FAQs

Q: Is the interest on a home equity loan tax deductible?

Interest on a home equity loan may be tax deductible when funds are used for qualifying home improvements. Consult a tax advisor for guidance specific to your situation.

Q: Can I use a home equity loan to pay off debt?

Yes. Debt consolidation is one of the most common uses for a home equity loan. Because the loan is secured by your home, rates are typically lower than unsecured personal loans or credit cards.

Q: How much can I borrow with a home equity loan or HELOC?

The amount you can borrow depends on how much equity you have built in your home and your overall financial profile. Contact a TelComm loan officer at 417.886.5355 for an estimate based on your situation.

Q: What is the difference between a home equity loan and a HELOC?

A home equity loan provides a one-time lump sum at a fixed interest rate, repaid over a set term with equal monthly payments, similar to a car loan. A HELOC is a revolving line of credit with a variable rate that lets you borrow as needed, similar to a credit card.

Q: What documents do I need to apply for a home loan?

To get started, we don't need any documents, just apply. As part of the closing process, you will typically need a valid photo ID, W-2s from the past two years, recent pay stubs, two months of bank statements, and personal tax returns.

Q: What credit score do I need for a home loan at TelComm?

While credit scores are an important factor in your rate and downpayment requirements, our goal is to look at the entire picture and look beyond your score. We work with members of all scores. A higher score can help you qualify for better rates and terms. Contact a TelComm loan officer for guidance specific to your situation.