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You've worked hard for your home. You're now in a position to tap into its equity and do more great things in life.
We're experts in Texas' unique home equity lending rules, and we're here to help you make confident, well-informed financial decisions.
Whether you're planning a major expense, consolidating high-interest debt, or simply want financial flexibility, using your home equity can be a smart solution. In Texas, home equity lending comes with unique rules, and we're here to help you understand and navigate them.
Below, we’ve outlined key differences between a Home Equity Line of Credit (HELOC) and a Home Equity Loan, so you can feel confident in finding the solution that fits your goals.
Use home equity lending to fund renovations like kitchen upgrades, bathroom remodels, or adding energy-efficient features. These projects may increase your property value and improve your living space.
A fixed-rate home equity financing can be an affordable way to cover education expenses, offering lower interest rates than most private student loans or credit cards.
Simplify your finances and potentially reduce monthly payments by consolidating high-interest debt into a lower-interest home equity account.
Our loan specialists are here to help you understand your options and guide you through the home equity lending process from application to funding to refinancing.
Securely manage your home equity account online or through our mobile app. View balances, transfer funds, and stay in control, anytime, anywhere.
*Fixed rate home equity line of credit: The loan offers draw periods of 5 years or 10 years, followed by a repayment period. During the draw period, interest-only payments are required. The loan will be re-amortized at the start of the repayment period. If you make only the required interest payments during the draw period, the principal balance of the loan will not decrease.
Variable rate home equity line of credit: Credit Union of Texas offers a variable Annual Percentage Rate (APR) based on the Prime Rate as published in the Money Rates section of The Wall Street Journal (the “Index”) plus a margin based on creditworthiness and credit limit. As of September 19, 2024, the index value is 8.00%. The floor APR will be 3.00%. An increase in the Index will result in an increase in the periodic rate which, in turn, will result in higher payments. In no event, will the APR increase by more than 18% or the maximum rate allowed by applicable law. This is a limited time offer and is subject to change at any time without notice.
The minimum advance during the draw period is $4,000. Property insurance is required, including flood insurance where applicable. Texas homestead properties are limited to 80% combined loan to fair market value for home equity financing. All loans are subject to credit approval and Credit Union of Texas lending policies. Other restrictions may apply. In Texas, there is a 12-day cooling off period on all HELOCs. There is also a three-day right of rescission after closing before the funds may be disbursed. Actual time of funding closing may differ depending on appraisal, title and other underwriting requirements. The account is subject to application, credit qualification, and income verification; additional evaluation and verification criteria may apply. CUTX home loan programs are only available in Texas. Borrower will be responsible for certain closing costs, as required, which may include, but not limited to, appraisal and title policy fees. Other restrictions, terms and conditions may apply. NMLS #576560 Credit Union of Texas provides mortgage loans through its affiliate Texas Mortgage Lending, LLC, NMLS #1641703 . Membership required.