Home Equity Loan
If you’ve built equity in your home over the years...
You can use that equity for home improvement projects, education expenses, or consolidating your debts with rates starting at 3.49%.
Plus, the interest paid on your Home Equity Loan may be 100% tax deductible.* Your credit union can help you recycle the money in your home with a Home Equity Loan.
Watch this video to learn more about the home equity loan process and how your credit union will be with you every step of the way.
To apply for a Home Equity fill out the application and return it to us along with the following:
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.
Married? your spouse must apply for the loan as a co-applicant. All income will need to be verified for both applicants.
We will take care of the rest. You just need to plan on how you are going to spend your money!
*Consult your tax adviser
Frequently Asked Questions
No, there are no prepayment penalties.
Yes, the home has to be in the state of Texas.
If the loan value is less than $100,000, then an appraisal is not required. If an appraisal is needed for a loan, those will be facilitated by the credit union as a part of the application process.
A home equity loan is different than a home improvement loan.
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.
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.