HELOC Application Disclosure

Anti-Coercion Statement

I/We understand that the insurance laws of the State of Florida provide that the lender may not require the borrower(s) to take insurance through any particular insurance agency or company to protect the mortgaged property. The borrower(s), subject to the rules adopted by the insurance commissioner, has the right to have insurance placed with any insurance agent or company of his/her choice, provided that the company meets the requirements of the lender. The lender has the right to designate reasonable financial requirements as to the company, and the adequacy of the coverage.

Interest Rate

I/We understand that the interest rate quoted to me/us at the time of our application for a mortgage loan may be changed by the Credit Union.  Therefore I/we agree to the interest rate that is in effect at the time that I/we sign the NOTE and MORTGAGE, and to any further increases or decreases that may occur, in accordance with the credit unions mortgage program.  I/We have also been advised that I/we must close this mortgage within five (5) days after notification that the loan is ready to close, otherwise the commitment given to me/us by the credit union on this mortgage is null and void.

Costs

I/We will be fully responsible for fees incurred for the processing of my/our loan if the loan is not consummated.  I/we am/are aware that all fees will be paid by the credit union as long as the appraisal and minimum advance guidelines are met.  If fees or costs are not paid within ten (10) days of demand, the Champions First Credit Union may offset the indebtedness by applying my/our funds on deposit in order to satisfy such obligation.  This lien may be enforced without further notice.