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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
Qualifying Guidelines
New monthly mortgage payment plus all other mortgage & installment loan payments should not exceed XX% 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. Conditions 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 XX% 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 Rates range between XXpercent APR and 10.99 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 80% | Up to 90% | Up to 100% |
| APR | XX% | XX% | XX% |
| $ Monthly Payment | $322.01 | $229.55 | $196.83 |
| $ Total Repayment | $23,184.72 | $27,546.00 | $35,429.40 |
PMI = Private Mortgage Insurance
LTV = Loan-to-value ratio
ARM = Adjustable-rate mortgage
e = These are estimates only