Which home equity loan is right for you?
Streamline Home Equity Loan
Our signature home equity loan features competitive rates, flexible closing arrangements, and quick turnaround time, with no appraisal necessary.
Second Home 10/1 ARM2
An adjustable rate loan that supports the purchase of a second home. Offers a fixed rate for the first 10 years of the loan term.
Conforming 15-Year Fixed
A fixed-rate loan with payments spread over 15 years. You pay more each month, but you build equity quickly and spend less in interest over the life of the loan.
What can I use the home equity loan for?
Home equity loans are a convenient way to finance almost anything, including home improvements, an education, or a second property. Because of the competitive interest rates and potential tax advantages of home equity loans, you can also use them to consolidate credit card debt or high interest rate loans.
How much will I qualify for?
The minimum loan amount you qualify for will depend on how much equity you have in your home. Home equity is calculated as the appraised value of your homestead, minus the amount of your mortgage balance.
Section 50(a)(6)(B) of the Texas Constitution allows a loan amount up to eighty percent of the market value of the homestead.
Are there any closing costs?
Yes, you should expect to pay closing costs for your home equity loan.
Can home equity loan interest be deducted?
Interest may be tax-deductible. Check with your tax advisor.
Do I have other options if I do not want to borrow against my home’s equity?
If you have a TDECU Mortgage and do not want to borrow against your equity, a Home Advantage Personal Loan might be right for you.
1APR = Annual Percentage Rate
Minimum approved loan amount is $50,000. Total debts against a homestead are limited to 80% of the fair market value. Home Equity Loans (HELs) are subject to credit approval. Rates and terms are subject to change without notice. All HELs are available only on your primary residence in Texas. Borrower will be responsible for certain closing costs, which may include title insurance, appraisal fee, and survey costs. Property insurance is required. A 12-day cooling-off period is required by Texas Law before the loan may be closed and there is a three-day right of rescission after closing before the funds may be disbursed. In some instances, interest on a HEL may be tax deductible. Check with your tax advisor for more information.
2 ARM = Adjustable Rate Mortgage. Loans subject to credit approval. Example for a 3.25% APR on a $160,000 loan will require a monthly principal and interest payment of $696.33 for 30 years. Payment does not include taxes and insurance so actual payment obligation will be greater. ARMs are variable and the rate may increase after the original fixed rate period. Certain terms and conditions may apply.
3 Our financial calculators are provided as a free service to our Members. The information supplied by these calculators is from various sources based on calculations we believe to be reliable (but are not guaranteed, explicit or implied) regarding their accuracy or applicability to your specific circumstances. All examples are hypothetical and are for illustrative purposes and are not intended to provide investment advice. TDECU does not accept any liability for loss or damage whatsoever, which may be attributable to the reliance on and use of the calculators. Use of any calculator constitutes acceptance of the terms of this agreement. TDECU recommends you find a qualified professional for advice with regard to your personal finance issues.