Home Equity Loans – Investment Property
Effective March 1, 2017 – Until Further Notice
Information Requested at Application
- Completed loan application with photocopy of Deed or photocopy of legal description from other documents.
- Current paystub reflecting year-to-date income; if Self-Employed, two years Federal Tax Returns.
- Evidence of Homeowners Insurance or name and phone number of agent.
New monthly mortgage pymt. plus all other mortgage & installment loan pymts. should not exceed approximately 43% of stable gross income of $40,000.00 or more. Ratio will be different on lower income. (Income before Federal, State & FICA deductions). Real Estate must be located in the state of Oklahoma & meet TFCU’s guidelines.
Closed End Equity Mortgage Information
Home improvement, education, consumer purchases, vacation, debt consolidation, or cash for any reasonable purpose.
First or second mortgage on currently owned investment home, maximum LTV 70 percent. Maximum terms 180 months.
Vary according to property location.
|Appraisal||$450.00 – $650.00|
|Title Report||$75.00 – $130.00 **|
|Filing Fees||$26.00 – $41.00|
Sample Closed End Equity Mortgage Loan Transaction
Rates range between 5.24 percent APR and 10.74 percent APR with terms up to 180 months. Rates are based on each member’s credit history, term and loan to value requested.
|Loan to Value||Up to 70%||Up to 70%||Up to 70%|
|$ Monthly Payment||
|$ Total Repayment||$23,349.15||$27,851.83||$37,027.92|
PMI = Private Mortgage Insurance
LTV = Loan-to-value ratio
ARM = Adjustable-rate mortgage
e = These are estimates only
**Title insurance required for all mortgages secured by investment property. This fee will vary depending on loan amount.