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Home Equity Loans Just Got Easier

What is a Home Equity Loan?

A home equity loan acts as a second mortgage on your house. However, if you already own your home and you do not have any other mortgages as a part of the house, the home equity loan will be your only mortgage. The equity in your home represents the parts of your house that have already been paid off and therefore do not have a mortgage attached to it.

When you start to pay off your main home loans, the equity in your house will increase. In addition, if the property value in your area increases, the value in your home increases as well. This means that the home equity value will also increase.

United Texas CU Home Equity Loans

A typical home equity loan will normally be similar to the average mortgage, in which case you will borrow a certain amount of money from our credit union based on the amount of equity that you have available. After borrowing the money, you will pay it back over a specified amount of time, up to 15 years. You will also have to pay a specific interest rate as well, which will be agreed upon prior to the loan being made. Our Home Equity loan offers a maximum loan-to-value of 80% with a minimum loan amount of $10,000. What a great way to borrow!

Home Equity Loan Rates (Texas only)

Term APR Example (per $1000 borrowed)
First Lien ($10K – $500K**)
Up to 60 Months as low as 2.94% APR* 60 payments of $17.94
Up to 144 Months as low as 3.34% APR* 144 payments of $8.44
Up to 180 Months as low as 3.49% APR* 180 payments of $7.14
Up to 240 Months as low as 3.59% APR* 240 payments of $5.85
Term APR Example (per $1000 borrowed)
Second Lien ($10K – $500K**)
Up to 60 Months as low as 3.95% APR* 60 payments of $18.39
Up to 144 Months as low as 4.20% APR* 144 payments of $8.85
Up to 180 Months as low as 4.45% APR* 180 payments of $7.62

*APR means Annual Percentage Rate. Rates are effective as of May 1, 2021. The specific rate and term will be dependent upon your credit rating, collateral value, amount financed and other factors. Rates and terms are subject to change without prior notice; other restrictions may apply.

**Independent appraisal (at member’s expense) required on Home Equity Loans over $100,000.

 

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Credit Cards
As low as
9.00%

Auto Loans
As low as
1.99%

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Home Equity
As low as
2.94%

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