Power Loan Application&instructions

Prime PowerLoan Frequently Asked Questions Q: What is Walton EMC’s Prime PowerLoan? A: Your cooperative can loan money at the current prime interest rate to help you install all- electric heating and cooling, electric water heating, weatherization, security systems and standby generators in your home and business. Q: Who can qualify? A:

Both residential and commercial customer-owners of locations served by Walton EMC. You must pass a reasonable test of creditworthiness. This includes a good utility payment re- cord, credit application, credit report and property title where required by loan amount or other circumstances.

Q: How can I use the Prime PowerLoan? A: All-Electric Heat Pumps (including air source heat pumps, geothermal heat pumps and their associated ground loop systems and accessories such as high efficiency filtration equip- ment)

Electric Water Heating (including traditional water heaters, heat pump water heaters and waste heat recovery units)



Security Systems (installed by EMC Security only, including intrusion, fire, home automa- tion systems, commercial fire and security systems, video surveillance and access control systems)



Standby Generators (including generators, transfer switches and associated equipment and wiring)



Existing Home Weatherization (including insulation, caulking, weather-stripping, ventilation, storm windows, storm doors, thermal windows and thermal doors)

Q: How much can I finance? A: There is a limit of $4,500 for existing home weatherization; the limit for all other approved uses is the actual cost of the equipment and installation. If you do existing home weath- erization yourself, only the cost of materials is covered. Q: What is the interest rate? A: The current prime rate at loan closing calculated daily on the unpaid balance. The final payment is adjusted to charge for late payments or give credit for early payments.



Q: How is the loan secured? A: Loans up to $4,500 are secured by signature. Loans over $4,500 require a deed to secure debt by first or second mortgage on the property where the improvements are installed. Q: Are there any loan origination fees? A: On loans up to $4,500 there is a $15 origination fee that includes a credit check. On loans over $4,500, the fee is $110 plus $3 for each additional $1,000 borrowed to include a credit check, title search, recording fees and intangible tax fees. Q: What is the length of payments? A: The loan must be paid off in full if you move off Walton EMC’s lines or change power suppliers. Loan Amount Up to $500 $501 to $1,000 $1,001 to $2,000 $2,001 to $3,000 $3,001 to $4,000 $4,001 to $5,000

Maximum Length of Payments (Months) 24 36 48 60 72 84

Plus one year for each $2,000 over $5,000 for up to a maximum of ten years. Q: How is the Prime PowerLoan billed? A: Walton EMC will bill for monthly loan payments at the time it bills for electric service. Other circumstances will be handled on an individual basis. Q: What is the next step? A: Follow the instructions on the page titled “Walton EMC Prime PowerLoan Application Infor- mation and Directions.”

Walton EMC Prime PowerLoan Application Information and Directions Fast Facts •The interest rate of your loan will be the prime rate at the time of loan closing. •The loan applicant must own the property where the work is being performed. •The loan applicant must be a Walton EMC electric customer. •Approved uses for Prime PowerLoan: all-electric heat pumps, electric water heating, weatherization (windows, thermal envelope insulation, duct sealing and insulation, caulking, weatherstripping, insulated doors), stand-by generators and security systems installed by EMC Security. For Loans Up to $4,500: 1. Complete the following and return to Kathy Ivie, Walton EMC, P.O. Box 260, Monroe, GA 30655 or drop by any Walton EMC office, Attn: Kathy Ivie: A. Credit Application B. Check for $15 payable to Walton EMC (for non-refundable loan origination fee) For Loans Over $4,500: 1. Complete the following and return to Kathy Ivie, Walton EMC, P.O. Box 260, Monroe, GA 30655 or drop by any Walton EMC office, Attn: Kathy Ivie: A. Credit Application B. Property Information Form C. Check payable to Walton EMC for non-refundable loan origination fee. This fee covers loan origination, title search, deed recording and intangible tax fees. Pay according to this schedule: $110 plus $3 for each $1,000 over $5,000. 2. Loans for more than $4,500 must have a property deed to secure debt. This must be a first or sec- ond mortagage. If you already have a second mortage or home equity loan, you are limited to borrowing $4,500 unless the lending institution will subordinate the prior loan. 3. All property owners whose names appear on the property deed must sign the final loan papers. Work Completion and Verification You’ll receive notification when your loan is approved. If the improvements or work is contingent on getting our loan, wait until you receive approval to begin work. Heat pump installations must be performed by a licensed HVAC contractor. When the work is finished, call a member services representative for verification. At the time of verification, you’ll need to provice a copy of the invoice(s) for the work that was completed. If the loan is for heat pumps, the invoice also needs to include model numbers of the indoor and outdoor units. Loan Closing/Contractor Payment Within a few days of verification, we will call you to schedule the loan closing at one of our offices. You’ll also receive the check at this time. This cannot be done over the phone, through the mail, by fax, by email or by any other means. The check will be made out to you and your contractor in the amout of the invoice(s) up to the approved amount of the loan. It is your responsibility to pay your contractors. Assistance and Verification Call us at 770/267-2505 and ask for a member services representative that serves your area.

