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Home Loans

Telcoe offers a variety of home loans to fit your needs.

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MORTGAGE LOANS

Choose from a wide array of mortgage and home financing solutions. We offer competitive rates for first homes, second homes, income properties, and more.

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FINANCE YOUR DREAM HOME

  • Competitively low rates for home purchase, refinance, or construction
  • Available for primary residence, second homes, vacation homes, or investment properties
  • Mortgage terms of up to 30 years
  • A wide range of financing programs available:
    • Fixed rate mortgages
    • Adjustable rate mortgages (ARMs)
    • FHA Loans, Conventional, Rural Development
    • First Time Homebuyer specials
    • Construction Loans
  • Choose from a variety of repayment terms customized to fit your life
  • Helpful loan advisors with strong knowledge of the local real estate market

 

REFINANCE

Let one of our loan advisors help you refinance your mortgage to fit your current circumstances.

  • Lower your mortgage payment to fit your current finances
  • Save money with lower interest rates
  • Speed up the process of paying off your home forever
  • Switch from an adjustable-rate to a fixed-rate mortgage

Why would I refinance my home loan?

  • Lower your monthly payments by increasing your term
  • Reduce the total amount of interest you pay for the home with a shorter loan term
  • Eliminate FHA mortgage insurance by refinancing into a conventional loan
  • Use your home’s equity to take cash out

Why would I refinance to take cash out?

  • Consolidate debt to lower your total monthly payments
  • Consolidate debt because the interest rate on your mortgage is likely going to be lower than the rate you're getting on other types of loans
  • Your mortgage interest may be tax-deductible, while your credit card interest is not
  • Make a one-time big purchase that might otherwise require you to borrow funds at a higher, non tax-deductible interest rate

What does Loan-to-Value mean?

  • Your loan-to-value ratio (LTV) describes what you owe on your mortgage as a percentage of the total current value of your property
  • A lower LTV ratio may get you a better rate and can let us know if you have enough equity to get additional cash
  • A higher LTV ratio means you have less equity in your home, and your refinancing may require Private Mortgage Insurance (PMI), which would increase your monthly payment

What kind of documents will I need to provide?

This list is not comprehensive and can grow quickly depending on your personal situation.

  • Current paystubs to include the last 30 days
  • Current bank statements to include 30 days
  • Last 2 years of W-2s
  • Signed copies of your last 2 years of Federal tax returns with all schedules
  • $550 deposit for appraisal

Request a Mortgage Refinance Quote 

Home Purchases

How much do I need for a down payment?

This amount will vary based on your loan type. Down payments for construction loan is minimum 20% of the cost to build plus the cost of the land.

What does my credit score need to be?

The minimum score to qualify for a home loan is based on loan program. The higher your credit score the more options you have for financing your home.

What kind of documents will I need to provide?

This list is not comprehensive and can grow quickly depending on your personal situation.

  • Copy of plans, specifications and contract to build
  • Current paystubs to include the last 30 days
  • Current bank statements to include 30 days
  • Last 2 years of W-2s
  • Signed copies of your last 2 years of Federal tax returns with all schedules
  • $550 deposit for appraisal

What is private mortgage insurance (PMI) on a conventional loan?

Mortgage insurance protects lenders in case a borrower defaults on a loan. If your down payment is less than 20%, you’ll be required to have mortgage insurance. The cost of PMI will be rolled into your monthly payment.

What are closing costs and who pays them?

Closing costs are fees to process and close your loan. Some examples include title insurance, appraisal, recording and credit report fees. You’ll be responsible for closing costs.

What is included in my estimated monthly payment?

Your monthly payment will typically include principal, interest, taxes and insurance (if applicable, mortgage insurance)

Investments/Insurance/Warranties: Not NCUA Insured • Not Credit Union Issued, Guaranteed or Underwritten • May Lose Value

TruStage Home Insurance

You trust Telcoe Federal to provide services with value. We endorse TruStage products and programs, by CUNA, because for more than 75 years they have provided exceptional value and superior service exclusively to credit unions and their members. 

Learn more about our TruStage Home Insurance.

Investments/Insurance/Warranties: Not NCUA Insured • Not Credit Union Issued, Guaranteed or Underwritten • May Lose Value

The Path to Home Ownership

Greenpath offers Telcoe Members an E-Home Buyers course. The cost is normally $99 but Telcoe Member's get a 50% discount! Email loans@telcoe.com and get your 50% discount code today!

