Closed End Second Mortgage




	Application

CLOSED END SECOND MORTGAGE

INSTRUCTIONS FOR COMPLETING APPLICATION

Thank you for your interest in our second mortgage Loan Program. To help assure prompt processing of your application, please complete the following steps:

1. Complete the application in its entirety making sure that all information is included and that each applicant signs the application.

2. Sign the consent form filling in your social security number and address. All applicants must sign the form.

3. Please enclose copies of your most recent credit statements when applying for a consolidation loan. Checks will be made payable to the creditors.

4. Return all of the above items together with a COPY OF YOUR DEED AND A COPY OF YOUR HOMEOWNERS INSURANCE POLICY, to the credit union office.

5. To ensure the speedy processing of your loan, please enclose a copy of a month worth of recent paycheck stubs, or if you are self employed a copy of the last two years tax returns with all applicable schedules attached.

Remember that you are applying for a mortgage loan, and there is a time delay in the initial process to allow for the title search, appraisal, etc.

Collateral Eligibility: Only primary owner occupied single family residences can be used as security for a second mortgage. The home must continue to be occupied as your primary residence for the life of the loan. If a member intends to use a second home as their primary residence in the future and signs a statement to that effect, the credit union can hold a second mortgage on the property, but will accept no less than a second mortgage. Only properties located in DE, MD, PA, and NJ are eligible.

I/We hereby acknowledge that we have read and understand the following information pertaining to our Fixed Rate Closed End Second Mortgage Loan Application.

Term: LOAN CALCULATOR
A minimum of $5,000 can be financed up to 5 Years
A minimum of $7,500 can be financed up to 10 Years
A minimum of $10,000 can be financed u p to 15 Years

Application Fees:
Fees associated with the processing of this loan request are outlined on the Good Faith Estimate. In most cases the fee to apply is $250.00. However, in all cases, the Credit Union reserves the right to forward any and all costs to the applicant(s).

Appraisal: $85.00
Lien Search and Flood Zone Determination: $45.00
Title Insurance: $110.50
Recording Fees:: $95.00
Satisfaction Fee: $27.00

The above fees are for New Castle County only. Any additional fees incurred will be paid by the member.

Insurance: All second mortgage loans must be insured against fire, and extended coverage (HO2 minimum required; HO3 "All risk" is preferred") equal to the first mortgage balance, plus the total amount of the approved second mortgage loan. Insurance companies providing such coverage shall be requested to issue an endorsement listing the credit union as second mortgagee and must provide the credit union with a copy of your insurance policy within 30 days of the settlement of your mortgage.

Collateral Eligibility: Only primary owner-occupied single family residences can be used as security for a second mortgage. The home must continue to be occupied as your primary residence for the life of the loan. Only properties located in DE, MD, PA, and NJ are eligible.

Appraisal Disclosure: You have the right to a copy of the appraisal report obtained in connection with your application for credit provided that, if required, you have paid for or are willing to pay for the appraisal. You can get a copy of this report by writing to us at the address listed above. We must hear from you no later than 90 days after you are notified about the action taken on your credit application. (If you withdraw your application, you must make your request for an appraisal report within 90 days of the withdrawal.) You can telephone us, instead of writing, but by doing so you are not assured of preserving your rights.

By signing below you agree to the above terms. Please print, sign, and submit this form along with your application. Failure to return this form signed, when your application is submitted for approval, will delay the processing of your application.

__________________________________
Applicant Signature Date

__________________________________
Co-Applicant Signature Date

Chestnut Run Federal Credit Union
P O Box 5037 Wilmington, DE 19808-0037
Phone (302) 999-2689, (302) 999-2260, OR (302) 894-9240
Fax (302) 999-4889

Consent Form

DATE:________________

To whom it may concern:

I/we have applied for a real estate loan and hereby authorize you to release to the Lender the requested information on the attached form concerning our employment, checking/savings accounts, outstanding obligations and all other credit matters which they may require in order to process our loan application.

The information is for the confidential use of the Lender in determining my/our creditworthiness for a mortgage loan or to confirm information I/we have supplied. In addition, I/we are aware that the documentation supplied is subject to reverification after the date of loan disbursement.

A photographic or facsimile copy of this authorization may be deemed to be the equivalent of the original and may be used as a duplicate original.