Walton EMC Prime PowerLoan Credit Application A non-refundable processing fee must be included. Incomplete applications will be returned to sender without processing.

Purpose of Loan o All-Electric Heat Pump o Electric Water Heating o Stand-by Generator o EMC Security System o Weatherization You must have an electric account with Walton EMC to qualify for this loan. Amount of Loan ________________________ Walton EMC Account Number ______________ Applicant’s Full Name ________________________________ Date of Birth ______________ No. of Dependents ____ (Applicant must be the homeowner where work is being performed.)

Social Security Number ___________________________ Driver’s License Number ___________________________ Spouse’s Full Name ___________________________________ Date of Birth ______________ Social Security Number ___________________________ Driver’s License Number ___________________________ Home Street Address ______________________________________________________________________________ City ____________________________ County __________________________ State ________ Zip _____________ How Long at This Address? _______________ Phone Home (

) ______________ Work

o Own (

o Rent

Monthly Payment _______________

) _______________

Cell

(

) ______________

Applicant’s Current Employer _________________________ Position ___________________ How Long? _________ Employer Street Address ________________________________________ Gross Monthly Salary $______________ City ____________________________ County __________________________ State ________ Zip _____________ Previous Employer ___________________________ Position ___________________ How Long? _________ Spouse’s Current Employer ___________________________ Position ___________________ How Long? _________ Employer Street Address __________________________________________________________________________ City ____________________________ County __________________________ State ________ Zip _____________ Business Phone (

) ______________ Gross Monthly Salary $______________

Checking: Bank__________________________________ City ___________________ State ________ Savings:

Bank__________________________________ City ___________________ State ________

Mortgage: Bank__________________________________ City ___________________ State ________ When the work is completed, you are required to come to our office to sign a promissory note and pick up the check. This cannot be done over the phone, through the mail, by fax, by email or by any other means. Pick the Walton EMC office where you want to complete this process: o Monroe o Snellville o Watkinsville The above information is correct and is given for the purpose of obtaining credit. You are authorized to verify this information and to obtain additional information in reviewing this credit request. Both signatures are required for a joint application. I understand that if there is a second mortgage on this property, I will not be eligible for a loan over $4,500.00. Applicant’s Signature ____________________________________ Date ________________ Spouse’s Signature (only for joint application) ___________________________________ Date _____________ (Signatures must be originals–we cannot accept faxed copies of the application. Return to Kathy Ivie, Walton EMC, P.O. Box 260, Monroe, GA, 30655) Office Use Only: Fees Paid _____

Revised 11/20/08

Walton EMC Prime PowerLoan Property Information for Deed to Secure Debt For Loans Over $4,500

Owner’s Name

_________________________________________________

Mailing Address

_________________________________________________

City

_____________________________ State _________ Zip

_________

Home Phone ______________ Work Phone ______________

Date Property Purchased _______________________ If Received by Estate, Name of Deceased ________________________ First Mortagage with ____________________________

Property Address, Location, Surveyor Description

________________________________________________________________



________________________________________________________________



________________________________________________________________



________________________________________________________________



________________________________________________________________

County __________________ Deed Book Number ___________________ Page Number ____________________

Signature ______________________________ Date _________________________ Return to Kathy Ivie, Walton EMC, P.O. Box 260, Monroe, GA 30655.