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, consolidating your debts, and more with rates starting at 2.50% 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.
We are also waiving 1% of closing costs, up to $5,000, and NO ORIGINATION FEES. 2
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||Life Events||Emergencies|
|Get the kitchen of your
|Be able to afford all
the diapers you will need.
|For life's unexpected
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
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
2 No closing cost mortgage details. Offer available on the following products only: GreaterTX 30, GreaterTX 20, GreaterTX 15, GreaterTX 10, and GreaterTX 5-year fixed rate mortgages, GreaterTX 10/1, GreaterTX 7/1 and GreaterTX 5/1 adjustable rate mortgages, and home equity loans. Offer only applies to portfolio loans and is not available for investor loans. All applicants must meet standard underwriting guidelines. Maximum Loan-to-Value ratio for all Mortgage Loans in this promotion is 90%. The current available Annual Percentage Rates are between 2.500% APR and 4.875% APR depending on your creditworthiness and type of mortgage product selected. Rates are subject to change. This offer does not apply to refinances of existing Greater Texas Federal Credit Union mortgage loans, unless the new loan amount exceeds the loan being refinanced by at least $50,000.00. You will be required to maintain property insurance throughout the life of the loan and title insurance is required on any 1st Mortgage. If loan is paid off within 36 months from the date of closing, the borrower must reimburse the full amount of closing costs paid on their behalf. Offer applies to standard third-party closing costs associated with loan underwriting including underwriting fee, document preparation fee, survey and appraisal, and does not include loan payoffs, lien satisfactions, taxes, insurance or any recurring expense, home inspection, flood insurance, curative title, or other non-standard attorney or closing fee. Maximum amount of closing costs eligible to be paid by the Credit Union is the lesser of 1% of the loan balance, not to exceed $5,000.00, and will not include amounts paid by other parties as part of the transaction. The borrower is responsible for closing costs exceeding this amount.
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.