Your prompt reply is appreciated.

________________________________ ______________________________
Borrower’s Signature Date Social Security Number
__________________________________________________________________
Address

_______________________________ ______________________________
Co-Borrower’s Signature Date Social Security Number

__________________________________________________________________
Address
******************************************************************
I hereby certify this to be a true and correct copy of the original signature(s).

________________________________ ______________________________
Lender’s Signature Date Telephone Number

Please print, sign, and submit this form along with your application. Failure to return this form signed, when your application is submitted for approval, will delay the processing of your application.

Loan Request
Chestnut Run Federal Credit Union PO Box 5037 Wilmington DE 19808-0037
Phone (302) 999-2689, 999-2260 or 894-9240
Fax (302) 999-4889 Chestnut Run Officeor (302) 894-9243 Glasgow Office

Loan Application Submission Instructions:
When you have completed the application, it can be submitted to the credit union along with the above forms via fax to the credit union at our Chestnut Run Office on (302) 999-4889 or at our Glasgow Office on (302) 894-9240. The application can also be mailed to the credit union at the above address.

The Co-Applicant Section and all other Co-Applicant questions must be completed if:

You live in or the property pledged as collateral is located in a community property state (AZ, CA, ID, LA, NM, NV, TX, WA, WI).
If you are relying on income from alimony, child support or separate maintenance, complete the Co-Applicant section to the extent possible about the person on whose payments you are relying.
If you are applying for Joint Credit with another person, complete the Applicant and Co-Applicant sections.

Is this your first loan from us? Yes No Amount Of Credit Requested:$
Approximate Time to Repay: How Many? Periods: LOAN CALCULATOR

Purpose of Loan:
Please Explain:
Address of Property to be held as Collateral:

Date Purchased:Purchase Price:$
Cash Down Payment:$ Present Value of Property:$
Name and Address of Title Holder:

Yr. House built: # of Rooms: # of Bedrooms: # of Baths:

Family Room or Den: Gross Living Area: Sq. Ft. #

Central Air:

PAYMENT PROTECTION COVERAGE
Check if desired

Find out more about Loan Calculator with Payment Protection Insurance and why it's a better consumer value when offered through your credit union.

Check coverage(s) desired. We will disclose the cost of this Payment Protection Insurance - Credit Disability and Credit Life - to you. A separate enrollment form which discloses the terms and conditions must be signed for coverage to become effective.

Yes No Do you want your loan protected for you and your family if you become disabled?

Yes No Do you want your loan protected for you and your family in the event of your death?

TELL US ABOUT YOURSELF

Applicant

Co-Applicant

Name:

CU Account #:

Social Security #:

# Dependents Other Then Listed by Co-Applicant:

Ages:

Please indicate your marital status if you are applying for Joint Credit, secured credit or if you live in a community property state:
Married Separated Unmarried (Single - Divorced - Widowed)

Driver's License #:

State:

Birth Date:

Home Phone:

Business Phone:

Present Address:

City, State, Zip:

Years There: Own Rent

DEBTS

Mortgage on Property to be held as collateral owed to:

Balance:$

Mthly Payment:$

Person Responsible for Payment:

INCOME

Employer:

Employer Address
:

Employer Address:

Years Employed in This Line of Work or Profession:

Years Employed in This Line of Work or Profession
:

Years on This Job:

Income: $ Net Gross

Annual MonthlyBi-weeklyWeekly

Other Income: (Notice: Alimony,child support or separate maintenance income need not be revealed if you do not have it considered as a basis for repaying this obligation.)
Source:
$AnnualMonthlyHourly

ADDITIONAL DEBTS

Place A * Next To Any Debts To Be Consolidated With This Loan.
A-Applicant
C-Co-Applicant
B-Both

Creditor’s Name & Address: Account#
Present Balance$ Monthly Payment$ Amount Past Due$

If more space is needed, list on attached sheets.

