TERMS & ABBREVIATIONS

APR

= Annual Percentage Rate

LTV

= Loan to Value

PMI

= Private Mortgage Insurance

FFCU

= Focus Federal Credit Union

VEHICLE LOANS

Loans to purchase or refinance vehicles with automatic payment qualify for a .50% rate reduction.

PAYMENT EXAMPLE
Loan Amount$25,000.00
Interest Rate2.95% APR
Payment Count72 months
Standard Payment$379.33
Final Payment$379.02
Total interest$2,311.45
Total of Payments$27,311.45

OTHER COLLATERAL LOANS

PAYMENT EXAMPLE
Loan Amount$25,000.00
Interest Rate3.95% APR
Payment Count72 months
Standard Payment$390.60
Final Payment$390.18
Total Interest$3,122.78
Total of Payments$28,122.78

PERSONAL LOANS

PAYMENT EXAMPLE
Loan Amount$7,000.00
Interest Rate7.75% APR
Payment Count48 months
Standard Payment$170.05
Final Payment$169.97
Total Interest$1,162.32
Total of Payments$8,162.32

FRESH START PERSONAL LOANS

PAYMENT EXAMPLE
Loan Amount$500$1,000
Interest Rate7.75%7.75%
Payment Count6 months12 months
Standard Payment$85.20$86.85
Final Payment$85.15$86.82
Total Interest$11.15$42.17
Total of Payments$511.15$1,042.17

STORM SHELTER LOANS

Unsecured (closed end): Terms up to 60 months and maximum loan amount of $10,000. Borrower must be property owner on which the shelter is being installed. Purchase contract is required. Payments made directly to storm shelter contractor.

Amount Needed36 Months48 Months60 Months
$3,000$86.91$66.07$53.57
$5,000$144.85$110.12$89.29
$10,000$289.69$220.23$178.57

FIRST MORTGAGE LOANS

Purchases/Refinances

We do business with the Federal Fair Housing Law and the Equal Credit Opportunity Act.

Up to 15-year term
95% maximum LTV of appraised value on purchases (with qualifying PMI)
90% maximum LTV of appraised value on refinances (with qualifying PMI)
80% maximum LTV of purchase price or appraised value on refinances (whichever is less) on owner occupied second homes
Minimum credit score of 640 is required to qualify for a first mortgage loan at FFCU

Investment Properties

Up to 10-year term
Loan not to exceed $50,000
75% LTV of purchase price or (appraised value on refinances) whichever is less
Minimum credit score of 640 is required to qualify for a first mortgage loan at FFCU
TYPICAL CLOSING COSTS
Appraisal$300 - $485
Title Report$60 - $100
Filing Fees$25 - $37
Flood Certification$10
Underwriting Fee0.50% of amount financed
Mortgage Release Fee$13
Credit Report Fee$26.60 - $43.20
Tax Service Fee$225
Mortgage Tax0.01% of amount financed

LONG-TERM FIRST MORTGAGE LOANS

(30-Year Residential Mortgages, Construction Loans & Vacant Lot Loans)

Focus FCU and Centennial Lending have teamed up to offer members a variety of mortgage loan options such as 30-Year Residential Mortgages, FHA, VA, Construction Loans and Vacant Lot Loans. Centennial Lending, LLC is a Credit Union Service Organization (CUSO) that is fully owned and operated by credit unions. They handle mortgage loans from the inquiry and application phase through approval, and finally to closing and servicing. Click here for more details.

SECOND MORTGAGE LOANS

(Home Equity)

Rates subject to change without notice.

Information required at application:

  1. Completed loan application with photocopy of deed or photocopy of legal description from other documents.
  2. Current paystub reflecting year-to-date income; if self-employed, two years federal tax returns.
  3. Evidence of homeowners insurance and/or name and phone number of agent.

QUALIFYING GUIDELINES


New monthly mortgage payment plus all other mortgage & installment loan payments should not exceed approximately 40% of stable gross income. (Income before Federal, State & FICA deductions.) Real estate must be owner occupied residential located in the state of Oklahoma & meet FFCU’s guidelines.

LOAN PURPOSES


Home improvement, education, consumer purchases, vacation, debt consolidation, or cash for any reasonable purpose.

CONDITIONS


First or second mortgage on currently owned home, maximum LTV 80% or 90% (with PMI on first mortgages; must qualify for PMI.) Maximum term 180 months on first mortgages, 120 months maximum on second mortgages.

