RALEIGH, N.C. – State Employees’ CU announced yesterday it is eliminating appraisal fees for home equity lines of credit and closed end second mortgages.
In its research, the credit union found that the cost of an appraisal is often a deterrent for members who are contemplating a refinance. This move will save members an estimated $1.2 million a year.
“We hope these recent changes will encourage members who are trapped in high interest rate loans to seek a better option at their credit union,” said Spencer Scarboro, senior vice president of SECU’s loan originations department.
