LOANS
As of February 15, 2008- A $20.00 loan payment fee will be assessed on loan payments 31 days or more past due.
Auto Loans
BUFFALO METROPOLITAN FEDERAL CREDIT UNION offers new and used auto loans. You have the option to submit a loan application for pre-approval on your auto loan. This "puts you in the driver's seat" when negotiating the purchase price of your next vehicle. The Credit Union will finance 100% (including taxes, title & warranties) on all autos that are current model year or the three previous model years.
The Member Advocate Service can supply you with current rebates, model availability, dealership appointments, used car search program, vehicle pricing, and Credit Union financing assistance.
For additional drivers seat information research the Kelley Blue Book by clicking on the logo below:
Boat and Recreational Vehicle Loans
BUFFALO METROPOLITAN FEDERAL CREDIT UNION will finance 100% (including taxes, titles & warranties) on all boats and recreational vehicles that are current year models. Used boats and recreational vehicles will be financed as long as a true book value is submitted with the loan application.
You may be eligible for a maximum of $15,000.00 with a five year repayment term. A loan officer will review your loan application and you will be required to meet certain criteria. The loan officer will explain the application results in full once it has been reviewed. You may use the proceeds of this loan for any reason. You may apply for an addition to this loan at any time by simply talking to a loan officer.
You may want to consider using your shares (savings account) as collateral on a loan. You will be charged a reduced interest rate on the loan and still receive dividends on the monies in your share account. These loans may be extended for up to 60 months and are approved the same day.
This loan is granted to people who want to avoid checks being returned for nonsufficient funds. The BUFFALO METROPOLITAN FEDERAL CREDIT UNION will automatically deposit funds (in increments of $50) from your overdraft loan to your share draft account, avoiding fees you would normally be charged. The Credit Union will notify you of the overdraft and it will be your responsibility to adjust your check register and make the required payment on the loan and its interest.
There is no annual fee, a 25-day grace period and a $15,000 maximum line of credit on your BUFFALO METROPOLITAN FEDERAL CREDIT UNION Visa card. The Credit Union Visa is accepted worldwide and can be used for purchases and cash advances.
Online Gambling
Please be advised that you may not use any Buffalo Metropolitan Federal Credit Union card to initiate any type of electronic gambling transaction through the Internet.Apply for Loan | Loan Rates
Visa Credit Card Agreement
You may apply for a line of credit up to $10,000. To utilize all or a part of this line of credit, you may come into our office for an immediate advance, or dial our audio response number to have a check mailed to you the following day. Once your line of credit and its credit limit is established, you will never have to fill out another credit application.
Anything that makes your home more comfortable is an investment that will make your property more valuable. Check the list below for improvements you would like to make. Then Apply for Loan.
Painting
The BUFFALO METROPOLITAN FEDERAL CREDIT UNION Home Improvement Loan is a fixed rate loan with a maximum 10-year repayment term. We will lend you 100% of your homes appraised value minus any existing mortgage, up to a maximum of $20,000. These loans are to be used for home improvements. You would have to consult your tax advisor as to whether the interest on this loan is tax deductible.
Want a Quarter Percent Off of Your New Mortgage?
Save big with an extra reduction on your interest rate! Apply during the months of April, May and June 2007 for our low-rate hassle free mortgage and receive a quarter percent off the interest rate for the life of the loan! Not ready to buy or refinance? Register for this promotion during April, May and June and you can receive the same quarter percent off of your mortgage application closed by December 31, 2007. As your credit union, we go the extra mile to offer our members mortgages with more choices, more flexibility and exceptional service.
- Your own personal loan consultant
- Prompt, friendly attention
- Fixed and adjustable-rate mortgages
- Flexible terms
- Affordable closing costs
To find out more, please contact the Credit Union at (716) 847-6960 ext. 228, 235, 245, or 253!
The BUFFALO METROPOLITAN FEDERAL CREDIT UNION offers new purchase and refinancing at a fixed rate. These rates change daily and you will need to call the Credit Union at 716-847-6960 for current rates. We offer 10,15,20 or 30-year mortgages with a 5% down payment. We will pre qualify you so that you will know how much you can afford. We will also pre approve you so that you will save time in processing once your bid has been accepted. Pre qualification and pre approval are a "NO COST" benefit to our Credit Union members.
Home Equity Line of Credit
Your Home's Equity Is Your Best Bet
If you need cash to remodel your kitchen, pay for college expenses, or even take a vacation, a Home Equity is your best bet. These loans let you borrow money using the equity in your home as collateral.
Apply for Loan | Loan Rates
A Home Equity Line Of Credit is much like a credit card or any other type of open-ended credit. You can borrow money as needed, up to the available limit, by simply transferring the money online to your Share (savings) Account or Share Draft (checking) Account. With a Home Equity Line Of Credit you can borrow multiple times with no additional costs.
Call (716) 847-6960 ext. 228, 235, 245, or 253 for more information today!
Student Loans
You've been accepted to school and completed your FAFSA to find out if you qualify for financial aid. When your award letter arrives, it will indicate the financial aid program for which you qualify and may be accompanied by loan applications and a list of lenders provided by your school's financial aid office.
What if your credit union isn't on your school's list of lenders? Don't worry; you can still come to Buffalo Metropolitan Federal Credit Union for your student loan. You are not obligated to use the lenders on your school's list! It is your legal right to request any lender you want!
Buffalo Metropolitan Federal Credit Union offers five student loans: Federal Subsidized Stafford, Federal Unsubsidized Stafford, Federal PLUS, Federal PLUS for Graduate and Professional Students and Federal Consolidation.
