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Home Equity & Home Improvement Loans

The possibilities are endless

Currently available in Texas and Colorado*

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  • Overview

    Home Equity Loan

    AFFCU Home Equity loan benefits include:

    • Use for any purpose, including home improvement, debt payoff or a vacation
    • Features fixed-rate payments
    • Lump sum disbursement
    • Loan terms available up to 240 months

     

     

     

     

    Apply Today


    Home Improvement Loan

    AFFCU Home Improvement loan benefits include:

    • Renovate your bathroom, kitchen or add a pool1
    • Increase the value of your home
    • Possible tax benefits to you2

     

     

     

     

    Apply Today

    *Loans must be on single family detached residential property located in Texas or Colorado. Please check back as additional states will be made available in the future.
    1Estimate or contract for home improvement project must be provided.
    2Consult a tax advisor about your specific situation.

     


     

     

    FREE Interactive Lesson

    Creating a Budget

    Have you ever run out of money before the end of the month? Determine your monthly income and expenses to create a budget so you know where your money is going instead of wondering where it went.

     

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    Creating a Budget


     

    Family Conversations About Money

     

    FREE Interactive Lesson

    Family Conversations About Money

    Although money concerns may put a strain on relationships and conversations about money can be stressful, having family conversations proactively may help.

     

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  • Rates

    Home Equity Loan Rates

    Rates Effective as of: 12-01-2020
    TermRatesAPR1 as low asMonthly Payment2
    Up to 15 years4.74%5.139%$932.78Apply Today
    Up to 20 years5.00%5.316%$791.95Apply Today

    1 APR= Annual Percentage Rate. APR reflects the interest rate, as well as mortgage fees and other charges you may have to pay to get the loan. Financing available for properties in Texas or Colorado. Membership eligibility required. Loan subject to credit approval. Minimum loan amount may apply. Rate based on the loan amount and CLTV (combined loan-to-value) ratio. Rate may differ. Rates and terms are subject to change at any time without notice; other restrictions may apply. Maximum CLTV on primary residences in Colorado up to 100% and 80% in Texas. Borrower may be responsible for additional costs such as origination fee, appraisal fee, credit report, title search, courtesy closing fee, and recording fee. Property insurance is required, including flood insurance where required.

    2 Payment examples based on a $120,000 loan amount. Rate assumes a ≤ 90% LTV and a minimum credit score of 700. Estimated payment does not include taxes and insurance premiums, actual payment may be greater.

    Home Improvement Loan Rates

    Rates Effective as of: 12-01-2020
    TermRatesAPR1 as low asMonthly Payment2
    Up to 15 years4.74%5.139%$932.78Apply Today
    Up to 20 years5.00%5.316%$791.95Apply Today

    1 APR= Annual Percentage Rate. APR reflects the interest rate, as well as mortgage fees and other charges you may have to pay to get the loan. Financing available for properties in Texas or Colorado. Membership eligibility required. Loan subject to credit approval. Minimum loan amount may apply. Rate based on the loan amount and CLTV (combined loan-to-value) ratio. Rate may differ. Rates and terms are subject to change at any time without notice; other restrictions may apply. Maximum CLTV on primary residences in Colorado up to 100% and 80% in Texas. Borrower may be responsible for additional costs such as origination fee, appraisal fee, credit report, title search, courtesy closing fee, and recording fee. Property insurance is required, including flood insurance where required.

    2 Payment examples based on a $120,000 loan amount. Rate assumes a ≤ 90% LTV and a minimum credit score of 700. Estimated payment does not include taxes and insurance premiums, actual payment may be greater.

  • Calculator

    Debt Consolidation Calculator

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  • HE Questions

    Frequency Asked Questions for Home Equity Loans

    What can I use the funds from an AFFCU Home Equity loan for?

    You may use the funds from your AFFCU Home Equity loan for any purpose, such as to pay off debt, a college education, take a vacation, or do home improvements.

    What state does my property need to be located in to apply for an AFFCU Home Equity loan?

    Loans must be on single family detached residential property located in Texas or Colorado. Please check back as additional states will become available in the future.

    If I am using the Home Equity funds for home improvement purposes, am I required to get a contractor?

    No. You do not have to get a contractor if the funds are from an AFFCU Home Equity loan.

    On what type of property can I get an AFFCU Home Equity loan on?

    Loans must be on single family detached residential property located in Texas or Colorado. This would include a home, vacation home, duplex or condominium.

    Do I have to occupy the home I want to get the AFFCU Home Equity loan on?

