After the arctic winter storms everyone just suffered through, is your home in need of substantial repairs that a smaller loan just can’t cover? Do you want a home generator for the next arctic blast or hurricane? We have got you covered! A home equity loan from HFCU, allows you to use the equity you’ve built into your home to fund just about anything you want, including financing major home repairs to help you get your home back in order, and better than ever.
How a Home Equity Loan* Works
A home equity loan* utilizes the equity in your home as collateral to borrow money. Equity is the remaining value after you subtract your outstanding mortgage balance and any other property liens from your home’s value. For example, your house appraises for $300,000, and you have $100,000 left to pay on your mortgage. Your home’s equity would be $200,000.
Advantages of HFCU’s Home Equity Loan:
- We pay normal closing costs** (title search, recording fee, release of lien, flood determination, and credit report).
- Low-Interest Fixed Rates. Our interest rates for a home equity loan fall far below those you’ll be offered on competitor’s personal loans, or credit cards.
- Fixed Monthly Payments. Enjoy predictable monthly payments for the entirety of your selected term.
Click here to view our current rates.
Apply Online Today!
If you prefer to apply by phone call us at 281-243-0797; toll-free at 1-866-OUR-HFCU (687-4328), or stop by your nearest branch today.
*Normal credit criteria apply. Rates for approved loans are based on the applicant’s credit history. Loan term, loan to value (LTV), for example, may vary based upon your credit history. Your rate and term depend on your unique credit rating, combined loan-to-value, amount financed and other factors. Property insurance is required. Must be owner occupied primary residence, single family dwelling. Manufactured homes not allowed. Your final APR may vary based upon customary fees, which are treatable as interest when calculating your final APR. PMI=Private Mortgage Insurance. Flood and/or property hazard insurance may be required. Available for first or second lien position only. Other restrictions may apply and rates are subject to change without notice. HFCU does business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act. Stated “rates as low as” apply to 2nd liens only. Credit Union membership is required before utilizing any product and/or service by establishing a savings account with $5. Must be eligible for membership.
Texas residents: The principal loan amount at the time the loan is made must not exceed an amount that, when added to the principal balances of all other enforceable liens against you home, is more than 80% of the fair market value of your home. Texas residents may only have one home equity loan or HELOC in a 12-month period. A 12-day cooling-off period is required by Texas Law before the loan may be closed and there is a 3-day right of rescission after closing before the funds may be disbursed. South Carolina residents: The mortgage amount may not exceed the lesser of 90% of the taxed assessed value or 80% of a certified appraisal. South Carolina residents are limited to establishing one home equity loan or home equity line of credit at one time. There is a 3-day right of rescission after closing before the funds may be disbursed.
**The credit union will pay normal closing costs which include the following fees: title search, recording fee, release of lien, flood determination, and credit report. Additional fees, such as any necessary title insurance, appraisal, survey, and attorney fees will be the responsibility of the member. This is not limited to promotional periods.