Get the Most Out of Your Home

1 The Maximum LTV (loan-to-value ratio) for a cash-out first mortgage is 80% on a single unit principal residence and 75% on a 2–4 unit principal residence. For a second home/vacation property, the maximum LTV is 75%. For an investment property, the maximum LTV is 75% on a single unit property and 70% on a 2–4 unit property. Cash-out loans are not available for properties purchased in the prior six months unless the property was purchased with cash. If the property was listed for sale in the prior six months, the maximum LTV is limited to the lower of 70% or the maximum allowed per the above.

2 For Home Equity Lines of Credit, the rate is variable and based on the Prime Rate as published in the “Money Rates” section of the Wall Street Journal, plus a margin. The margin is based on loan-to-value and borrower(s) credit score at time of origination. Rate of 5.500% (Annual Percentage Rate (APR) of 5.500%) effective as of 1/13/20 and subject to change without notice. 5.750% rate is based on a Combined Loan-to-Value (CLTV) of 80% or less and excellent credit score. The maximum annual percentage rate in a variable rate plan is 18%.

3 The Xpress Refi rate will be the thirty (30) day no-point rate, for the corresponding conforming or jumbo loan program, as of the date of the Request for an Xpress Refi loan modification. The Xpress Refi fee for loan amounts up to $250,000 is $1,500; $250,001 – $484,350 is $2,000; $484,351 – $726,525 is $3,000; and greater than $726,525 is $4,000.

4 APR=Annual Percentage Rate.  Rate on a 30-Year Fixed-Rate cash-out mortgage refinance with zero points as of 1/13/20 is 4.000% (4.051% APR) and subject to change without notice. Payment Example: Based on a $250,000 purchase price with 20% down ($200,000 loan amount) and a 30-year conforming rate of 4.000% (4.051% APR) with zero points, estimated payment would be $954.83 per month. Payment does not include taxes and insurance. Actual payment may be higher. All loans subject to approval. Terms are subject to change at any time without notice. Rate on a 30-Year Fixed-Rate conforming mortgage with zero points as of 1/13/20 is 3.875% (3.925% APR) and subject to change without notice. Payment Examples: Based on a $250,000 purchase price with 20% down ($200,000 loan amount) and a 30-year conforming rate of 3.875% (3.925% APR) with zero points, estimated payment would be $940.47 per month. Payment does not include taxes and insurance. Actual payment may be higher. All loans subject to approval. Terms are subject to change at any time without notice.

CFCU reserves the right to deny any request for a loan modification.

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Chevron Federal Credit Union

Your house is foremost your home, where you live, laugh, and love. But it can also be a source of funds to help you achieve other financial goals.

Here are a few ways CFCU can help you get the most out of your home.

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or give us a call at 888-334-5120

Or give us a call at 888-334-5120

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Cash-Out Refinance1

When you refinance your mortgage with the Credit Union, you can cash out up to 80% of the equity in your house. The amount cashed out is added to your mortgage balance.

Depending on your current APR4 and the amount of time left on your current mortgage, refinancing may also lower your monthly payment or allow you to pay off your mortgage sooner.


Home Equity Line of Credit2

A Home Equity Line of Credit (HELOC) is a revolving, variable rate line of credit that lets you borrow against the equity in your home.

Your credit limit is determined at closing based on your home’s value and your credit score. Interest is only accrued on the amount you use, and you can access your line of credit by writing Equity Checks, paying for purchases with your HELOC debit card, or by transferring funds from your line to another account.

Like a credit card, you can tap your balance and pay it off many times during your draw period. After 10 years, you’ll have 15 years to pay off any remaining balance.


Xpress Refi3

An Xpress Refi is an expedited, hassle-free way for members with existing CFCU mortgages to modify their current home loans.

There are two options with an Xpress Refi:

  • Loan Type Modification: Your APRadjusts AND you can change your term or switch from an Adjustable Rate Mortgage (ARM) to a Fixed Rate Mortgage.3
  • Interest Rate Modification: Only your APR adjusts. Your term and the type of loan remains the same.1

Instead of closing costs, you pay a set fee for the modification.

Loan Amount                       Fee
Up to $250,000                    $1,500
$250,001 – $484,350         $2,000
$484,351– $726,525          $3,000
$726,526+                            $4,000

And since we are modifying an existing loan, we do not require:

  • A new credit pull
  • A lot of paperwork
  • New disclosures or loan documents (You will get a new deed)

Contact us for more information on restrictions.

Cash-Out Refinance1
Refinance your mortgage and “cash out” up to 80% of the equity in your house.

Home Equity Line of Credit2
Open a revolving line of credit that borrows against the equity in your home.

Xpress Refi3
Modify the rate or term of your existing CFCU mortgage.