What will an equity loan cost?
SELCO often offers no closing cost equity loans and never charges points.

If for any reason your loan is unable to be completed, you will be responsible for any costs incurred by the credit union for obtaining an appraisal on the property. The following are examples of typical fees for closing cost items:

Closing Costs
Federal regulations require that SELCO order the appraisal. Costs vary depending on the location of the property. In most cases, a recent Tax Assessment of the property will provide sufficient equity to make an equity loan. However, in those cases that it doesn't, you may choose to have an appraisal on the property at your expense. SELCO will order the appraisal from a list of approved appraisers controlled by the credit union.

Title Search
SELCO will order the property title search.

Recording Fees and Taxes
Recording fees and taxes vary from place to place and are usually calculated based on the loan amount.

Title Insurance (in limited cases)
When SELCO's lien will be in first position, your existing first mortgage is privately held, or your property is located in a rural area, SELCO requires lender's title insurance. Costs vary by location and are usually calculated based on the loan amount.

Flood Zone Determination
Federal regulations require SELCO to determine whether your property is in a flood zone prior to making you a loan, and then to maintain this information for the life of the loan. If the flood zone status of the property changes, SELCO is required to inform you. If the property is determined to be in a flood hazard zone, you will be required to provide proof of flood insurance.

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