Family First grants you a maximum limit and allows you to take advances against the loan at any time. Access is easy with checks, On-line access or by visiting your local branch.
- No Points to pay.
- No Application Fee.
- There are no closing costs if loan is left active for at least 36 months.
- There is a 10-year draw period and a 20-year repayment term, calculated at the time of each new advance.
- The minimum loan amount and initial advance must be $7,500, Maximum loan amount is up to 90% of the home's available equity.
- Variable rate loan – changes quarterly based on the prime rate determined by the Wall Street Journal.
- You never need to worry about your rate going above 14.95%, the variable rate cap.
- You will receive notification of credit approval within 48 hours of submitting your application and the closing process should be completed in two to three weeks.
- Additional documents needed with application include a statement of your current mortgage, your most recent tax bills, copies of your most recent paystub, and proof of your homeowner's insurance.