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TRUTH-IN-LENDING DISCLOSURES

The following information is provided to you pursuant to the requirements of the Truth in Lending Act and Regulation Z of the Federal Reserve Regulations. Regulation Z prescribes uniform methods of computing the cost of credit, disclosure of credit terms and procedures for resolving errors on certain credit accounts. Neighborhood Community Federal Credit Union loan products are offered as open ended credit and closed ended credit depending on the type of loan you desire. The disclosures contained herein do not contain all of the disclosure information which will be provided if your loan is consummated. Additional disclosures required by law and regulations may be provided to you at various times during the processing of your request as required by law.

OPEN-END CREDIT-HOME EQUITY LINES OF CREDIT

THIS DISCLOSURE NOTICE CONTAINS IMPORTANT INFORMATION ABOUT NEIGHBORHOOD COMMUNITY FEDERAL CREDIT UNION’S HOME EQUITY LINE OF CREDIT LOANS. YOU SHOULD READ IT CAREFULLY AND KEEP A COPY FOR YOUR RECORDS.

Terms Subject to Change. The rates contained herein are effective as of May 1st, 2012. However, the terms described in this disclosure are subject to change at any time. If, prior to your signing the loan documents, any of these terms have changed (other than the annual percentage rate) and you decide, as a result, not to obtain a home equity loan from us, you would be entitled to a refund of any fee that you paid in connection with your application.
Fees. No loan fee calculated as a percentage of the credit limit to be extended or any other fee is imposed by the Credit Union or by a third party for establishing the loan account or the making of the loan. However, certain costs will be incurred by the borrower which may include the actual costs for verification of estimated market value of the property, title lien search, flood plain certification, fee of the closing agent, filing fees and other incidental costs incurred by the credit union or the borrower for services required to complete the loan transactions. These fees generally total between $500 and $1,500. If you ask, we will give you an itemization of the fees you may have to pay for this transaction.

The Annual Percentage Rate. This type of loan has a variable rate feature, and the annual percentage rate, corresponding to the periodic rate, can change as a result. As a result of the changed interest rates, the minimum payment amount will not change unless specifically requested by the borrower, instead, such increase in interest may result in additional payment(s) beyond the scheduled number of regular payments in order to pay for the additional interest costs. The annual percentage rate includes only interest and not other costs. The annual percentage rate is based on the value of an index. The index is the 12 month Treasury Note Rate plus 4.00%. If a range of rates is published, the higher rate will be used. THE MAXIMUM ANNUAL PERCENTAGE RATE THAT CAN APPLY IS 15%APR.

OPEN-END CREDIT-OTHER THAN HOME EQUITY LINES OF CREDIT

THIS DISCLOSURE NOTICE CONTAINS IMPORTANT INFORMATION ABOUT NEIGHBORHOOD COMMUNITY FEDERAL CREDIT UNION’S OPEN END LOANS OTHER THAN THOSE INVOLVING HOME EQUITY LINES OF CREDIT. YOU SHOULD READ IT CAREFULLY AND KEEP A COPY FOR YOUR RECORDS.

Terms Subject to Change. The rates contained herein are effective as of May 1st, 2012. However, the terms described in this disclosure are subject to change at any time. If, prior to your signing the loan documents, any of these terms have changed (other than the annual percentage rate) and you decide, as a result, not to obtain a loan from us, you would be entitled to a refund of any fee that you paid in connection with your application.
Finance Charges. No minimum, fixed, transaction, activity or similar charge is associated with the Credit Union’s open ended credit.

The Annual Percentage Rate. The applicable annual percentage rate for open ended credit loans is as provided for in the above rate information.

Membership or Participation Fees. You must be a member of the Credit Union to obtain a loan from the Credit Union. There is a one time $5.00 membership fee for becoming a member. Other than the one time membership fee, no membership or participation fee associated with that membership and no such fee is imposed for obtaining a loan.

CLOSED-END CREDIT

THIS DISCLOSURE NOTICE CONTAINS IMPORTANT INFORMATION ABOUT NEIGHBORHOOD COMMUNITY FEDERAL CREDIT UNION’S CLOSED END-CREDIT LOANS. YOU SHOULD READ IT CAREFULLY AND KEEP A COPY FOR YOUR RECORDS.

Terms Subject to Change. The rates contained herein are effective as of May 1st, 2012. However, the terms described in this disclosure are subject to change at any time. If, prior to your signing the loan documents, any of these terms have changed (other than the annual percentage rate) and you decide, as a result, not to obtain a loan from us, you would be entitled to a refund of any fee that you paid in connection with your application.

Terms of Repayment. Interest rates for closed end credit are fixed. The terms of repayment for the currently published interest rates are as listed above. No down payment applies to any closed end credit.

NEIGHBORHOOD COMMUNITY FEDERAL CREDIT UNION IS AN EQUAL HOUSING LENDER, AND EQUAL OPPORTUNITY LENDER AND COMPLIES WITH ALL REQUIREMENTS OF THE FEDERAL TRUTH IN LENDING ACT AND APPLICABLE REGULATIONS. ADDITIONAL DISCLOSURES REQUIRED BY LAW AND REGULATIONS MAY BE PROVIDED TO YOU AT VARIOUS TIMED DURING THE PROCESSING OF YOUR REQUEST AS REQUIRED BY LAW.

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