Home Equity Loans
Your Home's Value, Your Financial Advantage
When unexpected expenses arise or major life events demand financial support, a home equity loan becomes a lifeline. It allows homeowners to tap into the built-up value of their homes, providing access to funds for home improvements, debt consolidation, education expenses, or any other significant financial need.
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How can I use my Home Equity Loan?
Debt Consolidation
Home Improvement
Unexpected Expenses
College Costs
Rates Effective: September 27, 2024 . All rates quoted are Annual Percentage Rates (APR). Rates subject to change. With approved credit.
| Loan Terms | Interest Rate |
|---|---|
| 60 months | As low as 7.00% APR |
| 120 months | As low as 7.20% APR |
| 180 months | As low as 7.40% APR |
| 240 months | As low as 7.60% APR |
Explore Mortgage Loans
Adjustable Rate Mortgage (ARM)
ARM loans with terms of 3, 5, 7 and 10 years. ARMs allow borrowers to take advantage of falling interest rates without refinancing, however they should always prepare for rates to increase as well.
Fixed-Rate Mortgage
A fixed-rate mortgage provides the borrower peace of mind knowing their monthly payment will be the same for the life of the loan. We offer 10, 15 and 20, and 30 year fixed-rate loans and the interest rate will always remain the same.
Construction Loans
Our construction financing program features a 12 month term to build the home, with 4 draws throughout the process. Upon maturity, the balance of the loan will need to be refinanced into a 15, 20 or 30 year fixed-rate mortgage.
Federal Housing Administration (FHA)
The FHA loan is a great program for homebuyers that may not have exceptional credit, or are looking for a low down payment option with affordable terms.
Jumbo Loans
A Jumbo loan allows you to purchase a home with an amount that would traditionally exceed the limits of conventional financing. Luxury homes and multi-unit properties are among those financed with a Jumbo loan.
There's more!
Which loan program is right for you? The answer to that question comes together when our experience meets your goals and unique financing needs. Take a few minutes to familiarize yourself with all of our mortgage solutions.
Home improvement with a personal loan?
Our Projects Plus Home Loan is classified as a personal loan, making it a simple lending process on both borrower and lender. Finally get that pool, invest in solar panels, or start those improvements.
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Projects Plus Home Loan Rates
Rates Effective: September 27, 2024. All rates quoted are Annual Percentage Rates (APR).
| Term | Rate & Loan Amount | ||
|---|---|---|---|
| Learn More about Projects Plus Home Loan | $10,000 - $19,999 | $20,000 - $39,999 | $40,000 - $60,000 |
| 24 - 36 months | 10.50% APR | 10.25% APR | 10.00% APR |
| 37 - 48 months | 10.75% APR | 10.50% APR | 10.25% APR |
| 49 - 60 months | 11.00% APR | 10.75% APR | 10.50% APR |
| 61 - 72 months | 11.25% APR | 11.00% APR | 10.75% APR |
| 73 - 84 months | n/a | 11.25% APR | 11.00% APR |
| 85 - 120 months | n/a | n/a | 11.25% APR |
Refinance your auto loan as low as 5.74% APR*
Now is the perfect time to lock in a low rate on a new car purchase or refinance.
Frequently Asked Questions
A home equity loan, also known as a second mortgage, is a type of loan that allows homeowners to borrow against the equity they've built up in their homes. It's a fixed-rate loan with a lump sum payout, and the equity in your home serves as collateral.
While both use home equity as collateral, a home equity loan provides a lump sum with a fixed interest rate, ideal for one-time expenses. A HELOC, on the other hand, functions more like a credit card with a revolving line of credit, allowing you to borrow and repay as needed.
Rates Effective: September 27, 2024 . All rates quoted are Annual Percentage Rates (APR). Rates subject to change. With approved credit.
| Loan Terms | Interest Rate |
|---|---|
| 60 months | As low as 7.00% APR |
| 120 months | As low as 7.20% APR |
| 180 months | As low as 7.40% APR |
| 240 months | As low as 7.60% APR |
To get started, you can reach out to your lender. Be prepared to provide information about your home, income, credit history, and other relevant financial details.
To qualify for a home equity loan, our two key requirements are:
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The property must be your homestead: This means the property you are borrowing against must be your primary residence.
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80% CLTV maximum: According to Texas law, the combined loan-to-value (CLTV) ratio cannot exceed 80%. This means the total amount of your mortgage(s) and home equity loan cannot surpass 80% of your property's fair market value.
For example, if your home is valued at $250,000, the maximum you can borrow (including any existing mortgage balance) would be $200,000.
These guidelines ensure responsible borrowing and protect homeowners. If you have additional questions, our team is here to help!
Licensing Information
Jacqueline Montanez: NMLS# 2239073 | Olivia Cortez: NMLS# 1846647 | Georgia Gasparek: NMLS: 2396022
Neighborhood CU: NMLS# 403562