Every financial institution has the same rates on their Federal Stafford Loans, but do they offer these MEMBER BENEFITS?Student Loan Process
- Federal Stafford 3.50% Interest Rate Reduction*
The Stafford Loan program makes low-interest loans available to students to help pay their education costs.- Federal PLUS 3.25% Interest Rate Reduction*
The Federal PLUS Loan allows parents to borrow for dependent children.- Federal Consolidation 3.25% Interest Rate Reduction*
The Federal Consolidation Loan allows you to consolidate your existing student loans into one loan with one monthly payment and a fixed interest rate.- .25% Interest Rate Reduction
When payments for your Federal (Stafford, PLUS or Consolidation) Loan are deducted from your savings or checking account.
*After 30 consecutive on-time payments.
- Complete the FAFSA. Before you apply for the Federal Stafford or the Federal PLUS Loan, you must complete the FAFSA (Free Application for Federal Student Aid). You will need to complete a renewal FAFSA for every year you would like to receive federal aid. Click here to complete the form at FAFSA on the Web!
- Receive your SAR. Once your FAFSA is processed, a SAR (Student Aid Report) is created. One copy is sent to you and another is sent to the school you listed on the FAFSA.
- Receive your Award Letter. The school will use the data from your SAR to determine your financial aid (grants and loans) for the current academic year. This information is shown on your Award Letter which they will send to you by e-mail or US Mail.
Complete the Federal Stafford Loan Master Promissory Note (MPN).
The Master Promissory Note will be used for all of your loans over multiple academic years at the same school.
- Complete the Federal Stafford Loan Master Promissory Note online.
- Print a Federal Stafford Loan Master Promissory Note and Addendum to Stafford MPN from your computer and mail it to the Credit Union at 62 So. Elmwood Ave., Buffalo, NY 14202.
Federal PLUS Loan. If the financial aid your awarded is not sufficient to cover the cost of your education, your parents or stepparents may apply for a PLUS loan.
- Complete the Promissory Note for Federal PLUS Loan online.
- Print a Promissory Note for Federal PLUS Loan and Addendum to PLUS MPN from your computer and mail it to the Credit Union at 62 So. Elmwood Ave., Buffalo, NY 14202.
Federal PLUS Grad Loan. The Federal PLUS Graduate Loan helps you to cover the costs of your graduate or professional program if Stafford Loans and other financial aid are not enough.
- Complete the Promissory Note for Federal PLUS GRAD Loan online.
- Print a Promissory Note for Federal PLUS Loan and Addendum to PLUS MPN from your computer and mail it to the Credit Union at 62 So. Elmwood Ave., Buffalo, NY 14202.
We complete the application process for you! The school noted on your MPN will be notified with a School Certification form to complete. The School Certification will request the school to disclose the loan amount and disbursement date. Frequently Asked Questions. What is Financial aid? How much can I borrow? When do I start repaying loans?
Federal Student Loan ConsolidationFederal student loan consolidation lets you combine all of your federal student loans into a single loan with a fixed interest rate.* Because you only have one loan from a single lender, you only have one payment to make each month. This can really simplify the repayment process.
- Convenience. Simply put, making only one student loan payment each month is a lot easier than making a bunch of payments. Consolidating can save you a lot of time and hassle.
- Lower Monthly Payments. Depending on how much you owe, you may be able to extend your repayment period up to 30 years, instead of the standard 10. This can lower your monthly payments considerably, making it easier to pay all your bills from month to month.
- Fixed Interest Rate. When you consolidate, the interest rate of your new loan is based on the weighted average of the interest rates of all the loans you consolidate.* This allows you to lock in one rate for the entire life of your loan.
- Repayment Flexibility. As with most other federal student loans, Consolidation loans offer deferment and forbearance options to help you out in case you have trouble making payments.
*Interest rate is a fixed rate equal to the weighted average of the interest rates of the loans being consolidated rounded up to the nearest 1/8th of 1% but not exceeding 8.25%.
Applying for a Federal Consolidation Loan
- Print a Federal Consolidation Loan Application and Promissory Note and Addendum to Consolidation PN from your computer and mail it to the Credit Union at 62 So. Elmwood Ave., Buffalo, NY 14202.
- Click here for a Federal Consolidation Loan Information Guide.
If you have any questions, please feel free to contact the Buffalo Metropolitan Federal Credit Union at 716-847-6960.
Adobe Acrobat Reader is required to print a Student Loan Application. Download Adobe Acrobat Reader for FREE!
Scholarship Program 2009
The Buffalo Metropolitan Federal Credit Union is presenting college-bound high school seniors with the opportunity to compete for three Scholarship Programs for the 2009 scholastic year! You must be a member in good standing to be eligible for the scholarship programs.
To apply for all three scholarships and/or request a Student Loan Packet, call (716) 847-6960 ext. 227 today. The Scholarship Application Forms must be completed and returned to the Credit Union no later than January 23, 2009. Winners will be notified in April.
In an effort to save our members money, all BUFFALO METROPOLITAN FEDERAL CREDIT UNION loans may be paid weekly, biweekly or semi-monthly through payroll deduction. Remember, interest is calculated on the unpaid balance of the loan from the last date of payment. If you are a teacher, take advantage of our Summer Skip option that allows you to pay over the 10 months you are working. All Loan payments can automatically be deducted from your paycheck.
Be prepared! Ask a loan officer about our Payment Protection Plan, on all credit union loans.
Did you know that....???
Sixty percent of today's employees have no long-term disability coverage. Twenty seven million Americans are currently on disability. Seven out of ten people between the ages of 35 and 65 will suffer a disability that lasts three months or longer. If a disability lasts longer than three months, its average duration is:
2.9 years at age 30 3.9 years at age 40 4.5 years at age 50 Forty eight percent of all foreclosures occur during a disability.
Life Association News, Sept. 1991
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