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. Plus, the interest on a home equity loan may be tax deductible. Consult your tax advisor regarding tax deductibility of interest.
Effective November 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 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.