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Property must be your primary residence. Property must be located in one of the following seven counties: Okaloosa, Escambia, Santa Rosa, Walton, Bay, Holmes and Washington in Florida.
The loan will be either a first or second mortgage on your home. Eglin Federal Credit Union will loan up to 80% of the market value. To determine loanable equity, take the appraised value of the home and subtract the balance of any first mortgage loan, the remainder will be your loanable equity. The minimum loan amount is $5,000.00 and the maximum loan amount is $150,000.00. The terms available are: 5, 10, or 15 years.
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There will be closing costs involved such as an appraisal, mortgagee title insurance, recording fees and documentary stamps.
TO APPLY WE NEED THE FOLLOWING:
- Completed Loan Application
- Proof of Employment and Income
- Copy of Recorded Warranty Deed
- Copy of Homeowner's Insurance Policy
- Copy of most recent County Tax Assessment
- Copy of Survey, if available
- Copy of Owner’s Title Insurance Policy
- Complete Name, Address and Account Number of First Mortgage Holder
- For more information please call 862-0111, extension 1830.
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Home Equity Loans
