Home Equity Loan Application

Home Equity Loan Checklist

Effective as of December 2, 2019

Submit application and notice - Completed and signed Uniform Residential Loan Application and "Notice Concerning

Extensions of Credit". If applying for joint credit, both applicants must initial the application. For Home Equity Line of Credit, the HELOC early disclosure is also required.

The following documents will be necessary to complete the application process:

Home Equity Loan Questionnaire Print Document Package

Most Recent Deed of Trust (copy)

Reset All Form Fields

Verification of income for all applicants - Income can be verified with copies of each applicant's most

recent paystub or, if self-employed, two years tax returns and the most recent 6 months bank statements.

Homeowners Insurance Policy (copy)

Mortgage Balance Statement (copy) - verification of balance owed on any outstanding liens against the

property.

Closing Cost Information ? Austin Telco will pay all standard closing costs for new home equity loans under $100,000

closed at a credit union branch. These costs include: title search, flood determination, credit report, Automated Valuation Model (AVM), and county filing fees. If necessary, additional fees for member requested appraisal, survey, and title company closing costs will be the responsibility of the borrower. Estimated costs will be disclosed upon receipt of application. Normal credit qualifying is required, rates, terms and fees may vary based on credit qualifications. Rates and terms for loans above $200,000 may vary.

Loan Terms and Conditions*

TERMS

MINIMUM LOAN AMOUNT

as low as 2.80% A.P.R.1 as low as 3.25% A.P.R.1 as low as 3.45% A.P.R.1 as low as 3.65% A.P.R.1 as low as 5.25% A.P.R.1,2

-- 5 year maximum term --10 year maximum term --15 year maximum term --20 year maximum term --15 year maximum term (HELOC)

$15,000 $15,000 $25,000 $25,000 $10,000

Total loan amount cannot exceed 80% of home value (inclusive of all other liens); HELOC line of credit limit cannot exceed 70% of home value.

Loan amounts of $100,000 and above require a certifie*d appraisal and title insurance, and will be closed at the title company (borrower's expense). Loans below $100,000 will be closed at an Austin Telco's branch location.

Property must be owner occupied, single family homestead residence located in the Austin MSA (Travis, Williamson, Hays, Bastrop, and Caldwell counties), and in accordance with all provisions of Section 50(a)(6), Article XVI, of the Texas Constitution.

Only one Home Equity loan is allowed on the property per 12 month period. Loan closing date will be set after title and flood search review; no earlier than the required 12 day waiting period. Loan funding will occur no earlier than the 3rd business day following the loan closing; as required by Texas law.

* With approved credit, normal qualifying applies, terms are subject to change without notice. 1 Annual Percentage Rate; rates and terms will be determined by the overall credit worthiness of each

applicant. Rates and terms for loans above $200,000 may vary. 2 Variable rate, 5 year draw period, 10 year repayment period.

If you have any questions, please feel free to contact a member of our loan department at (512) 302-5555 ext 7194. Austin Telco NMLS # 422857

Home Equity Loan Questionnaire

Member Name:

Acct. Num:

SigPnroaptuerrety: Addr_es_s_(_I_n_cl_u_d_in__g_Z_ip__C_o_d_e_)___________________

Date:

In order to process your loan request in the timeliest manner possible, please review and answer the following

questions regarding your property listed above.

? Are you requesting a variable rate Home Equity Line of Credit (HELOC) or

[ ] HE Loan [ ] HELOC

a fixed rate Home Equity loan (HE Loan)?

? Loan Proceeds Purpose

_________________________________________

? Current Property Value

$

? Current Annual Homeowners Insurance Premium

$

? Current Annual Homeowner's Association Fee (if any)

$

? Do you currently live at the property listed above?

[ ] Yes [ ] No

? Is the property listed above your homestead?

[ ] Yes [ ] No

? Is the property listed above larger than 10 acres?

[ ] Yes [ ] No

? Is the property listed above a duplex, condominium, or mobile home?

[ ] Yes [ ] No

? Does the property listed above have an agricultural exemption?

[ ] Yes [ ] No

? Does the property listed above have any additional owners besides you

and/or your spouse? (ALL owners must sign all documents) ? Is the property listed above security for any other mortgages or debts? ? Have you ever obtained a Home Equity or Cash-back loan on this property? ? Is the property listed above held in the name of a Trust? ? Will the proceeds be used for Home Improvement purposes? ? Are there any unpaid judgments or federal tax liens owed by any applicants? ? Do you have or claim any other property as your homestead for tax purposes? ? Powers of Attorney and mail-out closings are not permitted. Are all parties

[ ] Yes [ ] Yes [ ] Yes [ ] Yes [ ] Yes [ ] Yes [ ] Yes [ ] Yes

[ ] No [ ] No [ ] No [ ] No [ ] No [ ] No [ ] No [ ] No

available and capable of signing all documents?

