Standard Charge Mortgage Terms
The Standard Charge Mortgage Terms are all the terms and conditions regarding borrowing and repaying money when real property is used as collateral. The terms define what a member agrees to when obtaining mortgage financing at SCU. As the lender, SCU also follows these terms and conditions.
The Standard Charge Mortgage Terms provide definitions for the legal and banking terms; describes all of the types of mortgages covered under the agreement; describes the rules regarding repayment including prepayment provisions and default actions; and what the borrower and lender promise to do under this agreement.
It is a legal document that must be provided to all members when borrowing money using real property as collateral. If the financing is completed with a lawyer, the lawyer will provide a copy. If the financing is done in-branch as a refinance of an existing mortgage, SCU will provide a copy or direct members to the document which is posted on our website.
Click here to see the complete SCU Standard Charge Mortgage Terms.