ADDITIONAL ASSETS

Automobile

Year, Make, & Model
Financed: Lien Holder:
Financed: Lien Holder:

Please Describe Any Additional Assets, Their Value And Whether Or Not They Are Paid For:

SIGNATURES: You promise that everything you have stated in this request is correct to the best of your knowledge. If there are any important changes, you will notify us in writing immediately. You also agree to notify us of any change in your name, address or employment within a reasonable time thereafter. You authorize the credit union to obtain credit reports in connection with this request. If you request, the credit union will tell you the name and address of any credit bureau from which it received a credit report on you. You understand that it is a federal crime to willfully and deliberately provide incomplete or incorrect information on requests made to Federal Credit Unions or State Chartered Credit Unions insured by the NCUA. You understand that the credit union will rely on the information in the request and your credit report to make its decision. You also agree to notify us of any changes to your name, address or employment. I/We apply for the loan indicated in this application which may be secured by a mortgage or deed of trust on the property described herein and represent that the property will not be used for any illegal or restricted purpose, Verification may be obtained from any source named in this application I/We hereby consent to and authorize the lender, after giving of reasonable notice, to enter the improved property for the sole purpose of determining that the improvements specified in this application have been completed. I/We understand that the selection of a contractor or dealer, acceptance of material used and work performed is my/our responsibility. The lender does not guarantee the material or workmanship. I/We do intend to occupy the property as my/our primary residence throughout the duration of the mortgage.

X________________________________ X________________________________
Applicant Signature and Date Co-Applicant Signature and Date

Good Faith Estimate
The information provided below reflects estimates of the charges which you are likely to incur at the settlement of your loan. The fees listed are estimates-the actual charges may be more or less. Your transaction may not involve a fee for every item listed. The numbers listed beside the estimates generally correspond to the numbered lines contained in the HUD-1 or HUD-1A settlement statement which you will be receiving at settlement. The HUD-1 or HUD-1A settlement statement will show you the actual cost for items paid at settlement.

Amount or Range

Items Payable In Connection With Loan

803. Appraisal to Security Search
$85.00

Title Charges

1102. Lien/Flood Search to Security Search
$50.00
1108. Title Insurance to Security Search
$110.50

Government Recording & Transfer Charges

1201. Recording Fees to New Castle County
$95.00
Satisfaction Fee to New Castle County
$27.00

1400. Total Amount/Range of Estimated Charges
$367.50

These estimates are provided pursuant to the Real Estate Settlement Procedures Act of 1974, as amended (RESPA). If you are using the loan proceeds to purchase a dwelling, additional information can be found in the HUD Special Information Booklet titled Buying Your Home: Settlement costs and Helpful Information, which is to be provided to you by your mortgage broker or lender.
REQUIRED PROVIDER (If Applicable check the Appropriate Box)
We will require you to use a particular provider for the settlement services marked above with an asterisk (*). The estimate of charges is based on the costs charged by these providers.
The name, address and telephone number and a description of our business relationship with that provider, if any, is attached.
We will require you to use a provider from a list we maintain. We will provide the name of the specific provider and the actual cost of closing.
X________________________________ X________________________________
Applicant Signature and Date Co-Applicant Signature and Date

Date Sent____________________Authorized Official_______________________________________
Please print, sign, and submit this form along with your application. Failure to return this form signed, when your application is submitted for approval, will delay the processing of your application.

Comments

Information For Government Monitoring Purposes
The following information is requested by the Federal Government for certain types of loans related to a dwelling, in order to monitor the lender’s compliance with equal credit opportunity and fair housing laws. You are not required to furnish this information, but are encouraged to do so. The law provides that a lender is required to note race and sex on the basis of visual observation or surname. If you do not wish to furnish the above information, please check the box below. [Lender must review the above material to assure that the disclosures satisfy all requirements to which the Lender is subject under applicable state law for the particular type of loan applied for.]

Borrower: I do not wish to furnish this information
Ethnicity :
Hispanic or Latino
Not Hispanic or Latino
Information not provided by applicant in mail, Internet, or telephone application (see App. A, I.D.2.)
Not Applicable
No co-applicant

Race:
American Indian or Alaska Native
Asian
Black or African American
Native Hawaiin or Other Pacific Islander
White
Information not provided by applicant in mail, internet or telephone application
Not Applicable
No co-applicant

Co-Borrower: I do not wish to furnish this information
Ethnicity:
Hispanic or Latino
Not Hispanic or Latino
Information not provided by applicant in mail, Internet, or telephone application (see App. A, I.D.2.)
Not Applicable
No co-applicant