home repairs couple

Home Equity Loan

If you’ve built equity in your home over the years

You can use that equity for home improvement projects, education expenses, consolidating your debts, and more with rates starting at 5.67% APR*.

Plus, the interest paid on your Home Equity Loan may be 100% tax deductible.1 Your credit union can help you recycle the money in your home with a Home Equity Loan. 

All standard closing costs are paid for by the credit union.

Learn more about a home equity loan, advantages and disadvantages and the many uses.

Reasons Why You Might Want A Home Equity Loan

If you’re thinking about making some home improvements or trying to figure out a way to pay for your child’s college education, you may be thinking about tapping into your home's equity as a way to cover the costs.

Ways to Apply


To apply for a Home Equity loan, complete our easy online loan application or visit your local branch. We will take care of the rest!

Documentation

Supporting documentation does not need to be provided up front. Your Loan officer will let you know what information we need once your loan is approved. The most common documents asked for are:
  • Most recent mortgage statement
  • Homeowners insurance policy
  • 2 paystubs per applicant
  • Last 2 years tax returns
Membership with Greater Texas Credit Union must be established prior to loan closing. Additional documentation may be requested during the underwriting process.

Married Applicants

Your spouse is not required on the loan application, however they must consent to the loan by signing documents before and during the loan closing process. However if you want your spouse's income to be considered with qualifying for the loan, they will need to be the joint borrower.

Restrictions

Home Equity loans are only eligible for borrowing against your primary homestead in which you reside. Greater Texas Credit Union will not approve a loan against a home that is for sale. We cannot cash out equity on an individual's homestead for business purposes. Investment properties are not eligible for Home Equity loans. Greater Texas Credit Union does not lend against Townhomes, Condominiums, Duplexes, Mobile/Manufactured homes or properties in the name of a Trust. Property must be your primary homestead for a minimum of 6 months to be eligible for home equity loan.

Have any questions or concerns? Please do not hesitate to ask. 


Contact our Loan Department at (800) 749-9732 or send us a message.

Home Equity Resources

Apply Today
Check Rates
Pros & Cons
Benefits of Home Renovations
Home Equity Calculator 
Home Insurance


*APR=Annual Percentage Rate. Stated rate is for new loans only. Minimum $10,000 new cash. Actual rate may vary depending on credit qualifications. Stated rate is for loan terms up to five years, 60 monthly payments of $18.20 per $1,000 borrowed. No additional rate discounts apply. Terms and conditions apply .

1Consult your tax adviser

What Members are Saying



No, there are no prepayment penalties.
Yes, the home has to be in the state of Texas.
For loans less than $150,000, an appraisal is not normally required. If an appraisal is needed for a loan, those will be facilitated by the credit union as a part of the application process.
A home equity loan is different than a home improvement loan.


A home equity loan uses the equity you've built in your home for the loan. In other words, the amount of the loan is partially based on how much home equity -- the difference between the value of your home and how much you owe on the mortgage(s) -- the homeowner has.You can use this loan for any purpose, such as home improvement projects or debt consolidation. The minimum loan amount is $10,000.


A home improvement loan allows you to borrow to make improvements to your primary residence. This is the sole purpose of this loan. The loan amount is not based on the equity in your home. Greater Texas Credit Union does not offer home improvement loans.
Yes. You would actually pay off your loan off sooner and save in finance charges. This is because in some months you'll make 3 payments if the month has 5 weeks.
Cactus

Not a member yet?

Become a part of something Greater.

Join Now