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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*.
Plus, the interest paid on your Home Equity Loan may be 100% tax deductible.1 Your credit union can help you recycle the money in your home with a Home Equity Loan.
All standard closing costs are paid for by the credit union.
Learn more about a home equity loan, advantages and disadvantages and the many uses.
Reasons Why You Might Want A Home Equity Loan
If you’re thinking about making some home improvements or trying to figure out a way to pay for your child’s college education, you may be thinking about tapping into your home's equity as a way to cover the costs.
Home Remodel
Get the kitchen of your
dreams!
dreams!
Life Events
Be able to afford all the diapers you will need.
Emergencies
For life's unexpected occurrences.
Ways to Apply
To apply for a Home Equity loan, complete our easy online loan application or visit your local branch. We will take care of the rest!
Documentation
Supporting documentation does not need to be provided up front. Your Loan officer will let you know what information we need once your loan is approved. The most common documents asked for are:
- Most recent mortgage statement
- Homeowners insurance policy
- 2 paystubs per applicant
- Last 2 years tax returns
Membership with Greater Texas Credit Union must be established prior to loan closing. Additional documentation may be requested during the underwriting process.
Married Applicants
Your spouse is not required on the loan application, however they must consent to the loan by signing documents before and during the loan closing process. However if you want your spouse's income to be considered with qualifying for the loan, they will need to be the joint borrower.
Restrictions
Home Equity loans are only eligible for borrowing against your primary homestead in which you reside. Greater Texas Credit Union will not approve a loan against a home that is for sale. We cannot cash out equity on an individual's homestead for business purposes. Investment properties are not eligible for Home Equity loans. Greater Texas Credit Union does not lend against Townhomes, Condominiums, Duplexes, Mobile/Manufactured homes or properties in the name of a Trust. Property must be your primary homestead for a minimum of 6 months to be eligible for home equity loan.
Have any questions or concerns? Please do not hesitate to ask.
Contact our Loan Department at (800) 749-9732 or send us a message.
Home Equity Resources
| Apply Today Check Rates |
Pros & Cons Benefits of Home Renovations |
Home Equity Calculator Home Insurance |
*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
What Members are Saying
Are there pre-payment penalties?
No, there are no prepayment penalties.
Does the home have to be in Texas?
Yes, the home has to be in the state of Texas.
If applying for a loan to value (LTV) of 80% against your home but the loan amount is less than $150,000 is an appraisal needed?
For loans less than $150,000, an appraisal is not normally required. If an appraisal is needed for a loan, those will be facilitated by the credit union as a part of the application process.
Is a home equity loan different from a home improvement loan? If so, how?
A home equity loan is different than a home improvement loan.
On a fixed rate home equity loan, is there any advantage to making half the required monthly payment every two weeks, rather than than one full payment each month?
Yes. You would actually pay off your loan off sooner and save in finance charges. This is because in some months you'll make 3 payments if the month has 5 weeks.
