Home Equity Loans

Home Equity and Home Equity Line-of-Credit (HELOC) are available directly through the KTFCU.

Benefits of a Home Equity Loan.

• Fixed rate loans available from $15,000 to $150,000 with 5-year to 15-year terms.
• Variable rate loans available from $10,000 to $75,000 with a maximum 20-year draw period followed by a maximum 15-year repayment period.
• Loans are available at 80% of market value (less current mortgage balance) or 90% if OwnersChoice Funding is the first mortgagee.
• Closing fees apply.
• Pro-rated pre-payment penalties may apply.
• To apply, click the APPLY FOR A LOAN button.
• You can apply online or print the application and drop it off at the Credit Union.
• Home Equity payments can be automatically deducted from your Share or Share Draft account.

Information Required as Part of the Approval Process.

• Verification of income for all borrowers – paystubs within the past 30 days and all other income sources
• Statement of current mortgage – if applicable
• Deed and Survey
• Receipted tax bills
• Homeowners insurance policy
• Photo ID for all borrowers

You can expedite the loan evaluation process by uploading this information when you apply on-line. Click the APPLY FOR A LOAN button to begin the on-line loan application process. Alternatively, you can email this information to newloans@kenteachfcu.com or fax it to (716) 877-6456.