If you’ve built equity in your home over the years
You can use that equity for home improvement projects, education expenses, consolidating your debts, and more with rates starting at 5.67% APR*.
Reasons Why You Might Want A Home Equity Loan
How to Apply
- Mortgage Fraud Warning
- Written verification of income. We need last 2 years tax returns plus 2 months of current pay stubs.
- A tax statement
- Your deed of trust
- Your Homeowners Insurance Policy
- Your Mortgage Balance
- We cannot do a cash out equity on an individual's homestead for business purposes.
- When the new loan amount is $100,000 or more and the total Loan to Value Ratio of the property is more than 65%, the credit union will require a certified appraisal to determine the value of the property.
Have any questions or concerns? Please do not hesitate to ask.
Home Equity Resources
Loan Basics Video
|Pros & Cons
Loan Process Video
Benefits of Home Renovations
|Home Equity Calculator
*APR=Annual Percentage Rate. Stated rate is for new loans only. Minimum $10,000 new cash. Actual rate may vary depending on credit qualifications. Stated rate is for loan terms up to five years, 60 monthly payments of $18.20 per $1,000 borrowed. No additional rate discounts apply. Terms and conditions apply .
1Consult your tax adviser
A home equity loan uses the equity you've built in your home for the loan. In other words, the amount of the loan is partially based on how much home equity -- the difference between the value of your home and how much you owe on the mortgage(s) -- the homeowner has.You can use this loan for any purpose, such as home improvement projects or debt consolidation. The minimum loan amount is $10,000.
A home improvement loan allows you to borrow to make improvements to your primary residence. This is the sole purpose of this loan. The loan amount is not based on the equity in your home. Greater Texas Credit Union does not offer home improvement loans.