Home Equity Line of Credit

Minimum loan amount: $10,000
Maximum loan amount: $350,000

Maximum loan to value ratio:
• 75%

Term:
• 15 Year Draw Period
• 10 Year Repayment after draw period

Closing Costs:
• TFCU will pay the closing costs: *Fact Title Fee, Recording Fee, NYS Mortgage Tax
  • up to $75,000 (minimum advance $5,000)
  • *$75,001 up to $250,000 (minimum advance $60,000 must maintain minimum balance of $50,000 for 24 months to avoid repayment of closing costs.)
  • *$250,000 up to $350,000 (minimum advance $100,000 must maintain minmum balance of $80,000 for 24 months to avoid repayment of closing costs.)
  
  
• Member will pay: Appraisal fee, Pre-paid interest, Tax Service Fee of $76.00 and Flood Certificate of $10.00.

• Appraisal Fee will be required.

Rate Changes:
• All loans closed during the Calendar year will be subject to a quarterly interest rate adjustment on 1/1, 4/1, 7/1, 10/1.
  

Rate Adjustments:
• Quarterly
• Index: Prime Rate

Rate Cap:
• 1% Quarterly Adjustment Cap

Lifetime Cap:
• 18%

Home Equity Line of Credit Mortgage Disclosure