Loans shall be granted up to 100% of the retail value in NADA value guide book.
Insurance coverage is requires on all collateral with full coverage. 
Maximum deductible of $500.00 on all policies.
LMFCU must be 1st lien holder and state on the policy as loss payee. 

Paper grade does not entitle the member to the maximum loan limit. 
Aggregated unsecured debt still needs to be <30% with the new loan. 
In addition the limit shall not exceed twice the member's monthly gross income.

NOTES

1. Filing fee: will be charged at the time of the advance if LMFCU takes an interest in your collateral. The amount of this fee is set upon State Law and is disclosed on the voucher.
2. Collection Costs: you agree to pay all costs of collecting any amount you owe under this agreement including court costs and attorney fees to the extent of the law.
3. Late fee: will be assessed to all loans with payment(s) 10 days past the given due date.
4. Skip payment: Only qualifying may be allowed to skip a payment 1 collateral piece and 1 skip payment per 24 months 
5. Credit reports: LMFCU can produce a credit report to members and may pose a $10.00 fee.
6. Refinancing fee: $25.00 fee - members must borrow a minimum of $1,000.00 to change an existing interest rate, based upon equity. $25.00 fee applies when paying other financial institutions.
7. Paper grades: do not entitle members to that specific amount. The unsecured limit is based on the member’s aggregate unsecured debt as a percentage of their annual income.

Minimum loan amount for a second mortgage is $5000.00
Maximum LTV is 80% or less.
What you should know Disclosure must be given at time of application.
A three day right of recession notice is required.
Maximum maturity term is 10 years.
Member must complete probationary period at their full time job prior to applying for a loan.

HOME EQUITY 
LMFCU can lend up to 80% of the equity in the home. The draw period is 8 years with a 15 year payback. 
Payment are set at $20.00 per every $1000.00 borrowed.
Rate is set at WSJ Prime Rate. Min rate 4% and Max rate of 12%.
Rate will adjust quarterly on the last business day of the quarter.
Maximum rate adjustment by LMFCU is 2% in any calendar year.
No annual fee.
Minimum loan amount is $5000.00