Home Equity Loans

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.

Effective January 1, 2020 – Until Further Notice

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
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
Loan Purposes
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
Closing Costs
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
Flood Certification $9.00
Processing Fee $150.00
Sample Closed End Equity Mortgage Loan Transaction

Property Insurance Required
Rates range between 3.49 percent APR and 9.99 percent APR with terms up to 180 months. Rates are based on each member’s credit history, term and loan to value requested.




Amount Financed


$20,000 $20,000
Loan to Value Up to 80% Up to 90% Up to 100%
APR 4.24% 7.24% 8.49%
$ Monthly Payment


$234.78 $196.92
$ Total Repayment $22,690.43 $28,173.45 $35,443.69

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