Home Equity Lines of Credit (HELOCs)
Calculate Your HELOC 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.
Home Equity Payment Estimates
Your estimated interest-only payment during your draw period is $XXX.
During your repayment period, your payment will be $XXX.
Your estimated interest-only payment during your draw period is $XXX.
During your repayment period, your payment will be $XXX.
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CUTX answers all inquiries Monday through Friday 9:00 am to 6:00 pm and Saturdays 10:00 am to 2:00 pm.
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Ready to get started?
Get A Decision
Have all your information and ready to apply?
Call A Lending Specialist
CUTX answers all inquiries Monday through Friday 9:00 am to 6:00 pm and Saturdays 10:00 am to 2:00 pm.
Common Uses for HELOCs
Fund Your Home Improvement Projects
A HELOC is perfect for financing large and small home improvement projects, especially if the projects are happening in phases. Unlike home improvement store loans and credit cards, a CUTX HELOC comes with a low interest rate that can save you thousands in interest over the life of the loan compared to a credit card.
Pay For Educational Fees & Tuition
Using a HELOC to pay for larger costs such as college tuition and educational expenses is a great way to avoid the need for private or federal student loans. The flexibility of a HELOC lets you borrow what you need, pay down the balance, then re-borrow funds again the following semester. And you only pay interest on what you borrow.
Build a Backyard Swimming Pool
Having a swimming pool built in your backyard can come with hidden and unexpected costs, especially when it comes to landscaping and finishing touches. That's what makes a HELOC a popular financing option for homeowners who are building a swimming pool. You can borrow what you need, then borrow more.
FAQ - HELOC
How do I make a payment on my Home Equity Line of Credit?
- 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 line of credit?
CUTX Home Equity Lines of Credit have lower interest rates than other types of revolving credit, such as credit cards. They allow you to borrow from your home’s equity and repay only the interest for a period of years, if you choose. Or you can pay the loan down between draws. If you use the HELOC to pay for home improvements your interest payments may be tax deductible—discuss with your tax advisor.
And CUTX charges no prepayment penalties.
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 loan amount is $25,000 and the maximum is $750,000 for first liens and up to $300,000 on second liens. Use CUTX’s Available Equity Calculator to get an idea how much you might be able to borrow.
What are the fees associated with home equity lines of credit?
CUTX charges no closing costs for home equity loans under $400,000.
Are there restrictions on the types of property I can get a home equity loan or HELOC on?
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 or HELOC at a time.
Are there disadvantages to home equity lines of credit?
Some borrowers feel that the variable interest rates on HELOCs are a disadvantage because the price of the debt may increase if interest rates rise. Another risk with home equity lines of credit is that borrowers could find themselves maxed out on their line of credit and in financial trouble. This could endanger your home ownership. Therefore HELOCs are best for people who have the ability to pay down the balance regularly as needed.
How Does a HELOC work
If you're looking to pay for a big purchase, large scale project, or other expense, you may have heard that home equity loans are one of the lowest-rate options for financing. That is because a home equity loan is tied to the available equity in your home
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Start Your Home Equity Loan Application
1 - Fixed rate home equity line of credit: Loan has a draw period of 10 years, followed by a repayment period. Interest only payments during the 10-year draw period and will be re-amortized at the time the repayment period begins. If interest only payments are made during the draw period, the loan balance will not decrease.
Variable rate home equity line of credit: 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 based on creditworthiness and credit limit. As of March 15, 2020, the index value is 3.25%. 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 Home Equity Lines of Credit (HELOCs) not currently held at Credit Union of Texas. Property insurance is required, including flood insurance where applicable. The minimum advance during the draw period is $4,000. No closing costs on loans up to $400,000. 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. CUTX home loan programs are only available in Texas. Credit Union of Texas NMLS #576560. Membership required.