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 3.49% 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.

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.

Higher Education	Home Remodel	Life Events	Emergencies
The cost of tuition & books isn't cheap.	Get the kitchen of your dreams!	Be able to afford all the diapers you will need.	For life's unexpected occurrences.

How to Apply

To apply for a Home Equity Loan, 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! 

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

*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

Frequently Asked Questions

• 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 $100,000 is an appraisal needed?

  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.

• 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.

  
  

  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.

• On a fixed rate home equity loan, is there any advantage to making half the required monthly payment every two weeks, rather 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.