No. The credit union currently only offers Conventional Home Improvement loans.
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
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
*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.
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Rates
Home Equity Loan Rates
Rates Effective as of: 12-01-2020Term Rates APR1 as low as Monthly Payment2 Up to 15 years 4.74% 5.139% $932.78 Apply Today Up to 20 years 5.00% 5.316% $791.95 Apply 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: 12-01-2020Term Rates APR1 as low as Monthly Payment2 Up to 15 years 4.74% 5.139% $932.78 Apply Today Up to 20 years 5.00% 5.316% $791.95 Apply 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.
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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.
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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?
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.
How can we help you succeed?
- What would you like to borrow for?
- A home
- Sounds great. We offer Mortgage Loans at great prices, as well as refinancing options.
- A vehicle
- Cool! Are you looking for a regular car, or something a little more adventurous?
- Something adventurous
- Awesome! We have low rates and long terms for all kinds of exciting vehicles, including Boats, RVs, and Motorcycles.
- A regular car is fine with me
- Sounds good! We have low rates available for both new and used
Auto Loans. We can also Refinance your current loan with another institution.
- Sounds good! We have low rates available for both new and used
- Something adventurous
- Cool! Are you looking for a regular car, or something a little more adventurous?
- An education
- Right on! We have Student Loans available through our trusted partner, Sallie Mae.
- Something else
- Sounds good! Are you more interested in a lump sum or a line of credit?
- Lump sum
- Terrific! We offer Personal Loans for any need, including weddings, vacations, and debt consolidation.
- Line of credit
- Great! We think you’ll love our Redi-Credit option. It’s a flexible line of credit, where you’ll only pay interest on what you spend.
- Lump sum
- Sounds good! Are you more interested in a lump sum or a line of credit?
- I’m mostly interested in a credit card
- Sounds good! Be sure to check out our Platinum Credit Card. It’s one of the best deals around, and includes plentiful rewards.
- A home
- What would you like help with?
- Accessing my accounts
- Okay, how would you like to access your accounts?
- Online
- Ok! Is this is your first time using Online Banking?
- Yes
- Sounds good. You can enroll in Online Banking right here. You’ll need your social security number and AFFCU member number.
- No
- Great. To access your account, simply click “Login” in the upper right hand corner of the page.
- Yes
- Ok! Is this is your first time using Online Banking?
- On my mobile device
- Great! First make sure you’re enrolled in online banking. Then, download our free app for iPhone or Android.
- Online
- Okay, how would you like to access your accounts?
- Opening a checking account
- Great! We have several options available, so head over to our Compare Checking Accounts page to figure out which is right for you.
- Signing up for eStatements
- Cool! If you are already signed up for and using our online banking service, all you need to do is click on the eStatements tab (in the blue menu bar) to start enrolling.
- Running my small business
- Good for you! Our partner Newtek offers a variety of services to help you manage your small business, including payrolls services, payment processing, and web design.
- Getting insurance
- Perfect, we offer discounts on auto, home and life insurance through our partner, Trustage.
- Accessing my accounts
- What would you like to save for?
- The holidays
- Nice! We think you’ll love our Christmas Club account.
- I’d like to open a savings account for my child
- Great idea! We have several Youth Savings accounts available, depending on your child’s age.
- Something else – and I’d like to earn a good interest rate
- Do you have some money saved up already?
- Yes, quite a bit
- Nice! Are you okay with leaving your money untouched for a while?
- Sure
- Great! We think you might like one of our Share Certificates. You agree to leave your money untouched for a while in exchange for a higher interest rate.
- I’d prefer to make withdrawals when I need to.
- Sounds good. Check out our Elite Checking account or Money Market account. These accounts are a little more flexible, but still get you a higher rate.
- Sure
- Nice! Are you okay with leaving your money untouched for a while?
- Not much
- No worries. Once you open a Regular Savings account, you can open secondary accounts for whatever you need, including college, rainy day funds and more.
- Yes, quite a bit
- Do you have some money saved up already?
- I’d prefer just a basic savings account
- Ok! Our Regular Savings sounds just right for you. It also secures your AFFCU membership.
- The holidays