Toggle High Contrast Toggle Font size ACCOUNTS LOANS JOIN TFCU LOCATIONS FIND HELP ROUTING # 303085829 LOGIN Home Equity Loans – Investment Property Effective January 1, 2020 – 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 pymts. 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 5.24 percent APR and 10.74 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 5.24% 6.99% 9.24% $ 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. How to Apply Apply Online Visit a Full-Service Branch Make an Appointment: (405) 732-0324, ext. 4448, or 1-800-456-4828, ext. 4448 Resources Home Loan Toolkit Herramientas para Préstamos Hipotecarios Consumer Handbook HELOC: When Your Home is On The Line HELOC: Program Disclosures Safe Act Registered Employee List FRESH AT TFCU What’s New Press Room Events Amusement Park Tickets Repos at TFCU Rates Business Partners About TFCU Current Newsletter (PDF) Careers Political Action SERVICES Investment and Financial Planning Education and Empowerment Financial Coaching VISA® Gift Card VISA® Reloadable Cards Convenience Services Helpful Articles Find a Calculator Payroll Deduction and Direct Deposit Loan Pre-Approvals Car Buying Center Identity Force ONLINE Home Branch Login Home Branch Home Branch Mobile App Home Branch Mobile Check Deposit BillPay Online Free e-Statements Digital Wallets Visa Checkout Visa Purchase Alerts Budgeting Balance Financial Fitness Payments IMPORTANT INFO Routing # 303085829 Phone: 405-732-0324 Toll Free: 1-800-456-4828 Holiday Closings Contact Us Credit Reporting Accessibility AFFILIATIONS Federally Insured by NCUA Contact Us | Disclaimers and Privacy Policies | Tinker Federal Credit Union | Copyright © 2021. All Rights Reserved. | Web Development by Hester Designs, LLC.