Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
15 Cards in this Set
- Front
- Back
|
What is a Home Equity Line of Credit?
|
A revolving line of credit (Visa Card), secured by the equity in the member's home.
|
|
|
What is a Home Equity Loan?
|
A fixed rate loan (one time lump sum draw), secured by the equity in the member's home.
|
|
|
How long can a member use their Home Equity Line of Credit?
|
Up to 10 years.
|
|
|
What can a member use their Home Equity Line of Credit for?
|
Whatever they chose.
|
|
|
What can a member use their Home Equity Loan for?
|
Whatever they chose.
|
|
|
What are the limits for Home Equity Lines of Credit?
|
$50,000 limit for owner-occupied houses and $25,000 limit for non-owner occupied homes.
|
|
|
What is the loan to value ratio for limits on Home Equity Lines of Credit?
|
up to 90% for owner-occupied homes and up to 70% for non owner-occupied homes.
|
|
|
What is a Signature Loan?
|
A loan for members based on credit worthiness, without collateral required.
|
|
|
Signature Loans are generally not approved for:
|
-Down Payments
-Bills -Utilities/Rent -Emergancies |
|
|
What are the limits for Signature Loans?
|
Range from $100-$10,000 depending on the member's annual income and ability to repay.
|
|
|
Is there a penalty for pre-paying auto loans?
|
No, the member will just pay their loan off faster this way.
|
|
|
What does CUDL stand for?
|
Credit Union Direct Lending
|
|
|
What is CUDL?
|
An automated financing approval system that connects ACU to participating dealerships.
|
|
|
What does CUDL do?
|
Allows members to compare makes, models, prices and values of vehicles as well as take advantage of ACU's competitive rates.
|
|
|
Is there a fee to use CUDL?
|
No, this is a free service.
|
