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Home Equity Loans

Take advantage of
your home's equity

Currently available in Texas*

  • 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 180 months

    Click the red “Apply Today” button to download an application. When complete, please save a copy for yourself and submit the application as well as any supporting documentation using any of the available methods listed below.

     

     

     

    Apply Today

    *Loans must be on single family detached residential property located in Texas.

     

     

    FREE Interactive Lesson

    Creating a Budget

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  • Rates

    Home Equity Loan Rates

    Rates Effective as of: 01-27-2022
    TermRatesAPR1 as low asMonthly Payment2
    60 months2.400%3.421%$442.58
    120 months2.550%3.077%$236.24
    180 months2.700%3.061%$169.06

    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. Membership eligibility required. Loan subject to credit approval. Minimum loan amount may apply. Rate based on credit score. Rates and terms are subject to change at any time without notice; other restrictions may apply. Maximum CLTV on primary residences 80% in Texas. Borrower may be responsible for additional costs such as origination fee, appraisal fee, credit report, title search, courtesy closing fee, notary fee, and recording fee. Property insurance is required, including flood insurance where required.

    2 Payment examples based on a $25,000 loan amount. Rate assumes a ≤ 80% LTV and a minimum credit score of 620. 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. 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. 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 may be 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 $25,000. The maximum loan amount is $300,000 depending on your qualifications.

    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.

    How do I apply for an AFFCU Home Equity Loan?

    Download the AFFCU Home Equity Loan Application. When complete, please save a copy for yourself and submit the application as well as any supporting documentation using any of the available methods listed below.

    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. Additionally, Flood Insurance may also be required in certain areas.

    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.

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
        • 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.
    • An education
      • Right on! We have Student Loans available through our trusted partner, Sallie Mae.
    • Something else
      • Terrific! We offer Personal Loans for any need, including weddings, vacations, and debt consolidation.
    • I’m mostly interested in a credit card
  • What would you like to save for?
    • The holidays
    • 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 Rewards Checking account or Money Market account. These accounts are a little more flexible, but still get you a higher rate.
        • 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.
    • I’d prefer just a basic savings account
      • Ok! Our Regular Savings sounds just right for you. It also secures your AFFCU membership.
  • 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
            • No
              • Great. To access your account, simply click “Login” in the upper right hand corner of the page.
        • On my mobile device
    • 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