There are plenty of benefits to owning a home. One of the most important? You can use the equity you’ve built into your home to fund just about anything you want. Your home’s equity could pay for a major home remodel or an addition to your existing home, pay off your high-interest credit card debts, and even help cover the costs of your children’s college tuition.
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.
Our rates start as low as 4.15% annual percentage rate for Texas members and 4.85% annual percentage rate for South Carolina members.
Apply Online Today!
If you prefer to apply by phone call us at 281-243-0797; toll-free at 1-866-OUR-HFCU, or stop by your nearest branch today.
*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. Normal credit criteria apply. Rates for approved loans are based on the applicant’s credit history. Loan term, loan to value (LTV), and/or down payment, for example, may vary based upon your credit history. Other restrictions may apply and rates are subject to change without notice. Stated “rates as low as” apply to 1st liens only. 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. MINIMUM PAYMENT EXAMPLE: If you financed $10,000 for 5 years at 4.15% annual percentage rate, your approximate monthly payment would be $184.84 for 59 payments with the approximate final payment of $185.05. 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. MINIMUM PAYMENT EXAMPLE: If you financed $10,000 for 5 years at 4.85% annual percentage rate, your approximate monthly payment would be $188.03 for 59 payments with the approximate final payment of $187.79.