Financing Comparison

  FHA Conventional Construction Rural Development
  Credit History  Min 620 credit score1 Min 620 credit score Min 680 credit score Min 640 credit score
  Max Loan to Value 96.50% 95% 80% 100%
  Loan Limit  $294,515 $453,1002 No maximum3 Based on location
  Mortgage Insurance  4  5 N/A  6
1 Accepts borrowers 2 years out of bankruptcy and 3 years out of foreclosure.
2 Jumbo loans available.
3 Must meet construction loan guidelines
4 Must pay 1.75% of loan as insurance premium upfront, but can finance into loan. Annual mortgage premium approximately 0.85% of loan amount, divided equally into 12 monthly payments.
5 Monthly premiums apply until loan amount drops below 80% of home's value.
6 Must pay guarantee fee of 1.00% upfront, but can finance into loan. Annual mortgage premium approximately 0.35% of loan amount divided into 12 monthly payments.

HOME EQUITY LOAN

If you're looking for affordable financing, turn to your home equity. We can help you with low fixed rates and closing costs, and a broad range of loan terms.

Apply Now View Rates 
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TAP INTO YOUR HOME'S EQUITY

  • Use your home equity for short-term or one-time needs:
    • College tuition
    • A new car
    • Home remodeling & repairs
    • Bill/debt consolidation
    • And much more!
  • You may be eligible for relationship discounts up to 0.25% with qualified automatic payments and eStatements

 

  • Monthly payment is fixed over the term of the loan and doesn't change
  • Low fixed rates
  • Low closing costs
  • No prepayment penalty
  • Loan terms available from 1 to 10 years
  • The interest on your loan may be tax deductible 1

1 Consult a tax advisor regarding deductibility of interest.
Maximum loan amount $50,000. Maximum 90% TLTV. Monthly payments include principal and interest and may be lower or higher depending on your loan amount, APR and term. Your APR will be based on the specific characteristics of your credit transaction, including evaluation of credit history, combined loan-to-value, property type, amount of credit, term and geographic location. Hazard and, if applicable, flood insurance required. Membership eligibility is required. Rates based on term, property type, credit history and loan-to-value. Rates are subject to change at any time.


CONSTRUCTION LOANS

Building your dream home can be easy and affordable.

Apply Now View Rates 
happy couple

DREAM BIG

  • Competitive Rates
  • Up to 80% financing
  • No Maximum loan limit.
  • Must meet construction loan guidelines.

 

CONSTRUCTION LOAN FAQ

How much do I need for a down payment?

This amount will vary based on your loan type. Down payments for construction loan is minimum 20% of the cost to build plus the cost of the land.

What does my credit score need to be?

The minimum score to qualify for a home loan is 680 and requires an excellent credit history. The higher your credit score the more options you have for financing your home.

What kind of documents will I need to provide?

This list is not comprehensive and can grow quickly depending on your personal situation.

  • Copy of plans, specifications and contract to build
  • Current pay stubs to include the last 30 days
  • Current bank statements to include 30 days
  • Last 2 years of W-2s
  • Signed copies of your last 2 years of Federal tax returns with all schedules
  • $550 deposit for appraisal

What is private mortgage insurance (PMI) on a conventional loan?

Mortgage insurance protects lenders in case a borrower defaults on a loan. If your down payment is less than 20%, you may be required to have mortgage insurance. The cost of PMI will be rolled into your monthly payment.

What are closing costs and who pays them?

Closing costs are fees to process and close your loan. Some examples include title insurance, appraisal, recording and credit report fees. You’ll be responsible for closing costs.

What is included in my estimated monthly payment?

Your monthly payment will typically include principle, interest, taxes and insurance (if applicable, mortgage insurance)


FHA TITLE 1 HOME IMPROVEMENT LOANS

Give your house a serious boost in curb appeal and market value. Our flexible terms and local processing will help you get started in no time.

Apply Now View Rates 
home improvement

BEAUTIFY YOUR HOME

  • A specialty loan created to help members beautify their homes, increasing their market value
  • No home equity necessary, as long as the loan is used to improve your home
  • Amounts up to $25,000 1
  • Flexible repayment terms, up to 180 months
  • We offer 100% financing on:
    • Storm shelters
    • Roof replacements
    • New bathrooms
    • "You name the improvement!" 2
  • Helpful loan advisors with strong knowledge of home renovations

STORM SHELTER FINANCING

Storm Shelters approved by FEMA are eligible for an FHA Title 1 Home Improvement Loan as well. Storm Shelter Financing is quick and easy and the interest can be tax deductible in most cases.3

1 Maximum allowed with this loan type is $25,000. Property must be occupied for at least 90 days. We do offer Home Equity loans for higher amounts. Membership eligibility is required. Rates based on term, property type, credit history and loan-to-value. Rates are subject to change at any time. FHA Title 1 loans may be used to finance renovations that substantially protect or improve the basic livability and utility of the property.
2 See mortgage officer for list of eligible and ineligible improvements.
3 Consult your tax advisor regarding deductibility of interest.


 

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