EFCU Home Equity Loans and Lines of Credit

Maximum Loan Amounts & Restrictions - Home Equity

1. Requires EFCU Membership.
2. Loans from $5,000 to $150,000.
3. Available for first or second mortgages.
4. First mortgage - 10 year term.
5. Second mortgage - 5, 10 or 15 year term.
6. Loanable equity is determined by 80% of appraised value and subtracting balance of first mortgage loan.
7. Property must be a single-family, primary residence.
8. Property must be located in one of the following Florida counties: Escambia, Santa Rosa, Okaloosa, Holmes, Walton, Bay & Washington.
9. There will be closing costs involved such as an appraisal, mortgagee title insurance, recording fees and documentary stamps.
10. In an effort to provide the most fair and accurate Loan Estimate to assist you in comparing between lenders, please thoroughly complete the credit application with accurate information and figures.
11. A Mortgage Services team member may be in touch should we find that further information is needed pertaining to your loan request.

1. Requires EFCU Membership.
2. Loans from $5,000 to $150,000.
3. Available for first or second mortgages.
4. Insurance is required on first liens.
5. Loanable Equity is determined by 80% of appraised value, subtracting balance of first mortgage loan.
6. Collateral must be primary residence, single-family dwelling.
7. Property must be located in one of the following Florida counties: Escambia, Santa Rosa, Okaloosa, Holmes, Walton, Bay & Washington.
8. Available on new lines of credit and subject to credit approval.
9. Maximum APR will not exceed 16%.
10. There is a 1.1% International Transaction Fee on foreign transactions.
11. The 'No Closing Costs' special does not include appraisal fees, but appraisal may not be necessary with an acceptable tax assessment.
12. Consult a tax advisor regarding the deductibility of interest on this loan.
13. Offer not available/valid on manufactured homes.

Maximum Loan Amounts & Restrictions - Construction/Perm Loans

1. Requires EFCU Membership.
2. Loans from $25,000 to $510,400
3. 80% Loan-to-value
4. Requires 10% of the appraised value in liquid assets
5. Property must be residential for owner-occupied primary residence
6. Property must be located in one of the following Florida counties: Escambia, Santa Rosa, Okaloosa, Holmes, Walton, Bay & Washington.
7. Closing costs may include, but are not limited to: appraisal fee, mortgage title insurance, recording fees, documentary stamps, flood determination fees and credit bureau fees.
8. Lock permanent rate within 45 days from completion.
9. Interest-only payments required during construction phase.
10. No pre-payment penalty.

Terms & Conditions - Line of Credit Signature

1. Requires EFCU membership.
2. There is a range of rates for each loan type.
3. The rate received will be determined by an evaluation of the applicant's credit.
4. Minimum monthly payment on all loans is $35 or 3% of the balance owed.

Terms & Conditions - SAFE Loan

1. Your EFCU account must be in good standing and have been opened for at least 30 days.
2. You must be with your current employer for at least two months.
3. Your payroll must be direct deposited to your Eglin FCU account.
4. The loan amount is limited to ½ of your monthly pay or $500, whichever is less.
5. You must bring in your most current pay statement to establish a SAFE loan.
6. Payments can be made automatically by transfer.
7. You can only have one SAFE Loan at a time. Your SAFE Loan must be paid off before applying for another loan.
8. Members are required to complete the BALANCE Money Management Counseling course prior to receiving their second SAFE Loan of each calendar year. To enroll in the course, call 888.456.2227. This course is not offered online.
9. Only four SAFE Loans are allowed during one calendar year.
10. Minimum payment is $25 weekly or $50 bi-weekly/semi-monthly or $100 monthly.
11. Payments are due on each payday.

Terms & Conditions - Guarantor Loans

1. Requires EFCU Membership.
2. There is a range of rates for each loan type.
3. The rate received will be determined by an evaluation of the applicant's credit.
4. Minimum monthly payment on all loans is $35
5. The guarantor must qualify for the loan and agrees to be liable in the event the primary borrower defaults.

• Requires EFCU Membership.
• Withdrawals from ATMs are limited to $500 per day.
• Point of Sale transactions have a daily limit of $3,000.
• In some instances a $500 daily limit may be applicable.
• If our system is unavailable, lower transaction and withdrawal limits may apply.
• Be aware that most overseas ATMs limit cash withdrawals to the checking account and access to the savings account may not be available.
• Certain terms, conditions, and exclusions apply. Contact EFCU for complete coverage terms and conditions or call Mastercard^® for assistance at 800.622.7747.

1. Federally mandated changes to the Electronic Funds Transfer Act, requires members to Opt-In if they wish to have the option of Courtesy Pay coverage on Debit Card Point of Sale (POS) purchases.
2. Premium Checking accounts less than 30 days old are not eligible for Courtesy Pay.
3. Basic Checking accounts are not eligible for Courtesy Pay.
4. This service is only available to Premium Checking accounts in good standing, and at the discretion of EFCU
5. If funds are not available for Debit Card POS purchases and the member has not completed an Opt-In Authorization, the transactions will be denied.

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USA PATRIOT Act

To help fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens or signs on an account.

What This Means For You

When you open an account, we will ask you for your name, physical address, date of birth and other information that will allow us to identify you.

We recommend that members with online account access log in to make these changes in the "Contact Information" section under the "My Profile" tab.

Please note: For the safety and security of our members, some services may be limited for up to 30 days after an address change. Print the Change of Contact Information form to submit it in person at an EFCU branch.

Complete the skip-a-pay form to agree to the terms* and request your preference to skip your next loan payment on your EFCU loan product. Please note: It may take up to 2 business days to process your request. If submitted via DocuSign, you will receive a confirmation email when your request has been processed. If you have questions or need additional assistance, please call 850.862.0111 or 800.367.6159.

*Subject to approval. Your account must be in good standing. This offer is subject to a $20 processing fee for each loan payment skipped. Only one skip allowed per loan per 12-month period. This offer excludes Mastercard®, S.A.F.E. Loans, Share Certificate Loans, Mortgage Loans, and Mobile Home Loans. Loan must be at least one year old. Skipping a payment will extend the repayment period on the loan and interest continues to accrue during the skip period. Except as expressly amended by this agreement the terms of the original loan agreement remain in full force and effect. Annual Percentage Rate and scheduled payment do not change. GAP protection coverage will be reduced if you skip or miss more than 2 monthly payments over the life of the loan.

You are not required to take a Required Minimum Distribution (RMD) for the 2020 tax year. This RMD waiver applies to 2020 RMDs, including 2019 RMDs paid between January 1, 2020 and April 1, 2020. If you have already taken a Required Minimum Distribution from your EFCU IRA, you have 60 days to rollover those funds back into your IRA. If your 2020 Required Minimum Distribution was more than 60 days ago, seek competent tax advice for available options.

Please complete this application in its entirety to ensure your request will be processed in a timely manner. Signatures must be witnessed by an Eglin FCU employee, a Notary Public, or signed electronically using an Eglin FCU eSignature service.

Print the 2020 IRA Required Minimum Distribution Waiver Request to submit it in person at an EFCU branch.