Home Equity Loan
Put your home to work for you. The equity you've built up puts you in prime position to get a loan with a great rate that can be used for almost anything.
Credit Union of Texas Home Equity Loans
Go ahead, think big. Get the funds you need to tackle ambitious projects, make major purchases or cut your debt load down to size. Just fill our our quick online application and we'll let you know if you meet all Texas Home Equity Loan requirements.
- Low, fixed interest rates
- Flexible repayment plans
- Loan limits depend on the equity you've built up in your home
- Work with an experienced loan specialist who can walk you through the details and the application process
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and Saturday 10AM - 2PM CST
Talk to a HELOAN Specialist
972-301-1989
Get a Home Equity Loan Consultation
What Can You Use a Home Equity Loan For?
The funds obtained from a Home Equity Loan can be used at the borrower's discretion, meaning they have the freedom to allocate the money towards any purpose they choose. The flexibility offered by a Home Equity Loan empowers homeowners to address their unique financial needs and goals without any restrictions on how the funds are utilized. By tapping into the equity of their home, borrower's are able to make decisions that align with their personal financial objectives and long-term plans
Some popular uses of a Home Equity Loan include:
Improvement Projects
A popular use of home equity funds is repairing or renovating a house, or even enlarging it with an addition.
Educational Costs
With their low rates, home equity loans can be a more cost-effective way to cover tuition costs than regular college loans.
Debt Consolidation
Get your debt situation under control. You might save a bundle by paying off higher-interest loans with a lower-interest home equity loan
Expert Assistance
Work with one of our loan specialists who can explain the details of a Home Equity Loan and help you with the application process.
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Credit Union of Texas Home Equity Loan FAQs
What are the advantages of a CUTX home equity loan?
There are many.
Our 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, there's no prepayment penalties.
If you use your funds to pay for home improvements, your interest payments may be tax-deductible. Make sure you discuss this with your tax advisor to get complete details.
How much can I borrow?
Texas law limits home equity loans and lines of credit to 80% loan-to-value (LTV). This is a measure of how much you owe compared to the value of the home. At CUTX, the minimum home equity loan amount starts at $75,000.00.
What are the fees associated with home equity loans?
Our fees are competitive and depend on the specifics of your loan. A Mortgage Loan Officer is available to answer any questions you have about fees.
Are there restrictions on the types of property I can get a home equity loan on?
Yes, a few. The home must be in Texas, and be single-family, owner occupied. That includes houses, condos, townhomes or duplexes. CUTX does not provide home equity loans or mortgages for mobile homes or manufactured homes. And borrowers can have only 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.
Why CUTX?
The stuff, loan team and customer service were very helpful throughout my car loan process. Credit Union of Texas was able to offer me the best rate available for my vehicle. I would highly recommended CUTX to all of my friends and family.
Abebe A.
I always feel like I’ve been given the best advice for me and my family. They really do put their members first.
Sonya M.
I’ve been a member for almost 30 years, I can’t imagine banking anywhere else. You’re more than another account at CUTX, you’re a member, you’re a family.
Elsa H.
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*CUTX home loan programs are only available in Texas. All loans are subject to credit approval and Credit Union of Texas lending policies. Other restrictions may apply. A sample loan payment for a fixed equity loan based on $75,000 at 3.00% APR for 15 years is $517.94. APR = Annual Percentage Rate. The payment example does not include amounts for taxes and insurance premiums, and if applicable, the actual payment obligation will be greater. Rates, terms and conditions are subject to change at any time without notice. Texas homestead properties are limited to 80% combined loan to fair market value for home equity financing. Additionally, there is a 12-day cooling off period and a 3-day right of rescission after closing before the funds may be disbursed. Property insurance is required, including flood insurance where applicable. The approval is subject to application, credit qualification, and income verification; additional evaluation and verification criteria may apply.
NMLS #576560 Credit Union of Texas provides mortgage loans through its affiliate Texas Mortgage Lending, LLC, NMLS #1641703. Membership required.