All loans:
*APR is Annual Percentage Rate. All loans are subject to credit approval. Your rate and credit limit will be determined based on individual creditworthiness including income, debt ratio, and employment. Verification of income may be required. Must be 18 years of age to qualify for a loan. Must be a Sound Credit Union member to participate. Anyone who lives or works in WA can join. Membership at Sound requires a savings account with a minimum balance of $25.

Home Equity Loans and Home Equity Lines of Credit:
Homeowners insurance is required. A $295 early closure fee is applied if the loan is closed within the first 36 months. Maximum loan amount is determined by the amount of equity in your home. Equity in your home is based on appraised value. The annual percentage rate includes only interest and no other costs and is based on the value of an index. This index is the Prime Rate published in the Wall Street Journal and is current as of 7/1/09 and could change at any time. Sound will use the most recent Index available as of 5 days before the date of any change to the Annual Percentage Rate. To determine the Annual Percentage Rate, which will apply to your account, a margin will be added to your current Index rate. Home equity line of credit has a variable rate feature and an APR (corresponding to the month periodic rate) and the minimum payment may change as a result. Most home equity loans qualify for deductible interest. Consult your tax advisor for details.

In no event will the Annual Percentage Rate be less than 4.49% or more than the lesser of 18% per annum of the maximum rate allowed by applicable law.

Borrow up to 85% of appraised value for Fixed Home Equity loans and Home Equity Lines of Credit. Borrow up to 75% for 30/7 Home Equity Loans. Non-owner occupied and manufactured home fixed home equity rates are 1.25% higher than rates listed above; maximum LTV 75% with a maximum loan amount of $50,000.

30/7 Home Equity Loan:
This loan has a balloon payment feature, and the minimum monthly payments will not pay the loan in full by the maturity date. At the maturity date, a member will have to pay the entire outstanding balance from their own resources, or take a loan with either Sound Credit Union or another lending institution.

Land Loans:
Annual Percentage Rate is based on a loan amount of $100,000 with 50% down payment on a 20 year amortization with a 7-year balloon payment. Financing available up to 50% of the appraised value. To calculate the loan-to-value (CLTV), take the land loan amount and divide that by the value of the land. Property must be zoned residential and cannot exceed ten (10) acres. Maximum loan amount $500,000. Sound Credit Union must be first lien position. 1.5% origination fee and other third party fees apply. Property must be located in Washington State. Additional terms may apply.