Tinker Federal Credit Union


TFCU Home Branch

ENROLL

Home Equity Line of Credit (HELOC)

Effective July 1, 2017  — Subject to change daily without notice

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

  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
LTV APR MARGIN
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:

Credit Limit:

Up to $40,000.00

$40,000.01 to $75,000.00

$75,000.01 and Up

Period:

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%

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