Whether you're updating your home or consolidating high-interest rate debit, the possibilities are nearly endless with home equity lending from Texans Credit Union. Your home is your most valuable asset—why not make it work for you?
|Usage:||No restrictions on what you can use the funds for (consumer use purposes only6)||No restrictions on what you can use the funds for (consumer use purposes only6)||Must be used to make improvements to your home by licensed contractor|
|Samples Uses:||Pay off existing higher-rate mortgage1, bathroom remodel, consolidation of other debt...||College tuition, home improvements, vacation and wedding expenses...||Home improvements by licensed contractor|
|Funds:||Disbursed in a lump sum||Disbursed as needed, during five-year draw period||Disbursal method depends on amount of the loan|
|Interest:||May be tax deductible2 and is accrued on the total loan amount||May be tax deductible2 and is accrued on the total loan amount||May be tax deductible2 and is accrued on the total loan amount|
|Borrowing Limits:||Up to 80% of home's fair market value3||Up to 80% of home's fair market value3||Up to 95% of home's fair market value3|
|Good to Know...||
you can use a home equity loan to refinance your mortgage at a lower rate and avoid expensive closing costs1?
Review our home equity application packet or home improvement application packet – featuring loan requirements and application checklists.
For HELOC applications, review the Federal Reserve's HELOC brochure upon applying.
|Current Fair Market Value of Home||$100,000|
|- Mortgage Balance||$65,000|
|Amount Available to Borrow||$15,000|
**If figuring for home improvement loan, multiply by 95%
For more information on how you can make your home work for you, contact our Mortgage Lending Department at 972.348.2407 (800.323.1789).
* Condominiums and mobile/manufactured homes are not eligible.
1 First-lien home equity loans are not available to purchase a new primary owner-occupied residence; owner-occupied primary residence must already be purchased. Lot size less than 10 acres. Consumer purposes only for zoned, non-agricultural properties. Minimum loan amount is $25,000 for first-lien home equity loans; terms up to 15 years available. Member may incur one-time property tax monitoring fee; no other closing costs on loans up to $150,000. Member incurs cost of full title policy on loans greater than $150,000.
2 Consult a tax advisor regarding the deductibility of interest.
3 Less the balances of outstanding liens.
4 Required payment of interest only each month.
5 Automatic payment rate discounts may not be available on certain rates and terms. Automatic payments are not available for home equity line of credit loans. Ask your loan officer for details.
6 Business purpose loan requests are not eligible for financing.