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*APR = Annual Percentage Rate.

The Loan Rate sheet is incorporated into and part of the Disclosure Statement and Agreement booklet. The loan rates are accurate as of disclosed effective date and are subject to the Modification of Plan paragraph in the Truth-in-Lending Disclosure Statement and Agreement. Terms reflected on the Loan Rate sheet are maximum terms allowed. The Credit Union may require shorter repayment terms for certain loan amounts. Loan contract is with IBM Southeast Employees' Federal Credit Union.

For certificate secured loans, the A.P.R. (Annual Percentage Rate), will equal the dividend rate on the certificate pledged as collateral, plus 2%. The A.P.R. will be disclosed when the certificate secured loan is booked and disbursed by the Credit Union. If the certificate matures before the outstanding loan balance is paid off, the certificate must be renewed or the loan balance paid in full. The loan’s A.P.R. may change on the date the certificate is renewed and will be 2% above the dividend rate on the certificate at renewal. If the A.P.R. increases during the term of the loan, payments may increase and/or term extended.

The following are variable rate loans: Stock-variable, Second Mortgage-variable, (also known as the Home Equity Line of Credit). The A.P.R. may change the first business day of each calendar quarter, (January, April, July, and October). The A.P.R. could change based on the movement of the Prime Rate as reported in The Wall Street Journal the first business day of each calendar quarter. If there is more than one such rate reported, the highest rate shall be used. The finance charge for every $1 in the daily balance, as well as the number of loan payments, may increase or decrease if the index rate, (Prime Rate), rises or falls by 1/8 of one percent or more, respectively. A change in the index of one percentage point will result in one percentage point change in the same direction in the loan’s A.P.R. The A.P.R. on any variable rate loan except variable rate Stock Loans, will not increase to more than 15.00% or decrease to less than 5.00%, as long as the loan account remains open, as required by the Federal Credit Union Act. The A.P.R. on any variable rate Stock Loan will not increase to more than 15.00%, or decrease to less than 7.50%, as long as the loan account remains open, as required by the Federal Credit Union Act.