A Home Equity Loan Gives You Options
Is it time to give your old kitchen a face-lift? Is the dated tile in your bathroom giving you the blues? It might be time to get a home equity loan from TPFCU!
Of course you can use the money for home improvements, but did you know you can use a home equity loan for anything you want? There are no restrictions imposed for how you can use the funds. And you’ll pay among the lowest Texas home equity loan rates possible.
Borrow Against the Value of Your Home
Borrow up to eighty percent (80%) of the value of your home (less any other amounts you owe on your home) with terms up to 15 years. And better yet, your home equity loan may even be tax deductible! You may be able to deduct your home-equity interest payments (consult your tax advisor for details). Home equity loans differ from other personal loans in this respect, and that they’re also influenced by the fair market value of your property.
It’s also possible to estimate how much you can borrow. If you know the appraisal value of your home, multiply it by 0.80. If you have existing liens on your home, subtract their amounts to calculate the maximum amount you can get. This simple home equity calculator reveals the loan estimate you can request.
| Term | Amount Available |
|---|---|
| up to 84 months | up to $25,000 |
| up to 10 years | $25,000 to $50,000 |
| up to 15 years | $50,000 to $100,000 |
* All rates are quoted at the Annual Percentage Rate (APR)
* Your rate is based on your individual credit score and the term of the loan
* Rates are subject to change at any time
* Federally insured by NCUA
* Equal Housing Opportunity Lender
* TPFCU physical addresses are:
7200 Hillside Road, Amarillo, Texas 79109
3601 W. 15th, Amarillo, Texas 79106
120 Hunsley Road, Canyon, Texas 79015
423 N. Main, Childress, Texas 79201
Follow These Easy Steps to Apply for a Home Equity Loan
A home equity loan can be used to fund home improvement projects, cover educational costs, and pay for major purchases like vacations, weddings, and celebrations. You can also use it for debt consolidation and pay down credit card debt. Whether you want to consolidate debts or take the family skiing, you can do whatever you want with home equity loans. If you have enough equity in your home, you can even use a home equity loan to buy another house, and even pay your real estate agent!
A Texas equity loan from TPFCU uses your home as collateral. It therefore comes with fixed interest rates that are lower than most other loans. You’ll have access to funds as a single lump sum. Paid interest may potentially be deducted from your property taxes.
Yes, there are no limitations on what you can use the funds for. Use your Texas home equity loan to fund your next project or cover the cost of any purchase.
To apply for a home equity loan in Texas with TPFCU, click “Products and Services” on our website and select “Home Equity Loans” from the drop down menu. Follow the tabs to reach our home equity loan application and RESPA Disclosure Statement. Print both documents, fill out the application, sign both documents, then call to schedule an appointment with a mortgage officer. A mortgage officer will explain what you can expect to pay over the life of the loan, including interest rates.
The documents you need depend on the loan you apply for. When you apply with TPFCU, the cover sheet will itemize all the documents required and provide a list of guidelines. The RESPA Disclosure Statement will explain your rights under Federal law; you must print, sign, and include it with your application. Lastly, you must completely fill out your home equity loan application.
There will be an Origination Fee of 1% of the loan amount plus the cost of an appraisal if the loan amount is over $50,000.
We will cover the cost to process your home equity loan, with the exception of appraisals, if your loan amount or cash-out value is $10,000 or more.
It’s an assessment of risk used by lenders. The higher the LTV ratio, the higher the risk of issuing a home equity loan.
A comparison of the debt you owe on a monthly basis to how much you earn. It’s expressed as a percentage of your gross monthly income that is spent on rent, mortgage, credit cards, and other kinds of debt.
Based on a variety of factors, it can take two weeks to two months to approve your application. We do our best to offer a fast home equity loan process. Make sure you have all proper documentation, including a current mortgage statement, proof of income and property tax bill, to minimize delays in obtaining your home equity loan.
It depends on your financial goals. A home equity loan factors in the equity that’s built up on your property and gives you cash in exchange. It’s a separate loan. With cash-out refinances, your old mortgage is paid off in exchange for a new loan, often at a lower interest rate.
Talk to TPFCU for More Information
Get in touch with TPFCU for more home equity resources and apply today for a home equity loan at a low fixed rate. Call 806-359-8571 to have your questions answered by a dedicated loan specialist or enter your email address to have us contact you.
