HELOC PreQual form-test

Thank you for your interest in NJL&PS Credit Union’s Home Equity Program. The following is a brief description of our requirements:

We are offering this Line of Credit at the present time with absolutely NO POINTS and NO FEES to all NEW applicants. Please note that anyone with a present Home Equity that wishes to apply for a Line of Credit will be assessed to $250.. fee to cover our costs, unless the loan is $20,000.00 greater than your current balance. There will be a $75 cancellation fee if the application is cancelled after title search and appraisal have been done. These fees must be assessed to cover a current appraisal, title search, and county clerk filing fee.

The Annual Percentage Rate (APR) can be changed quarterly on the first of (January, April, July and October), based on the Prime rate as published in the Money & Investing section of the Wall Street Journal. All Home Equity accounts shall be notified of the rate change.

The term of repayment if fifteen (15) years, and the draw on your credit is limited to five (5) years, after which you are free to refinance your Home Equity Line of Credit. We advise you to check with your tax preparer to verify tax deductability.

There is a $200,000.00 ceiling on the amount of individual funds disbursed. The amount of the initial draw at the time of closing must be $10,000.00. The basis for determining your allowable equity is eighty (80%) percent of the financing is available for qualified members. We are only appraising primary principle residences in the State of New Jersey and Bucks County, Pennsylvania at the present time.

Loans are granted on Single Family Homes, primary residence and Townhouses, primary residence, Multi-Family homes if you are the primary residence of one unit, up to 4 units. No Rental Properties.

It should be further noted that any name that appears legally on the deed must be a signer on the mortgage. Remember, when applying for your Line of Credit, be sure to include all the required documents:

  • Completed & Signed Application
  • Copy of most recent paystub
  • Copy of most recent IRS tax filing (only first page of 1040)
  • Copy of Deed
  • Copy of Homeowners Policy Declaration Sheet
  • This letter initialed and attached to the application
  • Signed Errors and Emissions Statement

Please initial this document in the space provided below and return it to the Credit Union with your application.
Any additional questions, please contact the loan office at (609) 393-1363

Initial: Received and Reviewed Accordingly

Credit Union Initial: Received and Reviewed


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