Home Equity Line of Credit Rates & Disclosures

Effective April 1, 2017  — Subject to change daily without notice.

Lock in a Low Special Introductory Rate of 2.99% APR for 12 Months*

Current APR** 3.70% APR-8.20% APR

Thinking about making home improvements? Go big, with a home equity line of credit from Tinker Federal Credit Union! Reframe your renovation expectations. You can make your big home improvements happen, and we can help. We’re making it easy to tackle big projects like hardwood floors, home additions, bathroom renovations and more with a special low introductory rate of 2.99% APR for the first 12 months!

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Information Requested at Application

  1. Completed loan application with photocopy of Deed or photocopy of legal description from other documents.
  2. Current paystub reflecting year-to-date income; if Self-Employed, two years Federal Tax Returns.
  3. Evidence of Homeowners Insurance or name and phone number of agent.

Qualifying Guidelines
HELOC payment, plus all other mortgage and installment loan payments should not exceed 43 percent of stable gross income (income before Federal, State and FICA deductions). Real Estate must be owner occupied residential located in the state of Oklahoma and meet TFCU’s guidelines. First or second mortgage on currently owned residential property must not exceed a maximum loan to value of 90 percent.

Loan Purposes
First or second mortgage for purposes such as:  kitchen remodeling, bathroom updates, transforming a spare room, energy-efficient siding, windows and doors, and furniture and appliances.

Closing Costs
You will be incurring the costs of a real estate appraisal or review, title report, filing fees and flood determination once you have received your early disclosures. The costs vary according to property location and typically range between $564 and $821.

Closing Costs
Vary according to property location but typically range between $564.00 and $821.00

Appraisal $450.00 – $650.00
Title Report $75.00 – $130.00
Filing Fees $30.00 – $32.00
Flood Certification $9.00








Title insurance is required on loan requests of $100,000 or more. The cost of the Title Insurance policy is based on your loan amount; the typical range is $365 – $800. In addition, you will be responsible for paying the costs for abstracting and other related title work. If your loan does not fund for any reason, you will be responsible to pay the costs for abstracting and other related title work if the work has already been performed.

HELOC   –   Variable Rate   –   Monthly Change




Up to 80%  3.70%-8.20%

-.05% to 4.45%

80.01% to 100%*


0.95% to 3.45%

Draw Period:

10 years

Repayment Period Based on Credit Limit:

Credit Limit:

Up to $40,000.00

$40,000.01 to $75,000.00

$75,000.01 and Up


7 years

10 years

15 years

Payment During Draw Period:

1.25 percent of outstanding monthly balance



Consult your tax advisor for tax deductibility.

*Maximum loan amount of $50,000.00, and minimum credit score of 660 required for financing over 90%

*An introductory rate of 2.99% Annual Percentage Rate (APR) is available to members with a minimum credit score of 625 who apply for a HELOC with TFCU from March 1, 2017, through May 31, 2017. The introductory rate is applicable for 12 months from the day of loan closing. After the introductory rate expires, the rate will adjust to a variable rate based on the Wall Street Journal Prime Rate plus a margin. The margin is determined by your credit score and loan-to-value and the margin may range from -.05% to 4.45%. **As of January 1, 2017, the APR range for this product is 3.70% to 8.20%. The APR is subject to change monthly. The minimum APR that can apply is 3.00% and the maximum APR that can apply is 14.00% or the maximum permitted by law, whichever is less. Members with scores of 660 or above may borrow up to 100% of the appraised value of their home less the balance of the first mortgage. Loans with 90% loan-to-value and above have a maximum loan amount of $50,000.00. The margin and resulting rate will be in the lower ranges on loans with a loan-to-value of 80% or less. We will take a security interest in your home. You could lose your home if you do not meet the obligations in your agreement with us. Closing costs vary according to property location and typically range between $564 and $821. Property insurance is required. If the property is located in a Special Flood Hazard Area, flood insurance is required if it is available.

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