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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.

Options To Unlock Your Home’s Equity

Your home’s equity is the difference between the home’s value and the outstanding mortgage, and can be a great way to access the funds you need.

There are a few options available if you’re looking to use your home’s equity. These include a Home Equity Loan, a Home Equity Line of Credit, and a Cash-Out Refinance.

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*
6.3750%

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
7.500%

More About HELOC

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 6.3750% As low as 6.3750% $8.64 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. NMLS #405608. Rates as of 1.13.2023.

Need To Borrow $250,000 Or More?

Complete this application if you’re looking to borrow a little more with your Home Equity Loan.

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 7.500%

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. Property must be located in Texas and primary owner-occupied single family residence. NMLS #405608. Rate as of 1.13.2023.

Already Applied?

Check Loan Application Status

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

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.

The second parameter specifies that the loan amount on a Home Equity Line of Credit cannot exceed 50% of the Fair Market 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

HELOC < (FMV) x 50% = $40,000 < $50,000

There is a $25,000 minimum loan amount with a $4,000 minimum draw which we require you to take when you first establish your line of credit. Draws may be made during the first five years.

Your payment must be equal to or exceed the amount of accrued interest. Payments will be based on the credit limit over a 20 year payback. 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.

Questions?

Fill out this form and a lending representative will be in touch. For more immediate assistance during business hours, please call us at 512.421.2874.

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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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