I/We acknowledge that the above information has been provided truthfully and to the best of our ability. I/We understand the Austin Telco Federal Credit Union will rely upon and accept as true these representations in regards to our request for an extension of credit in accordance with Section 50(a)(6) Article XVI of the Texas Constitution.

Member Name:

Member Name:

; Signature:

Date

; Signature:

Date

Consent for Electronic Documents

By signing below, you are consenting for Austin Telco Federal Credit Union ("We", "Us") to provide required disclosures to you electronically. This consent for electronic delivery applies to all required disclosures regarding your home equity loan request, and is effective until withdrawn by you. Agreeing to accept disclosures electronically means that once we present them to you, and, if required, you accept them, they will apply to you and your loan request. It also means that we may not mail you copies of disclosures that are provided electronically. Accordingly, you should print or otherwise retain a copy for your records of this disclosure and all other disclosures you receive electronically.

Listed below are some of the disclosures you may receive electronically:

?

Loan Estimate;

?

Closing Disclosure;

?

Home Equity Notice;

?

Notice of Intent to Proceed;

?

Notice to Home Loan Applicant;

?

Risk-Based Pricing Notice ? Credit Score;

?

Any other disclosures that we are required to provide.

We may, at our discretion, choose to send paper copies of disclosures to you even though we made or could have made them available to you electronically.

You can withdraw your consent to electronic delivery, but doing so will not affect the legal effectiveness, validity, or enforceability of the electronic documents that were provided to you before your withdrawal became effective.

You can request that we send you a paper copy of any disclosure that was originally provided electronically, withdraw your consent to receive future documents electronically, or provide us with updated information about how we can contact you electronically by writing to us or by using a method that may be made available to you on this website. If your e-mail address changes, you must provide us with the new address before the change either by writing to us or by using a method that may be made available to you on this website.

You may address any inquiries or questions to Austin Telco FCU by visiting , sending us an e-mail at loans@, calling us at 512-302-5555, or writing us at:

Austin Telco Federal Credit Union 8929 Shoal Creek Blvd Austin, Tx 78757

In order to receive electronic disclosures, you will need a working connection to the Internet. In addition you will need the following minimum software/hardware requirements: Chrome or Firefox (current version), Internet Explorer 8+, Safari 6.2+, Apple iOS 6.0 or above, Android 4.0 or above, Acrobat or similar software to view and print PDF files. You will also need either a printer connected to your computer to print documents or sufficient hard drive space available to save the information.

We may change this disclosure by posting the revised version on our website. By signing below, you are confirming that you consent to electronic delivery of disclosures, that your system meets the requirements described above, that you are able to access disclosures presented on our website or via e-mail, and that you can either print or electronically store these disclosures.

Member Name: __________________________________ Email Address: _________________________________

; Signature: ______________________________________ Acct. Num: _________________ Date: ___________

Consent for Electronic Documents

By signing below, you are consenting for Austin Telco Federal Credit Union ("We", "Us") to provide required disclosures to you electronically. This consent for electronic delivery applies to all required disclosures regarding your home equity loan request, and is effective until withdrawn by you. Agreeing to accept disclosures electronically means that once we present them to you, and, if required, you accept them, they will apply to you and your loan request. It also means that we may not mail you copies of disclosures that are provided electronically. Accordingly, you should print or otherwise retain a copy for your records of this disclosure and all other disclosures you receive electronically.

Listed below are some of the disclosures you may receive electronically:

?

Loan Estimate;

?

Closing Disclosure;

?

Home Equity Notice;

?

Notice of Intent to Proceed;

?

Notice to Home Loan Applicant;

?

Risk-Based Pricing Notice ? Credit Score;

?

Any other disclosures that we are required to provide.

We may, at our discretion, choose to send paper copies of disclosures to you even though we made or could have made them available to you electronically.

You can withdraw your consent to electronic delivery, but doing so will not affect the legal effectiveness, validity, or enforceability of the electronic documents that were provided to you before your withdrawal became effective.

