Rates

For all loans above, not all borrowers will qualify for the lowest rates. Rates are determined at the time of application and depend on qualifications and credit history.  

*APR = Annual Percentage Rate

Vehicle Loans:  Rates apply to new vehicles only. New vehicles are defined as current calendar year and prior year on which you are the original owner. Maximum loan to value of new vehicles is 100%, used (prior year) is 100%, and older is 100% including taxes, title, and warranty.

For new auto loans, the minimum amount to qualify for 96 month financing is $50,000. For auto loans, the minimum amount to qualify for 84 month financing is $30,000. Estimated payment per $1,000 borrowed is $30.17 for 36 months.

For recreational vehicles, the maximum term is 120 months for loans between $25,000 and $75,000. Maximum term is 120 months for loans between $75,000 and $100,000. The maximum loan term for loans greater than $100,000 is 120 months.

Collision and comprehensive insurance is required on all vehicles during the life of the loan. Spectra Credit Union reserves the right to end this promotion at any time without further notice. Membership eligibility requirements must be met.


Personal: Maximum total unsecured loans (including signature loans) is $50,000. Estimated monthly payment per $1,000 borrowed: $20.50 for 72 months. Minimum 600 credit score needed to qualify for unsecured credit. Minimum loan amount of $30,000 to achieve a 72-month term for a personal loan.

Lines of Credit: Maximum line of credit amount is $10,000. Estimated monthly payment per $1,000 borrowed: $24.00 based on a minimum payment of 2.4%. The rate will not increase while the plan is open.

Secured Loans Share certificates may be used as collateral. The term of the loan may not exceed the term of the certificate. Dividends continue to accrue on share certificates held for collateral on loans. Holds on pledges amounts release as the loan balance decreases.

Many terms to choose from. Loans secured by shares in certificates may only be extended for the remaining term of the certificate. Collateral Value: Equal share/certificate balance.

Home Improvement Loan: This is not a real estate secured loan. Maximum term is 180 months and maximum amounts financed is $75,000. Minimum credit score to qualify for a $10,000 loan is 660.  Minimum credit score to qualify for a $25,000 loan is 680. Minimum credit score to qualify for a $75,000 loan is 700. Loan must be used for home improvements, and supporting documents will be required. Sample payment is approximately $143.47 for each $10,000 financed at 12.00% for 10 years.‍

All Deposit Accounts other than Term Share Certificates:
Fees could reduce the earnings on the account
Rates may change after the account is opened


*APY = Annual Percentage Yield
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Basic Savings:
Minimum balance to earn dividends is $5.00
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Brilliant Kids Savings:
Special rate offer applies only to the first $1,000 through the child’s 18th birthday.
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All Other Savings, IRA, and Club Accounts:
Minimum balance to earn stated dividends is $0.00
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All Money Market Accounts:
Minimum balance to earn stated dividends is $2,500‍
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All Share Certificates:
Fees may reduce the earnings on the account
Minimum balance required to open the account is $500
Minimum balance required to earn stated dividends is $500
A penalty may be imposed for early withdrawal

CONVENTIONAL MORTGAGES:
‍Not all borrowers will qualify for the lowest rates.  Your rate will be determined at the time of your application and will be based on qualifications and credit history. Advertised rates/points apply to Loan to Value (LTV) of ≤ 60% and credit scores ≥ 740.  Additional fees may be charged based on loan purpose, property type, and credit history.  All mortgage loans are secured by your real property; property insurance sufficient to cover the balance of the loan is required during the life of the loan.  Cash out refinance limitations apply, contact the Credit Union for specific details.

Maximum LTV for jumbo loans is 90%. All Jumbo loan rates with LTVs exceeding 80% will increase by 25 basis points (0.25%).

LTV maximums includes outstanding balances on home equity loans.

Any first mortgage with an LTV exceeding 80% will be required to maintain Private Mortgage Insurance until the loan balance is less than 80% LTV.

Payment estimates include only principal and interest, and they do not reflect items such as taxes or insurance.
Conventional Mortgage 30 Year Term – Sample payment is $69.11 per $10,000 financed.
Conventional Mortgage 20 Year Term - Sample payment is $78.32 per $10,000 financed.
Conventional Mortgage 15 Year Term – Sample payment is $89.92 per $10,000 financed.
Conventional Mortgage 10 Year Term – Sample payment is $114.23 per $10,000 financed.
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FIRST TIME HOME BUYER PROGRAM:
‍Minimum credit score requirement is 700 and maximum LTV is 100%. Maximum loan amount is $766,550. Borrower must pay 1% toward closing costs.  Gift funds are permitted to meet minimum borrower contribution.

Payment estimates include only principal and interest, and they do not reflect items such as taxes or insurance
Sample payment is $72.56 per $10,000 financed.

SECOND/VACATION HOMES:
‍Rate is increased by .125%.  Maximum LTV is 90%. Property must not be used as an investment/rental property. Points listed above apply to applicants with credit scores greater than 739 and LTV ratios of up to 75% (for purchases) or 60% (for certain cash-out refinances). Members not meeting these requirements may be subject to increased loan points.

INVESTMENT PROPERTY: The rate has increased by .5%. Maximum LTV is 80%. Points listed above apply to applicants with credit scores greater than 739 and LTV ratios of up to 75% (for purchases) or 60% (for certain cash-out refinances). Members not meeting these requirements may be subject to increased loan points.
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HOME EQUITY:
Not all borrowers will qualify for the lowest rates. Your rate will be determined at the time of your application and will be based on qualifications and credit history. Property insurance is a requirement to open the plan. All home equity loans are secured by your real property; property insurance sufficient to cover the balance of the loan is required during the life of the loan.

Closing costs to borrowers generally range from $1,000 - $2,000.  The Credit Union will pay up to $1,500 in closing costs. Closing costs paid by the Credit Union must be repaid if the loan is closed within 36 months of origination. Investment and second homes are excluded from closing cost paid by the Credit Union.

Lines of Credit:
Minimum credit line is $10,000 and maximum is $500,000. Advance minimum is $100 per advance.  Maximum rate is 18%. Unless otherwise noted, lines of credit have a 25 year total term, a 10-year draw period followed by a 15 year repayment period.
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Fixed Home Equity Line of Credit –
Sample payment is $100 based on a minimum payment of 1% per $10,000 financed.
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Variable Home Equity Line of Credit-
Changes to the rate will occur on the first day of each billing cycle.
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Sample payment is $100 based on a minimum payment of 1% per $10,000 financed.
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For Fixed Home Equity loan:
Loan term is 20 years in total
Sample payment is $113.61 monthly per $10,000 financed for 20 years.

ADJUSTABLE-RATE MORTGAGES including ITIN:
‍¹Adjustable-Rate Mortgages are variable, and your Annual Percentage Rate (APR) may increase after the original fixed-rate period. The First Adjusted Payments displayed are based on the current Constant Maturity Treasury (CMT) index, plus the margin (fully indexed rate) as of the stated effective date rounded to the nearest 1/8th of one percent. All loans are subject to credit approval. Spectra Federal Credit Union reserves the right to end this product at any time without further notice. Membership eligibility requirements must be met.

ARM 3/1 Year Term – Sample payment is $60.80 per $10,000 financed.
ARM 10/1 Year Term – Sample payment is $69.97 per $10,000 financed.