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Home Equity Policy Policies as of April 11, 2002 HOME EQUITY LINES OF CREDIT Minimum/maximum Amount – minimum amount is three thousand dollars, ($3,000.00) maximum amount is eighty percent (80%) loan-to-value, based on the appraised value of your home. Insurance – homeowner’s insurance is required. Replacement value coverage is recommended to cover the full amount of any outstanding mortgages. The credit union must be listed as loss payee. Advances- Advances must be at least five hundred ($500.00) dollars. No more than twelve (12) advances may be taken in a calendar year. A home equity line of credit may be used for home improvement, bill consolidation, vehicle or other purpose. Home equity loans on a mobile home can only be obtained if the member owns the land on which the mobile home resides. The loans will be granted on properties located in all counties comprising the Central Pennsylvania Performace Cluster. Properties located in other counties or states will be considered on a case by case basis. A lien search will be performed prior to approval. Any mortgages, excluding the first lien position, must be satisfied. An appraisal may be required at the discretion of the loan officer. All persons having an ownership interest in the property must sign the security instrument. When the property is sold, the credit union will require payment in full of the lien. Joint applicants will be accepted for home equity loans. HOME EQUITY TERM LOAN Minimum/maximum Amount – minimum amount is three thousand dollars, ($3,000.00) maximum amount is eighty percent (80%) loan-to-value, based on the appraised value of your home. Insurance – homeowners insurance is required. Replacement value coverage is recommended to cover the full amount of any outstanding mortgages. The credit union must be listed as loss payee. Miscellaneous - a home equity installment loan may be used for home improvement,
bill consolidation or any other worthwhile purpose as deemed appropriate by the
credit union. The loans will be granted on properties located in counties comprising the Central Pennsylvania Performance Cluster. Properties located in other counties or states will be considered on a case-by-case basis. A lien search will be performed prior to approval. Any mortgages, excluding the first lien position, must be satisfied. An appraisal may be required at the discretion of the loan officer. All persons having an ownership interest in the property must sign the security instrument. When the property is sold, the credit union will require payment in full of the lien. Joint applicants will be accepted for home equity loans.
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© 2002 Lancaster Postal Employees Credit Union. All Rights Reserved. Privacy Policy | Terms of Use "This credit union is federally insured by the National Credit Union Administration." 
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