You can request that we send you a paper copy of any disclosure that was originally provided electronically, withdraw your consent to receive future documents electronically, or provide us with updated information about how we can contact you electronically by writing to us or by using a method that may be made available to you on this website. If your e-mail address changes, you must provide us with the new address before the change either by writing to us or by using a method that may be made available to you on this website.

You may address any inquiries or questions to Austin Telco FCU by visiting , sending us an e-mail at loans@, calling us at 512-302-5555, or writing us at:

Austin Telco Federal Credit Union 8929 Shoal Creek Blvd Austin, Tx 78757

In order to receive electronic disclosures, you will need a working connection to the Internet. In addition you will need the following minimum software/hardware requirements: Chrome or Firefox (current version), Internet Explorer 8+, Safari 6.2+, Apple iOS 6.0 or above, Android 4.0 or above, Acrobat or similar software to view and print PDF files. You will also need either a printer connected to your computer to print documents or sufficient hard drive space available to save the information.

We may change this disclosure by posting the revised version on our website. By signing below, you are confirming that you consent to electronic delivery of disclosures, that your system meets the requirements described above, that you are able to access disclosures presented on our website or via e-mail, and that you can either print or electronically store these disclosures.

Member Name: __________________________________ Email Address: _________________________________

; Signature: ______________________________________ Acct. Num: _________________ Date: ___________

Austin Telco Federal Credit Union 8929 Shoal Creek Blvd Austin, TX 78757-6819 Telephone: 512-302-5555 Fax Number: 512-302-3333 Web Address:

Lender

Please Note This document is only required if you are requesting a variable rate Home Equity Line of Credit (HELOC)

Borrower

HOME EQUITY LINE OF CREDIT

This disclosure contains important information about our Home Equity Line of Credit. You should read it carefully and keep a copy for your records.

1. AVAILABILITY OF TERMS. All of the terms described below are subject to change. If these terms change (other than the annual percentage rate), and you decide, as a result, not to enter into an agreement with us, you are entitled to a refund of any fees that you have paid to us or anyone else in connection with your application.

2. SECURITY INTEREST. We will take a security interest in your home. You could lose your home if you do not meet the obligations in your agreement with us.

3. POSSIBLE ACTIONS. Under certain circumstances, we can: A. Terminate your line of credit and require you to pay us the entire outstanding balance in one payment; B. Refuse to make additional extensions of credit; and C. Reduce your credit limit.

If you ask, we will give you more specific information about when we can take these actions.

4. MINIMUM PAYMENT REQUIREMENTS. You can obtain credit advances for 60 months (the "draw period"). During this period, payments will be due monthly. Your minimum monthly payment will equal the greater of the following: * The amount of accrued finance charges on the last day of the billing cycle; or * $50.00. The minimum payment amount will be rounded to the nearest $.01. Whenever a flat dollar amount is used to determine the minimum payment however, the minimum payment will be rounded to the nearest $.01. The minimum monthly payments during the draw period may not reduce the principal that is outstanding on your line of credit. After the draw period ends, you will no longer be able to obtain credit advances and must pay the outstanding balance on your line of credit (the "repayment period.") The length of the repayment period is 120 months. During the repayment period, payments will be due monthly. Your minimum monthly payment will equal the following: * An amortized payment of the loan account balance on the last day of the draw period. This balance will be amortized over 120 months. The minimum payment will change whenever the annual percentage rate changes. The minimum payment amount will be rounded to the nearest $.01. The minimum monthly payments may not be sufficient to fully repay the principal that is outstanding on your line of credit by the end of the repayment period. If they are not, you will, to the extent permitted by law, be required to pay the entire balance in a single payment.

5. MINIMUM PAYMENT EXAMPLE. If you made only the minimum monthly payment and took no other credit advances, it would take 15 years to pay off a credit advance of $10,000.00 at an ANNUAL PERCENTAGE RATE of 6.000%. During that period, you would make 60 payments of $50.00 followed by 119 payments of $111.02, with a final payment of $111.04.

6. FEES AND CHARGES. To open and maintain a line of credit, you must pay the following fees to us: * Returned Check Charges: $27.50 Note that some fees may only apply upon the occurrence of an event and have been provided for informational purposes only. You must also pay certain fees to third parties, such as appraisers, credit reporting firms, and government agencies. These fees generally total $2,393.50. The following are an estimate of third party fees:

HOME EQUITY EARLY DISCLOSURE TX/2019.1.0.89941973

Wolters Kluwer Financial Services -2000, 2019 Bankers Systems*

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