![]() Once a year and at any time during the year, the Home Equity Line of Credit (HELOC) Loan allows you to convert all or a portion of the outstanding balance to a fixed interest rate (the minimum conversion amount is $10,000, with a 15-year repayment term). MVFCU's calculation may differ from your estimate. Your result – Usable Equity – this is your estimate of the maximum line of credit you may apply for based upon the criteria above. (Value of Home x 80%) - Current Mortgage Balance = Usable Equity Value of Home x 80% = Usable Equity Second Deed of Trust HELOC: If you already have a mortgage on your home, apply for a second deed of trust HELOC.įinally – Calculate the Available Equity you have in the HomeĬomplete the correct equation based on the HELOC type you qualify for: First Deed of Trust HELOC: If you own your home outright, apply for a first deed of trust HELOC. ![]() Next – Determine the Type of HELOC for which you can Apply An appraisal by a certified appraiser may be necessary. ![]() Estimate the Amount you can Borrowįor a rough estimate you may use the borough/municipality's assessed value for your home. Please contact an MVFCU loan officer for more information. There is no annual fee and no minimum draw amount with an initial draw period of 7 years, an additional 7 year draw period can be requested with updated qualifying documents. This loan program has a variable interest rate which can be adjusted monthly or fixed rate conversions are also available.The maximum loan amount available for a first lien position is $500,000 not to exceed 80 percent of the value and up to $300,000 for a second lien position, not to exceed 70 percent of the value including the first lien. Home Equity Lines are available for as little as $10,000 or up to $500,000 of the qualifying equity in your primary residence.Your home must be 100 percent complete in order to qualify for a Home Equity Line of Credit.Owner occupied single family or duplex residential properties or second homes are eligible for the Home Equity Line program. ![]() A MVFCU HELOC has the following criteria: The amount of your Home Equity Line of Credit (HELOC) is based on the value of your home. Home Equity Line of Credit (HELOC), or simply "home equity line." It is a loan set up as a line of credit for some maximum draw, rather than for a fixed dollar amount. *Owner-Builder Residential Construction Loans are currently available in Alaska only. If you have any questions about the loan application package, call us at the above number, we're here to help you!Ĭheck List Notices & Disclosures Tax Payer Consent FormĪuthorization to obtain credit and/or payoff information Financial Application Once you have completed the Loan Application Packet, call us at (907) 745-9165 during regular business hours to set up an appointment. Members are encouraged to have a strong equity position in the project up front and sufficient reserves for allowances for cost and time over-runs. Members must demonstrate the ability to manage a construction project, or may be required to have a knowledgeable industry professional look over their shoulder. The paperwork we supply helps to keep the owner-builder organized and makes it easier for them to gather the required documentation and knowledge to engage in the construction process. Typically, the owner-builder will personally manage or significantly participate in the construction of their new home. Alaska MVFCU members are able to apply for a construction loan as an owner-builder.
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