You have a right to submit a written application for a mortgage loan or a home improvement loan or to request written information concerning typical loan terms that we are currently offering on mortgage loans and home improvement loans.  It is illegal to establish a minimum mortgage amount of more than $10,000.00 or a minimum home improvement loan of more than $1,000.00.  It is illegal to deny a loan or vary the terms and conditions of a loan because of the racial or ethnic trends or characteristics of the neighborhood or the age of the structure, but not because of its physical condition.  If your application for a loan is rejected, you have a right to a written statement of the reason for the rejection.  If you are granted a loan but the amount required for a down payment, the interest rate, term to maturity, application procedure, or other terms or conditions of the loan vary from terms or conditions offered in other neighborhoods, you have a right to a written statement of the reasons for the variation.


Tin Mill Employees Federal Credit Union wants you to know that with respect to mortgages and home improvement loans, the following policies are utilized:

Any person has the right to make a loan inquiry; Any person has the right to file a written loan application for a mortgage loan or home improvement, providing he/she is a member of this credit union.  To be eligible to join this credit union, you must be employed at one of the companies we service or be related to a member of this credit union; Any person has the right to receive a written response to an inquiry or application


Home Equity - 80% of the S.E.V. less any outstanding balance owed on the First Mortgage.

These ratios are subject to change as market conditions change.


The Credit Union will only use the principle residence of the borrower as collateral.  Further, the resident must be a 1-4 family home and must be occupied by the borrower.  Only 1st and 2nd liens will be considered.

Home Improvement Loans may be granted on an unsecured basis or with various types of collateral, acceptable to the Credit Union.


The maximum amount of outstanding real estate loans shall not exceed 50% of total credit union assets.


All real estate loan applications shall be referred to the Credit Union's Board of Directors for consideration.  Home improvement loans may be approved by a loan officer, if the amount requested falls within the loan officer's lending limits and authority.  The Credit Union's loan committee will review home improvement loans that are beyond a loan officer's lending authority and limit.  A bona fide cost estimate and plans for home improvements are helpful at the time of application.


The seller should have a clear title to the property being sold.  There will be problems completing any transactions in which liens, assessments or judgements exist.


It is the Credit Union's policy to consider the creditworthiness of an applicant.  The general factors used for establishing creditworthiness include:

The applicant's income must be sufficient to repay the loan according to its term;
Debt ratio: All monthly payments including the loan being considered, divided by gross income equals the debt ratio;
The applicant's past credit history with this credit union and other credit grantors must be satisfactory;
The applicant's job history and time lived at current address must illustrate stability;
Either the applicant's signature or sufficient collateral to cover the loan;
The applicant's established credit rating.


Market value is the most probable price property should bring in a competitive and open market under all conditions for a fair sale, assuming the price is not affected by undue stimulus.  The Credit Union will consider the market value of proposed security when evaluating loan applicant's request.


A written certified appraisal is required on all 1st or 2nd mortgages.  The objective of an appraisal is to determine if the collateral is of sufficient value to cover the requested loan.


The credit union reserves the right to verify funds, which are indicated to be used for the down payment, and closing costs, if applicable.


Ancillary collateral, if considered, will be evaluated for: current market value; blue book value


Loans secured by property in a flood plain area must meet the following requirements: (Includes Mobile Homes)

The community must be participating in an approved flood program;
Insurance must be obtained in the amount equal to the loan balance or the maximum amount available;
A copy of the insurance policy must be submitted to the credit union on or before closing.


The following guidelines will be used when evaluating a co-signer or guarantor on a loan: Past and present credit history; employment record; length of residence; debt ratio.  A co-signer or guarantor need not be a member of a credit union.


A Homeowners Insurance Policy, naming the credit union as loss payee is required on all real estate loans.  The amount of insurance must be sufficient to pay the mortgage balance off and cover the value of the home.  A Title Commitment will be performed on all estate loans prior to closing.  A Title Insurance Policy must also be obtained.


It is the policy of Tin Mill Employees Federal Credit Union that all personal information supplied to the credit union by our members via the Internet will remain completely confidential. The credit union will use personal information only as required to transact credit union related business between Tin Mill Employees Federal Credit Union and our members. Tin Mill Employees Federal Credit Union will not sell or otherwise distribute Internet acquired personal information, including name, address or e-mail address, to outside merchants or mailing lists. 

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