Home Equity Loans
You have a wonderful home. Here's a reason to love it even more.
When is the perfect time for that big purchase or major project? Right now!
Whether you want to add rooms to your house, make a splash with a new boat, or send the family scholar to college, it can be challenging to come up with the funds to make it happen. At HFCU, we have the solution - you can use your home's value as collateral for an affordable loan that can be used for almost any purpose.
- Loan funds provided in a lump sum
- Borrowing limit based on the equity you have in your home (Equity is the current market value minus your remaining mortgage balance and minus home improvement loans that use your home as collateral)
- Affordable rates that are generally lower than credit card or personal loan rates
- Often used to consolidate higher interest debt and credit card balances
- Schedule convenient automatic payments through Online or Mobile Banking
- Get personal attention from a friendly lender who can guide you through the application process
Must be eligible for Houston Federal Credit Union membership and open a share savings account with a $5 minimum deposit in order to become a member and obtain any product or service.
APR is Annual Percentage Rate. Normal credit criteria apply. Rates for approved loans are based on the applicant’s credit history. Stated “rates as low as” apply to well-qualified applicants and apply to first liens only. Loan term, loan to value (LTV) and/or down payment, for example, may vary based upon your credit history. Other restrictions may apply and rates are subject to change without notice. Maximum APR not to exceed 18%. Talk to a loan officer for details.
Texas and South Carolina Home Equity Closing Costs: The member will pay all normal closing costs which include the following fees: title search, recording fee, release of lien, flood determination, and credit report. Additional fees such as any necessary title insurance, appraisal, survey, mobile notary fee, and attorney fees will be the responsibility of the member. This is not limited to promotional periods.
Texas Home Equity Loan Disclosure: The principal loan amount at the time the loan is made must not exceed an amount that, when added to the principal balances of all other enforceable liens against your home, is more than 80% of the fair market value of your home. Texas residents may only have one home equity loan or HELOC in a 12-month period.
South Carolina Home Equity Disclosure: The mortgage amount may not exceed the lesser of 90% of the taxed assessed value or 80% of a certified appraisal. South Carolina residents are limited to establishing one home equity loan or home equity line of credit at one time.
Federal Credit Union NMLS #673404
Houston Federal Credit Union is a full-service financial institution serving Greater Houston, Texas, with branches in Sugar Land, Houston, Rosenberg and Missouri City, as well as Greenville, South Carolina.