HELOCs in Texas
What's better than an easy-to-access credit line you can use for any purpose? One with low rates that's based on equity in your home.*.
Why is a Credit Union of Texas Home Equity Line of Credit the best?
Lock in with current HELOC rates today & borrow funds any time you like to make your house nicer, your family happier or your life better.
- Competitive rates, with fixed and variable rate options
- Available funds are tied to the equity you have in your home
- Pay interest only on the funds you've actually used
- CUTX works fast to get you through the application & approval process
HELOC questions?
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and Saturday 10AM - 2PM CST
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972-301-1989
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Improvement Projects
A popular use of HELOC funds is repairing or renovating a house, or adding special features like a swimming pool or landscaping.
Educational Costs
With their low rates, HELOCs 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 HELOC.
Expert Assistance
Work with loan specialist who can explain the details of a HELOC and help you with the application process.
Easy Account Management
Log in anytime on your laptop or mobile device to transfer funds and manage your HELOC from anywhere.
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General HELOC FAQs
How do I make a payment on my home equity line of credit?
- If you're a CUTX member, log in to online banking and make a payment with a funds transfer.
- If you're not a member, use your financial institution to pay via Bill Pay.
- Make a payment through the payment system.
- Pay over phone: Call (214) 818-3231 or (800) 627-0006 to make a payment with a Member Service Specialist ($18 Service Fee is applied to phone payments).
What are the advantages of a CUTX home equity line of credit?
There are many.
Our Home Equity Lines of Credit 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 loan amount is $20,000 and the maximum is $750,000 for first liens and up to $300,000 on second liens.
What are the fees associated with home equity lines of credit?
Borrower will be responsible for certain closing costs which may include title insurance. A Home Equity Specialist is available to answer any questions you might have.
Are there restrictions on the types of property I can a home equity line of credit?
Yes, a few. The home must be in Texas, and be a single-family, owner occupied. That includes houses, condos, townhomes or duplexes. CUTX does not provide home equity lines of credit 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 lines of credit?
Aside from the list of guidelines and restrictions set by the state of Texas, there are few disadvantages to home equity lines of credit. Borrowers that do not qualify for a home equity line of credit may still have other loan options available to them.
Some borrowers do not feel comfortable taking out a new line of credit 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 line of credit to get a lower interest rate.
Why CUTX?
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.
Great services, excellent staff.
Syed W. H.
Friendly and attentive staff. Paydays come early and the fact that they care for the little guys is definitely my favorite thing about this bank. Definitely the go-to-spot if you’re interested in growing your financial reach.
Xavier H.
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*Fixed rate home equity line of credit: The loan offers draw periods of 5 years or 10 years, followed by a repayment period. During the draw period, interest-only payments are required. The loan will be re-amortized at the start of the repayment period. If you make only the required interest payments during the draw period, the principal balance of the loan 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 September 19, 2024, the index value is 8.00%. 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. This is a limited time offer and is subject to change at any time without notice.
The minimum advance during the draw period is $4,000. Property insurance is required, including flood insurance where applicable. 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 closing may differ depending on appraisal, title and other underwriting requirements. 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. Borrower will be responsible for certain closing costs, as required, which may include, but not limited to, appraisal and title policy fees. Other restrictions, terms and conditions may apply. Credit Union of Texas NMLS #576560. Membership required.