A home equity line of credit gives you the convenience of a credit line with even better advantages. You can borrow up to 100 percent of the appraised value of your home, less the balance of the first mortgage. Plus, you just apply once and then access your credit when you need it, for whatever you like. Low variable interest rates save you money over most other forms of personal credit and the tax deductibility makes it an even more cost-effective way to pay for the things you want today. Consult your tax advisor regarding tax deductibility of interest.
Information Requested at Application
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.
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.
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.
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|
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%||4.20%-8.70%||-.05% to 4.45%|
|80.01% to 100%*||5.20%-7.70%||0.95% to 3.45%|
|Draw Period:||10 years|
|Repayment Period Based on Credit Limit:||
Up to $40,000.00
$40,000.01 to $75,000.00
$75,000.01 and Up
|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 September 1, 2017, through November 30, 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% to4.45%. ** As of September 1, 2017, the APR range for this product is 4.20% to 8.70%. 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. Property insurance is required. If the property is located in a Special Flood Hazard Area, flood insurance is required if it is available. Fees are not refundable.