Home Equity Loans – Investment Property

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Effective November 1, 2022 – 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.

Qualifying Guidelines

New monthly mortgage payment plus all other mortgage & installment loan payments. should not exceed approximately 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 Mortage Information
Loan Purposes Home improvement, education, consumer purchases, vacation, debt consolidation, or cash for any reasonable purpose. Conditions First or second mortgage on currently owned investment home, maximum LTV 70 percent. Maximum terms 180 months.
Closing Costs First or second mortgage on currently owned investment home, maximum LTV 70 percent. Maximum terms 180 months.
Appraisal	$450.00 – $650.00
Title Report	$75.00 – $130.00 **
Filing Fees	$26.00 – $41.00
Flood Certification	$9.00
Processing Fee	$150.00
Sample Closed End Equity Mortgage Loan Transaction Property Insurance Required
Rates Rates range between XX percent APR and XX percent APR with terms up to 180 months. Rates are based on each member’s credit history, term and loan to value requested.
	Term
	72	120	180
Amount Financed	$20,000	$20,000	$20,000
Loan to Value	Up to 70%	Up to 70%	Up to 70%
APR	XX%	XX%	XX%
$ Monthly Payment	$324.30	$232.10	$205.73
$ Total Repayment	$23,349.15	$27,851.83	$37,027.92

PMI = Private Mortgage Insurance
LTV = Loan-to-value ratio
ARM = Adjustable-rate mortgage
e = These are estimates only

**Title insurance required for all mortgages secured by investment property. This fee will vary depending on loan amount.