdividedbyhisorhergrossmonthlyincome.

Loan-to-Value Ratio:Therelationshipbetweentheamountofthemortgageloanandtheappraisedvalueofthepropertyexpressedasapercentage.

PMI (Private Mortgage Insurance):Intheeventthatyoudonothavea20%downpayment,lenderswillallowasmallerdownpayment—aslowas5%insomecases.Withthesmallerdownpaymentloans,however,borrowersareusuallyrequiredtocarryprivatemortgageinsurance.Privatemortgageinsurancemayrequireaninitialpremiumpaymentandmayrequireamonthlyfeedependingonyourloanstructure.

Our purpose is to benefit every member, every time, every day.CAPCOMisalocallybased,member-ownedfullservicefinancialinstitution.Ourpurposeistobenefiteverymember,everytime,everyday.AtCAPCOMourvisionistobeasoughtafterfinancialinstitutionwhoseunbridledcommitmenttoitsmembersandcommunitywillbeunmatchedbyanyone.Thisuniquephilosophyisthecornerstoneofwhy“Ourservicesaysitall!”