Savings Rates
Rates are subject to change without notice.
APR = Annual Percentage Rate
APY = Annual percentage Yield
Loan Rates
All rates are effective as of 07-07-2009. Rates are subject to change without notice.
APR = Annual Percentage Rate
APY = Annual percentage Yield
** Based on Fair Isaac Score
*** Fixed rate loans with loan to value (LTV) of 80.01% or greater, add 0.25%. All home equity loans carry an appraisal fee of $100.00 that will be refunded at settlement closing.
Loan Information
Preferred Rate
A rate reduction of 1/2% will be given for any payment made by Payroll Deduction with Automatic Payment. If payroll deduction with automatic payment is discontinued, the APR will increase to the COUPON BOOK rate and any increase in the rate will result in more payments of the same amount until what you owe has been repaid.
Share Certificate Secured
All Share Certificate Secured Loans are adjustable rate. The index is the APR of a Share Certificate being used as collateral. The index and monthly payment is subject to change each time a Certificate matures. If more than one Share Certificate is put up as collateral, the index will be the average weighted rate of the Share Certificate.
Home Equity Loans
Secured by Mortgage (Fixed Rate): Up to 15 Years.
Secured by Mortgage (Adjustable Rate): This open line-of-credit is for 10 years with a 15 year payback from your last advance (The Prime Rate posted in The Wall Street Journal minus 0.25 for payroll deduction with automatic payment on the last business day of the month, if there is more than one rate the interest rate will be the average of all the posted rates). The interest rate is subject to change monthly.
First Mortgages
First mortgages are available through Atlantic/ Pacific Mortgage Company. For more inforamtion, please call 1-888-826-1977.
Administrative Requirements
- The minimum payment on Check Credit Line and Overdraft loans is $40.00 or 2.00% of the monthly balance, whichever is greater.
- All Auto, Boats, RV, or other types of Collateral Loans, must list the Credit Union as mortgagee on the insurance policy, with a deductible amount not more than $500.00. If title is required as collateral, it must show an encumbrance in favor of UFCW of America FCU. A signature loan can't be combined with a car loan. Title and insurance must be received before any other loans can be approved.
- A credit check and debt ratio analysis will be done on all loan applications (except 100% Shares and/or Certificate Secured) and advances. FHA lending standards will generally apply to all loans.
- The Credit Union will determine the Annual Percentage Rate (APR) for each advance based on approximate loan term and Fair Isaac score* received from the credit reporting agency currently used by the Credit Union. The member has the right to know which credit union reporting agency the Credit Union used.
Loan Limits
| Unsecured Loans | Loan Limit |
| One year of steady income from one source | $2,000.00 |
| Two years of steady income from one source | $3,000.00 |
| Three years of steady income form one source | $6,000.00 |
| Four years of steady income from one source | $8,000.00 |
| Six years of steady income from one source | $10,000.00 |
| Overdraft Loan Maximum | $10,000.00 |
| Check Credit Line Maximum | $10,000.00 |
| Secured Loan Limits | |
| Shares Secured 100% of your savings and/or certificate account (excluding IRAs) |
The Legal Limit |
| Car | $50,000.00 |
| Boat/RV | $50,000.00 |
| Motorcycle | $25,000.00 |
| Home Equity Loan | $150,000.00 |
| First Mortgages through PHH Mortgage | $500,000.00 |
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