Help Me Decide on a Home Equity Loan
What is most important to you?
Calculate Your Home Equity Payment
Payment Calculator is intended to provide estimates for research purposes only. Your actual payment details and interest rate may vary depending on your credit score and other factors.
Loan Term |
Estimated Monthly Payment
Est. Mo. Pmt.
|
Ready to get started?
Get A Decision
Have all your information and ready to apply?
Choose a Convenient Time
Schedule an appointment for a future date
Call A Lending Specialist
Chat with a Specialist
Available from 8:30am to 6:00pm Monday through Friday
CUTX answers all inquiries Monday through Friday 9:00 am to 6:00 pm and Saturdays 10:00 am to 2:00 pm.
Apply Now
Ready to get started?
Get A Decision
Have all your information and ready to apply?
Choose a Convenient Time
Schedule an appointment for a future date
Call A Lending Specialist
Chat with a Specialist
Available from 8:30am to 6:00pm Monday through Friday
CUTX answers all inquiries Monday through Friday 9:00 am to 6:00 pm and Saturdays 10:00 am to 2:00 pm.
Ways to Use Your Home Equity
Fund Your Home Improvement Projects
A home equity loan is perfect for financing home improvement projects both large and small. Unlike retail financing options and credit cards, a CUTX home equity loan comes with a low, fixed interest rate that can save you thousands in interest over the life of the loan compared to a credit card.
Consolidate & Lower Monthly Payments
Homeowners that need to consolidate and lower their monthly payments across multiple loans may want to consider a home equity loan. Combining balances into a fixed-rate loan can help facilitate faster payoffs and potentially help save money on interest.
Pay For Educational Fees & Tuition
Using a home equity loan to pay for large expenses such as school tuition and fees is a common way to avoid the need for other types of higher-rate loans. Be sure to apply for your equity loan in advance to allow enough time to close and fund your loan before tuition is due.
FAQ - HEL
How do I make a payment on my Home Equity Loan?
- If you are a member of CUTX: Log in to online banking and make a payment with a funds transfer.
- If not a member: Use your financial institution to pay via Billpay
- Pay over phone: Call 972-263-9497, choose option 4 for Member Services ($15 Service Fee is applied to phone payments)
- Make a payment through Speedpay
- Make an automated payment through Telephone Teller: Call 972-263-9497, choose option 1
What are the advantages of a CUTX home equity loan?
CUTX Home Equity Loans have much lower interest rates than other types of credit, such as credit cards or unsecured personal loans. They have fixed monthly payments which can be very low, with payment terms of up to 30 years. Plus, if you use them for home improvements, the interest may be tax deductible—ask your tax professional.
And CUTX charges no prepayment penalties.
How much can I borrow?
In Texas, you can borrow up to 80% loan-to-value (LTV), a measure of how much you owe compared to the value of the home. At CUTX, the minimum loan amount is $25,000 and the maximum is $250,000 for first liens. Use CUTX’s Available Equity Calculator to get an idea of how much you might be able to borrow.
What are the fees associated with home equity loans?
CUTX has competitive fees for Home Equity products and the exact amount of the fees are dependent on the type of loan. A Home Equity Specialist is available to answer any questions you have regarding specific fees.
Are there restrictions on types of property?
The home must be in Texas, not zoned agricultural and be single family, owner-occupied. That includes houses, condos, townhomes or duplexes. CUTX does not do home equity loans or mortgages for mobile homes or manufactured homes. Borrowers can only have one Home Equity Loan at a time.
Are there disadvantages to home equity loans?
Aside from the list of guidelines and restrictions set by the state of Texas, there are few disadvantages to home equity loans. Borrowers that do not qualify for a home equity loan may still have other loan options available to them.
Some borrowers do not feel comfortable taking out a new loan against their home once they've already paid it down. But as long as you intend to repay the loan in full, there's nothing wrong with using a home equity loan to get a lower interest rate.
What is the Cost of a Kitchen Remodel?
What is the Cost of a Kitchen Remodel?
How much will it cost to remodel my kitchen? On average, according to homeadvisor.com, a kitchen remodel will run about $150 per square foot[1]. In reality, that number can vary greatly, as there are many variables to consider when taking on what’s...
How Texas Home Equity Loans Work
How Texas Home Equity Loans Work
When is a home more than a home? When it’s a solid financial asset that expands your borrowing power. Your home may have what’s called equity, or stored value. You can offer your home’s stored value as collateral to banks and credit organizations...
Home Equity Loans for Debt Consolidation
Home Equity Loans for Debt Consolidation
Having a lot of debt can feel overwhelming. Even when you're keeping on top of your payments, having to juggle different loans or credit cards with different interest rates and due dates can be stressful. Consolidating that debt into a home equity loan..
Start Your Home Equity Loan Application
1 - Credit Union of Texas offers a variable Annual Percentage Rate (APR) based on the Prime Rate as published in the Money Rates section of The Wall Street Journal (the “Index”) plus a margin. As of September 19, 2019, the Index value is 5.00% and the margin rate is 0.20%. The floor APR will be 3.00%. An increase in the Index will result in an increase in the periodic rate which, in turn, will result in higher payments. In no event, will the APR increase by more than 18% or the maximum rate allowed by applicable law. Offer is limited to consumer HELOCs and Home Equity Loans not currently held at Credit Union of Texas. First payment date is 30 days after closing. Property insurance is required, including flood insurance where applicable. The minimum advance during the draw period is $4,000. No closing costs. If, however, an appraisal or a policy of title insurance is required, applicant is responsible for those costs. Texas homestead properties are limited to 80% combined loan to fair market value for home equity financing. All loans are subject to credit approval and Credit Union of Texas lending policies. Other restrictions may apply. In Texas, there is a 12-day cooling off period on all HELOCs. There is also a three-day right of rescission after closing before the funds may be disbursed. Actual time of funding may differ depending on appraisal, title and other underwriting requirements. This is a limited-time offer and is subject to change at any time without notice. The account is subject to application, credit qualification, and income verification; additional evaluation and verification criteria may apply. Your actual APR will depend upon your credit transaction and credit history and will be determined when a credit decision is made. CUTX home loan programs are only available in Texas. Membership in CUTX is required.
2 - NMLS #576560 Credit Union of Texas provides home equity loans and home equity lines of credit through its affiliate Texas Mortgage Lending, LLC, NMLS #1641703.