By submitting an online
application, the applicant ("you" or "your")
certifies the accuracy of the information, and promises
to notify Southland Credit Union ("we," "us,"
"our," or "Credit Union") in writing
immediately if there is any change in your financial
condition. It is a violation of Section 1014, Title
18, U.S. Code, to make false statements or overvalue
security for the purpose of influencing the action of
any federally insured credit union. You authorize us
to gather whatever credit and employment information
we consider appropriate from time to time. This will
assist, for example, in determining your eligibility
for renewal of credit and additional extensions of credit.
You authorize us to give information concerning your
credit experience with us to others. You understand
and agree that we may retain the application and you
waive your right to confidentiality of records with
the California Department of Motor Vehicles (DMV) and
authorize us to obtain such information from the DMV.
You agree that by using or authorizing another to use
the Account, you will be bound by the terms and conditions
of the applicable Credit Union disclosures.
You voluntarily grant Southland Credit Union a lien
on any and all shares (except IRA accounts) now on deposit
with the Credit Union or in the future and if you are
in default of your loan(s), authorize the Credit Union
to apply all shares (except IRA) then on deposit needed
to repay such loans.
Disclosures
Applicable to Variable Rate Loans
The Annual Percentage Rate may increase or decrease
during the term of the note. Any such change will be
based on an increase or decrease in the index. The Index
is the current rolling three-month average of the Two
Year Treasury Coupon Auction Rate as published on the
day after the fourth Tuesday of each month in the Wall
Street Journal. The Annual Percentage Rate is subject
to change on the first day of each calendar quarter
(January 1, April 1, July 1, and October 1). These dates
are known as the Adjustment Dates. The Annual Percentage
Rate is determined by adding a Margin (as specified
in the rate schedule) to the Index as of each Adjustment
Date. With the exception of discounted introductory
rate Home Equity Lines of Credit (see below), the maximum
Annual Percentage Rate during the term of the note shall
not exceed 5% above the initial Annual Percentage Rate.
There is no minimum Annual Percentage Rate. Increases
in the Annual Percentage Rate will increase the number
of scheduled payments required to pay the loan in full.
Additional
Disclosures Applicable to Home Equity Lines of Credit
The discounted introductory rate is available
for the first six months of the loan. After six months,
the loan will be subject to the standard indexed (variable)
annual percentage rate. The maximum annual percentage
rate for the term of the loan is 5% above the initial
indexed annual percentage rate.
If no initial minimum advance is taken, borrower is
subject to an annual fee of $50 and agrees to not close
HELOC for 3 years. If the line is closed prior to the
third year, borrower may be required to reimburse closing
costs up to $200. If the borrower takes an initial advance
of $10,000 and agrees not to make more than the minimum
monthly payment for the first 24 months, the borrower
will not be required to make any such reimbursement.
If no fees are assessed at the time of origination and
if any monthly payment in excess of the minimum is made
within the first 24 months, borrower may be required
to reimburse closing costs up to $200.
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