Jersey Central Federal Credit Union (JCFCU) is a not-for-profit financial cooperative, chartered in 1937 to serve employees of the Central Railroad of New Jersey (CNJ), who worked in the engine repair and train services departments in Jersey City, NJ. The founding members recognized the need for affordable and reliable financial services for people of modest means – services that were largely unavailable to them at local banks. The cooperative structure allowed members to pool their deposits and loan those funds to one another when needed.
Times have changed quite a bit since 1937. The CNJ, also known as the Jersey Central, was acquired by Conrail in 1976 through the merging of a number of financially troubled railroads. In 1983, NJ Transit (NJT) assumed operation of all commuter rail service in New Jersey from Conrail. As employees changed jobs and employers, credit union membership stayed constant. The policy of “once a member, always a member” not only allowed those existing members to maintain their credit union benefit during the mergers and acquisitions, it also allowed JCFCU to expand its reach to a new pool of employees.
Headquartered in Cranford, NJ, JCFCU now consists of more than 3000 members across more than a dozen different companies and various industries. The credit union’s diversity of products and services has evolved beyond just the basic savings and loan offerings to include all of the essentials that members need to conduct their day-to-day financial affairs.
One thing that hasn’t changed in all these years is the cooperative model on which we were founded. Every member is a part-owner of the credit union, with a vote on how the institution is run. This is one of the big differences between a traditional bank and a credit union. Banks are owned by their stockholders, not their customers. Credit unions exist solely to serve their members, not outside stockholders, and “profits” are returned to the members in the form of dividends and greater returns on deposits and lower rates on loans.
Changes to the Property Value could change the results in a significant way. Lendersa® sliders allow you to make fast changes to explore your financing options.
You can change the property value by moving the Property Value slider up or down or by entering a new Property Value manually in the Property Value box.
When you change the Property Value, only the LTV will change, and the Loan Amount will remain the same Loan Amount.
Other advanced sliders’ options are available with Lendersa® Advanced Calculator
CloseChanges to the loan amount, even so slightly, could change the results in a significant way. Lendersa® sliders allow you to make fast changes to explore your financing options.
The Loan Amount Slider
Change the Loan Amount by moving the Loan Amount slider. (The LTV will change, and the Property Value will remain unchanged).
The LTV Slider
Change the Loan Amount by moving the LTV slider. (The Property Value will remain unchanged).
Other advanced options are available with Lendersa® Advanced Calculator
CloseLTV is the abbreviation of Loan To Value, and it is the ratio between the Loan Amount and the Property Value. The formula to calculate LTV is Loan Amount divided by the property value. 
Example: Loan Amount $300,000, Property value $400,000 
Changes to the LTV, even so slightly, could change the results in a significant way. Lendersa® sliders allow you to make fast changes to explore your financing options.
The Loan Amount Slider
Change the Loan Amount by moving the Loan Amount slider. (The LTV will change, and the Property Value will remain unchanged).
The LTV Slider
Change the Loan Amount by moving the LTV slider. (The Property Value will remain unchanged).
Other advanced options are available with Lendersa® Advanced Calculator
Close
The drum of the realization of the promise is beating, we are sweeping the road to the sky. Your joy is here today, what remains for tomorrow? The armies of the day have chased the army of the night...
NMLS 1795154