Investment properties, maximum LTV 75%. Maximum term 120 months.

TERMSLTV to 80LTV 81 to 90LTV 91 to 95
60 to 71 months4.00% APR4.50% APR5.00% APR
72 to 84 months5.00% APR5.50% APR6.00% APR
85 to 120 months6.00% APR6.25% APR6.50% APR

HELOC – Variable Rate

(Home Equity Line of Credit)

Focus FCU and Centennial Lending have teamed up to offer members a variety of mortgage loan options such as 30-Year Residential Mortgages, FHA, VA, Construction Loans and Vacant Lot Loans. Centennial Lending, LLC is a Credit Union Service Organization (CUSO) that is fully owned and operated by credit unions. They handle mortgage loans from the inquiry and application phase through approval, and finally to closing and servicing. Click here for more details.

Information required at application:

  1. Completed loan application with photocopy of deed or photocopy of legal description from other documents.
  2. Current paystub reflecting year-to-date income; if self-employed, two years federal tax returns.
  3. Evidence of homeowners insurance and/or name and phone number of agent.

QUALIFYING GUIDELINES


New monthly mortgage payment plus all other mortgage & installment loan payments should not exceed approximately 40% of stable gross income. (Income before Federal, State & FICA deductions.) Real estate must be owner occupied residential located in the state of Oklahoma & meet FFCU’s guidelines.

AVAILABILITY OF TERMS


All of the terms described below are subject to change. If these terms change (other than the annual percentage rate) and you decide, as a result, not to enter into an agreement with FFCU, you are entitled to a refund of any fees that you pay to us or anyone else in connection with you application.

SECURITY INTEREST


We will take a security interest in your home. You could lose your home if you do not meet the obligations of your agreement with us.

POSSIBLE ACTIONS


We can terminate your line, require you pay us the entire outstanding balance in one payment, and charge you certain fees, if (1) you engage in fraud or material misrepresentation in connection with the plan; (2) you do not meet the repayment terms of this plan, or (3) your action or inaction adversely affect the collateral or our rights in the collateral.

We can refuse to make additional extensions of credit or reduce your credit limit if (1) any reasons mentioned above exist; (2) the value of the dwelling securing the line declines significantly below its appraised value for purposes of the line (3) we reasonably believe that you will not be able to meet the repayment requirements due to a material change in your financial circumstances; (4) you are in default of a material obligation of the agreement; (5) government action prevents us from imposing the annual percentage rate provided for in the agreement; (6) the priority of our security interest is adversely affected by government action to the extent that the value of the security interest is less than 120 percent of the credit line; (7) a regulatory agency has notified us that continued advances would constitute an unsafe and unsound business practice, or (8) the maximum annual percentage rate is reached.

MINIMUM PAYMENT REQUIREMENTS


You can obtain credit advances for 6 years. This period is called the “draw period.” At our option, we may renew or extend the draw period. After the draw period ends the repayment period will begin. The length of the repayment period will depend on the balance at the time of the last advance you obtain before the draw period ends; however, it will not exceed 14 years.

You will be required to make monthly payments during the draw and repayment periods. Your payment will be 1.5% of the outstanding balance each month or $30.00, whichever is greater. We will round the payment up to the next highest dollar. Your payment will include any amounts past due and any amount by which you have exceeded your credit limit, and all other charges. If the interest rate increase, you will be required to make more payments until the end of the repayment period. The minimum payment may not repay the outstanding balance by the end of the repayment period. You will then be required to make a single balloon payment at the maturity date. Unless otherwise required by applicable law, we are under no obligation to refinance the balloon payment at that time. You may be required to make payments out of other assets you own or find a lender, which may be us, willing to lend you the money. If you refinance the balloon with us, you may have to pay some or all of the closing costs.

MINIMUM PAYMENT EXAMPLE


If you made only the minimum monthly payment and took no other credit advances it would take 17 years 8 months to pay off a credit advance of $10,000 at an annual percentage rate of 4.0%. During that period, you would make 211 payments of $30.00 to $150.00 and one (1) final payment of $5.03.

PLAN ACCESS


Upon your application and our approval, we will provide you a credit card to obtain advances under the plan.

