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Home Loans

Home Equity

Home equity is a valuable asset that can be used to reach a variety of financial goals. A+FCU helps to make sure you understand the ins and outs of home equity loans and compare your options.

Turn Your Home’s Equity Into Cash

Your home’s equity is the difference between the home’s value and the outstanding mortgage. Tapping into this value can be a great way to access the funds you need, especially with our competitive rates.

With our Home Equity Loan rates over 27% below the national average and HELOC rates at almost 13% below the national average, now’s the time to apply and use the funds for whatever you need – complete maintenance or repairs you’ve been putting off, consolidate high-interest loans, or anything else to help you live your A+ life.

Home Equity Loan

Receive the proceeds of your loan upfront without impacting your first mortgage. A Home Equity Loan offers predictable payments with a low, fixed rate and a fixed repayment period.

As Low As APR*
6.240%

More About Home Equity

Home Equity Line Of Credit

Similar to a revolving line of credit, a HELOC allows you to borrow funds as needed during an initial draw period, generally 5-10 years, and only pay back when you draw funds from the line of credit.

As Low As Rate
7.990%

More About HELOC

*APR=Annual Percentage Rate.

Bankrate Home Equity Loan and Home Equity Line of Credit averages are as of 7.10.2024 and are subject to change. Details about how these rates are determined can be found on Bankrate.

Home equity loans and HELOCS - A man looking at a piece of paper and standing in the kitchen, he is on the phone and smiling.

Cash-Out Refinance

A Cash-Out Refinance is another option to access the equity in your home. With this loan, you receive a portion of your home’s equity in a lump sum and obtain a new loan with a larger principal balance than your current mortgage.

Home Equity Loan

With a Home Equity Loan, you’ll receive your total loan amount upfront without impacting your first mortgage.

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Rates, Annual Percentage Rates, Terms, and Monthly Payment Terms for Home Equity Loan
Rate APR* Estimated Payment Terms
Home Equity Loan As low as 6.240% As low as 6.240% $8.57 per $1,000 per month for 15 years

Apply For A Home Equity Loan

*APR=Annual Percentage Rate.

Membership required. LTV = Loan to Value. Programs, rates, terms, and conditions are subject to change without notice. Normal lending criteria apply. All loans subject to credit approval. Rates are subject to credit score, loan-to-value matrix adjustments, and normal credit underwriting factors. Home Equity Loan rates listed are for 15-year loans. Property must be located in Texas and primary owner-occupied single family residence. $495 processing fee for loans less than $40,000. $795 processing fee for loans $40,000 and above. NMLS #405608. Rates as of 7.18.2024.

Already Applied?

Home Equity Application Status

Easily check the status of your Home Equity Loan application, submit documents, and more.

Home Equity Line Of Credit (HELOC)

A HELOC is a revolving line of credit secured by the equity in your home that allows you to borrow when you need it.

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Rate for Home Equity Line of Credit
Rate
Home Equity Line of Credit As low as 7.990%

Apply For A HELOC

Membership required. LTV = Loan to Value. Maximum loan amount of $250,000. Read CFPB HELOC Guide. HELOCs are a variable rate product. Programs, rates, terms, and conditions are subject to change without notice. Normal lending criteria apply. All loans subject to credit approval. Rates are subject to credit score, loan-to-value matrix adjustments, and normal credit underwriting factors. Rate listed is for a 5-year draw period and 15-year repayment period. Additional terms available. Property must be located in Texas and primary owner-occupied single family residence. $495 processing fee for loans less than $40,000. $795 processing fee for loans $40,000 and above. NMLS #405608. Rate as of 7.18.2024.

Frequently Asked Questions

The state of Texas has parameters to calculate how much you can borrow.

The first parameter will allow you to borrow up to 80% of the Fair Market Value (FMV) of the home, less any liens you may already have on the home. This means the amount of your combined mortgage and your new HELOC cannot be more than 80% of the value of your home.

Example:
Fair Market Value = $100,000

(FMV) x 80% = $100,000 x .80 = $80,000
Less any lien = $80,000 – $40,000 = $40,000
Potential Credit Line = $40,000

There is a $25,000 minimum loan amount. There are multiple draw and repayment periods available. Draw advances have a minimum of $4,000 each time.

Monthly payments are interest-only during the draw period and are based on the amount advanced. After the draw period ends, the remaining balance (if any) amortizes over the life of the repayment period. Repayments are required in regular, periodic intervals of your choice, but cannot be made more often than every 14 days and no less than monthly.

Yes, as long as it has been over 12 months since your current Home Equity Loan was funded.

In the State of Texas, you are only allowed one equity loan at a time. You can convert an existing Home Equity Loan into a HELOC.

Mobile homes and modular homes, even on permanent foundations, are not eligible for this program. A residence that is not the member’s primary residence or is not a single family dwelling will also not qualify.

Texas law requires a minimum 12 calendar day waiting period from the time the written application and the Texas Home Equity Loan Disclosures are received to the day you can close.

There is also an additional three business day Right of Rescission period before the loan can be funded, which is required by both state and federal laws. With the required waiting periods, the minimum time it will take to receive your money is 15 days, but this will depend on processing time and weekend or holiday schedules.

Already Applied?

Check HELOC Application Status

Easily check the status of your Home Equity Line of Credit (HELOC) application, submit documents, and more.

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Fill out this form and a lending representative will be in touch. For more immediate assistance during business hours, please call us at 512.302.6849.

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Rates & Resources

To keep you from having to do all the math, we’ve provided rates & calculators for all kinds of situations.

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