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Any person has the right to make a loan inquiry and to file a written application for a mortgage loan or home improvement loan and to receive a written response thereto. The lending criteria of the Sterling Van Dyke Credit Union relating to mortgage loans and home improvement loans are described as follows:

The credit union will make residential mortgage loans predominately within the Southeast Michigan area to qualified applicants. The minimum mortgage loan amount is $10,000. We will make first mortgage loans on one and two family houses and condominiums that are or will be the applicant's primary residence. The house or condominium must have an acceptable appraisal and useful life of not less than the length of the amortization period for the mortgage plus 10 years. The property must have all usual improvements necessary to sustain acceptable living standards, and meet zoning ordinances, and laws required for occupancy. We also make investment property loans at higher rates.

Certain fees are involved in applying for a mortgage loan, such as processing, appraisal and commitment fees, and credit reports, which must be paid by the borrower. In addition, there will be settlement fees if the mortgage loan is approved, which must also be paid by the borrower. Settlement fees are further described in a pamphlet entitled "Settlement Costs" which is available from the credit union. To apply for a Residential Mortgage Loan, you should submit the completed credit union written application to our mortgage department.

In addition to the Home Improvement Loan discussed above, the credit union offers an equity loan for any worthwhile purpose to any qualified applicant. This loan requires the placement of a mortgage on your home. The Equity Loan is a variable rate line of credit loan. The Equity Loan can be either a 1st or 2nd mortgage.

In evaluating applications, the credit union will consider your legal capacity to borrow and encumber property. The credit union will then evaluate your ability to repay the requested loan and handle your present and future financial obligations. This will include your ability to pay settlement costs, down payment, and other obligations, as well as a verification of your assets, down payment funds, employment history, and all other sources of your income.

You must also have a credit history acceptable to the credit union, which indicates your ability and intent to repay the loan as well as the stability of your employment. The credit union may use a statistically sound, empirically derived credit scoring system to determine the credit worthiness of certain loan applicants. In addition, the property used to secure the loan must meet the credit union appraisal standards.

Your loan may be sold in the secondary market.

All applicants should feel free to ask us questions concerning the types of loans available as the terms and conditions of all loans described in this notice should be fully understood by the applicant.

The credit union complies with all applicable Federal and State laws and regulations. The credit union reserves the right to stop making any or all of the loans described in this notice for a period of time to be determined by the credit union management.

This notice has described the mortgage lending criteria, in general. Should you have any further questions, please telephone or visit:

The Local Credit Union
39139 Mound Road
Sterling Heights, MI 48310
(586) 264-1212 or (800) 974-6478

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