TYPICAL CLOSING COSTS

TYPICAL CLOSING COSTS
Appraisal$300 - $485
Title Report$60 - $100
Filing Fees$25 - $37
Flood Certification$10
Underwriting Fee0.50% of amount financed
Mortgage Release Fee$13
Credit Report Fee$26.60 - $43.20
Mortgage Tax0.01% of amount financed

PROPERTY INSURANCE


You must carry insurance on the property that secures this plan. If the property is located in a Special Flood Hazard Area we will require you to obtain flood insurance if it is available.

REFUNDABILITY OF FEES


If you decide not to enter into this plan within three business days of receiving this disclosure and the home equity brochure, you are entitled to a refund of any fee you may have already paid.

TAX DEDUCTIBILITY


You should consult a tax advisor regarding the deductibility of interest and charges for the plan.

VARIABLE RATE FEATURE


This plan has a variable rate feature and the annual percentage rate (corresponding to the periodic rate) may change requiring you to make more payments during the plan and the amount of a balloon payment, if any, will increase. The annual percentage rate includes only interest and no other costs.

The annual percentage rate (APR) is based on the value of an index. The index is the monthly average of the Six Month Treasury Bill Rate (Auction High). Information about the index is published in the Wall Street Journal and is also available from the Treasury Dept. website: www.publicdept.treas.gov. We will use the most recent index value available to us as of the 10th of the month preceding any annual percentage rate (APR) adjustment.

To determine the annual percentage rate (APR) that will apply to your account, we add a 3% margin to the value of the Index. If the rate is not already rounded we then round up to the next .125%. Ask us for the current index value, margin and annual percentage rate. After you open a plan, rate information will be provided on periodic statements that we send you.

RATE CHANGES


The annual percentage rate can change quarterly on the first day of your billing cycle each January, April, July and October. There is no limit on the amount by which the annual percentage rate can change during any one year period. The maximum annual percentage rate that can apply is 15.0% APR or the maximum permitted by law, whichever is less. However, under no circumstances will your annual percentage rate go below 4.0% APR at any time during the term of the plan.

MAXIMUM RATE & PAYMENT EXAMPLES


If you had an outstanding balance of $10,000 , the minimum payment at the maximum annual percentage rate of 15.0% APR would be $150.00. This annual percentage rate could be reached at the time of the 1st payment.

DRAW PERIOD6 years
Credit Limit (score)640
Repayment Period Based on Credit Limit14 years
Payment1.50% of outstanding monthly balance

Consult your tax advisor for the deductibility of interest.

CREDIT CARDS

Finance charge is figured by applying periodic rate to average daily balance. Minimum payment due is equal to an amount which is at least 2% of the new balance or $30, whichever is greater.

INTEREST RATES* & INTEREST CHARGES
MasterCard Classic11.88%
MasterCard Platinum9.96%
MasterCard Secured8.88%
How to avoid paying interest on purchasesHow to avoid paying interest on purchases Your due date is at least 21 days after the close of each billing cycle. We will not charge you interest on purchases if you pay your entire balance by the due date each month. We will begin charging interest on cash advances and balance transfers on the transaction date.
HOW WE CALCULATE YOUR BALANCE
Method of computing repayment balances for purchasesAverage Daily Balance, including new purchases
FEES
Annual FeeNONE
Transaction Fee for PurchasesNONE
Transaction Fee for Balance Transfers and Cash AdvancesNONE
Late Payment FeeMaximum $20.00
Over Limit FeeNONE
Returned Payment FeeMaximum $29.00
Minimum Finance ChargeNot applicable
Minimum Monthly Payment2% of balance or $30
(whichever is greater)
CREDIT CARD TIPS
from the Federal Reserve Board and Consumer Financial Protection Bureau
For Credit Card Tips from the Federal Reserve BoardTo learn more about factors to consider when applying for or using a credit card, visit http://www.consumerfinance.gov/data-research/credit-card-data/.
Credit Card Tips from the Consumer Financial Protection BureauTo learn more about factors to consider when applying for or using a credit card, visit http://www.consumerfinance.gov/learnmore/.

CREDIT BUILDER

PAYMENT EXAMPLE
Loan Amount$1,000.00
Interest Rate14.25% APR
Payment Count12 months
Standard Payment$89.86
Final Payment$89.81
Total interest$78.27
Total of Payments$1,078.27

MEMBERSHIP ACCOUNT AGREEMENT

Terms & Conditions

  • Electronic Fund Transfers (Page 10)
  • Funds Availability Disclosure (Page 13)
  • Truth-in-Savings Disclosure (Page 14)