    Yes. It must be your permanent residence, however in the case of a vacation or second home, you can get a loan on that property as long as it is not used as a rental for the life of the loan.

    How do I determine my home’s value?

    An appraisal and a current title search are required on most AFFCU Home Equity loans. Your mortgage specialist will determine what is required and will order these for you.

    What are the minimum/maximum loan amounts I can borrow?

    The minimum loan amount is $40,000. The maximum loan amount is $275,000 depending on your qualifications.

    Does AFFCU require points to be paid on the loan?

    AFFCU does not charge points on their Home Equity loans; however you have the opportunity to pay points to reduce the rate. For instance, 1 point = 0.25% rate reduction. The maximum discount available is 2 points.

    Does AFFCU charge a loan application fee?

    No, there is no fee to apply for an AFFCU Home Equity loan.

    Does AFFCU charge pre-payment penalties?

    No, there are no penalties charged for making extra payments on your AFFCU Home Improvement Equity loan or paying it off early.

    Is Private Mortgage Insurance required on a Home Equity loan?

    No. AFFCU does not charge PMI on their Home Equity loans.

    Will applications only be taken online?

    Yes. Applications will be taken online only. The applications go directly to AFFCU’s mortgage partner, Certified Funding. If applications are incomplete, Certified Funding will call you and assist you with your application. Disclosures, documents, and closing coordination will be handled by Certified Funding.

    Do I have to get Homeowner’s Insurance on my Home Equity loan?

    Yes. You must carry Homeowner’s Insurance to cover the first and second lien amounts on the home.

    Can I take the proceeds from the Home Equity loan as I wish?

    No. The loan will be disbursed to you in a lump sum.

  • HI Questions

    Frequency Asked Questions for Home Improvement Loans

    What can I use the funds from an AFFCU Home Improvement loan for?

    Home Improvement loan proceeds can only be used for repairing, rehabilitating, remodeling or improving a dwelling on the real property on which the dwelling is located.

    What state does my property need to be located in to apply for an AFFCU Home Improvement loan?

    Loans must be on single family detached residential property located in Texas or Colorado. Please check back as additional states will become available in the future.

    On what type of property can I get an AFFCU Home Improvement loan on?

    Loans must be on single family detached residential property located in Texas or Colorado. This would include a home, vacation home, duplex or condominium.

    Do I have to occupy the home I want to do the AFFCU Home Improvement loan on?

    Yes. It must be your primary residence, however in the case of a vacation or second home, you can get the loan on that property as long as it is not used as a rental for the life of the loan.

    How much can I borrow against my home’s value?

    100% of your home improvement costs can be financed if the mortgage balance plus the home improvements do not exceed 95% of the market value of your primary residence, or 90% of a second home.

    How do I determine my home’s value?

    An appraisal and a current title search are required on most AFFCU Home Improvement loans. Your mortgage specialist will determine what is required and will order these for you.

    What are the minimum/maximum loan amounts I can borrow?

    The minimum loan amount is $40,000. The maximum loan amount is $275,000 depending on your qualifications.

    Does AFFCU require points to be paid on the loan?

    AFFCU does not charge points on their Home Improvement loans; however you have the opportunity to pay points to reduce the rate. For instance, 1 point = 0.25% rate reduction. The maximum discount available is 2 points.

    Does AFFCU charge a loan application fee?

    No, there is no fee to apply for an AFFCU Home Improvement loan.

    Does AFFCU charge pre-payment penalties?

    No, there are no penalties charged for making extra payments on your AFFCU Home Improvement loan or paying it off early.

    Can I purchase supplies ahead of time?

    No work may begin or supplies purchased prior to the loan funding.

    Is Private Mortgage Insurance required on these loans?

    No. AFFCU does not charge PMI on their Home Improvement loans.

    Can I get an FHA or VA Home Improvement loan?

    Yes. Applications will be taken online only. The applications go directly to AFFCU’s mortgage partner, Certified Funding. If your application is incomplete, Certified Funding staff will call you and assist you with your application. Disclosures, documents, and closing coordination will be handled by Certified Funding.

    What if I didn’t want to get a contractor and wanted to do the repairs myself?

    A licensed contractor is required on AFFCU Home Improvement loans.

    What if I am a licensed contractor? Will I be able to do the improvements myself?

    Yes. If you are a licensed contractor, you can perform the work as you would any other project as long as you act independent of the project.

    Do I have to set up an escrow account?

    No escrow account is required.

    Do I have to get homeowner’s insurance?

    Homeowner’s insurance is required to cover the loan amount and any prior liens.

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