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Loans FAQ

How can I do a better job of managing my money?

Being smart with your money establishes a great foundation for your future.

Financial literacy education develops the skills you need to achieve financial freedom. That's why the FDIC developed the Money Smart financial education curriculum -- to help individuals learn the basics of personal finance. We want to provide you with all the tools you need to make smart decisions with your money and your financial future.

Money Smart is a free 10-week course, for young adults and senior adults,you can complete at your own pace. The course includes: basic banking knowledge, borrowing, checking, and savings, budgeting, keeping your money safe, building and protecting your credit, and owning your home.

To take the online Money Smart course go to: http://www.fdic.gov/consumers/consumer/moneysmart/mscbi/mscbi.html

 

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How can I monitor my credit report?

The best way to monitor your credit free of charge is through www.annualcreditreport.com. You have the right to a free credit report from AnnualCreditReport.com or 877-322-8228. The ONLY authorized source under federal law. Take me to the authorized source.

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How can I fight identity theft on my personal and financial files?

One way you can fight identity theft is by monitoring and reviewing your credit report. You have the right to a free credit report at AnnualCreditReport.com or 877-322-8228 or request your report through the mail. The ONLY authorized source under federal law. Take me to the authorized source.  In addition, use caution when entering your personal information online, and make sure you used secured websites.  Never give personal information to someone over the phone.

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What is the difference between an APR and an interest rate?

APR or Annual Percentage Rate is the figure which reflects the total cost of a loan, averaged over the entire loan term. The APR must be rounded to two decimal places and stated within an eighth of 1 percent. The interest rate is a periodic rate expressed or a finance charge that is or may be imposed by a creditor on a balance for a day, week, month or other subdivision of a year.

The APR is a better indicator of your total costs and it allows you to compare loan products. We are required by the Federal Truth in Lending Act to disclose to you the APR in addition to the stated interest rate.

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What is a home equity line of credit?

Our home equity line of credit product is a form of revolving credit in which your primary or secondary home serves as collateral. The product features a variable interest rate with a draw period and a repayment period of eight years.

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Are loan decisions made locally?

Every First United Security Bank office has a manager who lives in the community and understands local needs. These managers and other lenders have the authority to make decisions on most loans.

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How much car can I afford?

You may find this and many other helpful calculators on the Financial Calculators Page listed under the Resource Center tab.

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I calculated several options to see how much house I could afford. How do I know which mortgage type is right for me?

Selecting the right mortgage doesn’t have to be complicated. After you get an idea of how much house you can afford, call one of our Mortgage Originators and find out what options are available to you.

After speaking with one of our Mortgage Originators, you may be surprised at all of your options. You can reach the officer nearest you by visiting our Locations page. This will give you branch contact information, as well as the ability to email the branch manager with any questions you might have, or to set an appointment.

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How often are rates updated?

All investment and loan rates are adjusted as dictated by market conditions or special promotions. Though some rate information is available on our website, we invite you to call your nearest branch for quotes.

 

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How much can I borrow using a Home Equity line of credit?

Your credit limit (also known as available equity) is determined by taking a percentage (for example 80% or 90%) of your home's appraised or fair market value, and subtracting the balances of any outstanding mortgages on the property. If you qualify, the minimum home equity loan or line of credit amount is $10,000. Click here to calculate how much you may be able to borrow.

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What will it cost me in fees to open a Home Equity line of credit?

We cover the cost of appraisal (if necessary), title opinion, recording fees, flood determination and other fees associated with the loan closing provided the minimum credit line of $10,000 is approved.

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Do I get checks with my Home Equity line of credit?

Yes, checks are provided for your convenience and you may also make transfers through internet banking or your mobile banking app.

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How much can I borrow?

You may find this and many other helpful calculators on the Financial Calculators Page listed under the Resource Center tab.

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What is PMI and how is it calculated?

Private mortgage insurance or PMI is a type of insurance provided by a private mortgage insurance company to protect a lender in the event of default on a loan. This type of insurance is generally required when a borrower has less than 20% equity in a home. The borrower pays for mortgage insurance on a monthly basis in addition to the principal and interest payments to the mortgage insurance company.

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What is an escrow account?

An escrow account is set up by a lender in order to pay property taxes and insurance on behalf of the borrower.

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How long would it take to pay off a loan?

You may find this and many other helpful calculators on the Financial Calculators Page listed under the Resource Center tab.

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Is the interest paid on a Home Equity line of credit tax deductible?

In most cases the interest on a home equity loan or line of credit of up to $100,000, and a maximum loan-to-value ratio of 100%, is tax deductible. Consult your tax advisor about your specific situation. IRS Publication #936 "Home Mortgage Interest Deduction" has more information.

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How much house can I afford?

You may find this and many other helpful calculators on the Financial Calculators Page listed under the Resource Center tab.

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What are the terms of a Home Equity line of credit?

Our Home Equity line of credit offers a term of eight years. It can be drawn on for eight years. After this term, you can apply to renew your line of credit. If you do not renew, your account balance will either be due and payable in full (a balloon payment) or it may be restructured on a fixed rate loan for three to five years, amortized up to 25 years.

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Must I occupy the residence I'm using as collateral on a Home Equity line of credit?

You do not have to occupy a secondary residence which you are using as collateral.

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Why is a Routing number important and where do I find it?

A routing number is a bank identification number that assists in the processing of debits and credits between financial institutions. Each bank is assigned a routing number by Thomson Financial Publishing Inc., as agent for the American Bankers Association (ABA). Any time you want to set up a direct deposit to a checking account or an automatic bill payment from a checking account, you must give the processor your correct routing number. The routing number identifies the paying bank on the face of a check in two forms: A fractional form normally located in the upper right hand corner and a nine digit form printed in magnetic ink in a strip along the bottom of the check. First United Security Bank’s nine digit routing number is 062103592.

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Can I apply for an account online?

You may access several downloadable loan applications from our Resource Center or Lending Services tab. We do not offer online opening of loan or deposit accounts at this time; however, you may open the applications and complete them from the privacy of your home or office computer.  You may then print them, and bring them into the branch nearest you to sign and submit.

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What is the minimum draw amount on a Home Equity Line of Credit?

No minimum draw amount is required  on our Home Equity Line of Credit. However, to avoid any fees associated with this product, a minimum credit line of $10,000 is required.

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Should I refinance my home mortgage?

You may find this and many other helpful calculators on the Financial Calculators Page listed under the Resource Center tab.

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What is the difference between Overdraft Privilege™ and Security Protection?

Security Protection is actually a loan product. You can protect yourself from embarrassing overdrafts, and save the fees associated with merchants as well with Security Protection. Based on credit approval, a credit limit would be available for when you have to write a check and the funds are not yet available in your account. Drafts are made in $100 increments to cover checks that are written. Overdraft Privilege™, however, is not a loan product. And you are not charged interest for the time that you use Overdraft Privilege™ funds. The normal overdraft fees apply with Overdraft Privilege™, but your checks are paid to the merchant.

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Can I get some type of overdraft protection?

You can protect your account from going into the overdraft by establishing a Security Protection Account from First United Security Bank (subject to credit approval).

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