The Loan Officer/Credit Committee, which reviews and evaluates loan applications, has the responsibility and authority to approve or reject any loan application, and to rule on any emergency, or to grant any amount exceeding the maximum upon review and considered judgement.
The Credit Union will require a computation of debt ratio on all loans, this debt ratio must not exceed 45%
Rates are current as of July 1, 2024 and are subject to change without notice
Car Loan Application Instructions
| Credit Score | APR | |
|---|---|---|
| 720 -850 | Excellent | 4.75% |
| 700 - 719 | Very Good | 5.50% |
| 675 - 699 | Acceptable | 6.50% |
| 620 - 674 | Uncertain | 7.50% |
| 560 - 619 | High Risk | 8.50% |
| 500 - 559 | Extreme High Risk | 9.50% |
| Credit Score | APR | |
|---|---|---|
| 720 -850 | Excellent | 5.50% |
| 700 - 719 | Very Good | 6.50% |
| 675 - 699 | Acceptable | 7.50% |
| 620 - 674 | Uncertain | 8.50% |
| 560 - 619 | High Risk | 9.50% |
| 500 - 559 | Extreme High Risk | 10.50% |
| Credit Score | APR | |
|---|---|---|
| 720 -850 | up to $17,000.00, no co-maker necessary | 9.75% |
| 700 - 719 | up to $12,000.00 no co-maker, over $12,000.00 co-maker needed | 10.75% |
| 675 - 699 | up to $7,000.00 no co-maker needed, over $7,000.00 co-maker needed | 11.75% |
| 620 - 674 | up to $4,500.00 no co-maker, over $4,500.00 co-maker needed | 13.25% |
| 560 - 619 | acceptable co-maker only | 14.00% |
The Cambridge Municipal Employees Federal Credit Union offers Home Equity lines of credit up to the amount of $150,000.00
The following details apply:
Interest rate is variable, rate is PRIME PLUS ONE POINT, adjusted quarterly, as published in the Wall Street Journal on the first business day of the month preceding each quarter, (March, June, September, & December).
Current rate is 9.0%.
The Property must be located in Massachusetts.
The property must be owner occupied. If property is a second/vacation home, B-O-D approval is required.
The Credit Union must be listed as a mortgagee, either as the first or second lien holder.
Loan-to-value ratio ma not exceed 80%.
Draw period shall be 10 years (interest only) with an additional 10 year pay-off period (principal and interest).
A current appraisal of the property obtained by the Credit Union is required.
Flood Insurance coverage is required, if applicable.
Return completed application along with:
A copy of deed to property.
A copy of your most recent mortgage statement showing current balance.
A copy of your tax bill stamped paid from your city/town hall.
An insurance binder for an amount equal to or exceeding the balance of your first and second mortgage and listing this credit union as second mortgagee.
Maximum amount of $10,000 up to 48 months.
To help prevent a debt spiral for credit union members, when a specific emergency event creates a financial problem that can be alleviated with a short-term loan. This process can only be used after regular loan process has been exhausted. Available to members who are in good standing with the Credit Union. Loans are repaid through direct payroll deduction.