A closed-end, fixed rate home equity loan is excellent for home improvement or debt consolidation. You can borrow up to 100 percent of the appraised value of your home, less the balance of your first mortgage.
Information Requested at Application
New monthly mortgage payment plus all other mortgage & installment loan payments should not exceed 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 primary or secondary home, maximum LTV 100 percent. Maximum terms 180 months. Maximum Loan Amount of $50,000.00 on 100% financing
Vary according to property location but typically range between $710.00 and $980.00
|Appraisal||$450.00 – $650.00|
|Title Report||$75.00 – $130.00|
|Filing Fees||$26.00 – $41.00|
|Sample Closed End Equity Mortgage Loan Transaction
Property Insurance Required
Rates range between 3.24 percent APR and 9.74 percent APR with terms up to 180 months. Rates are based on each member’s credit history, term and loan to value requested.
|Loan to Value||Up to 80%||Up to 90%||Up to 100%|
|$ Monthly Payment||
|$ Total Repayment||$22,690.43||$28,173.45||$35,443.69.92|
PMI = Private Mortgage Insurance
LTV = Loan-to-value ratio
ARM = Adjustable-rate mortgage
e = These are estimates only