With a home equity loan from The People’s Federal Credit Union, your home’s value becomes a financial asset. You can use the money for home improvement, debt consolidation, major expenses, or anything else you might want. There are no restrictions imposed for how you can use the funds, and you’ll pay among the lowest Texas home equity loan rates possible.
Tap Into the Equity of Your Home to Fund Your Next Project
With a Home Equity Loan from TPFCU, you can borrow up to 80% of the value of your home (less any other amounts you owe on your home) with terms up to 15 years. And better yet, your home equity loan may even be tax deductible! You may be able to deduct your home equity interest payments (consult your tax advisor for details). Home equity loans differ from other personal loans in this respect, and that they’re also influenced by the fair market value of your property.
Borrow Against The Value of Your Home
At TPFCU, we’re dedicated to giving you the freedom to choose how you use your money. With our Home Equity Loans, you have the flexibility to spend your cash your way:
- Up to 80% of home’s fair market value
- Low, fixed interest rates
- Terms up to 15 years
To estimate how much you can borrow:
- If you know the appraisal value of your home, multiply it by 0.80 (80%).
- If you have existing liens on your home, subtract their amounts to calculate the maximum amount you can get.
This simple home equity calculation reveals the loan estimate you can request.
|
Term |
Amount Available |
|
up to 84 months |
up to $25,000 |
|
up to 10 years |
$25,000 to $50,000 |
|
up to 15 years |
$50,000 to $100,000 |
Flexible Financing Options
Our Amarillo, TX area credit union offers a few options so that you can choose the right home equity product for your needs.
Home Equity Loans (HELOAN)
A home equity loan offers a fixed interest rate and fixed monthly payments. You receive a lump sum upfront, making it ideal for large, one-time expenses like buying a new home or renovating an existing one. A HELOAN is sometimes called a lot loan or home improvement loan.
Benefits of a Home Equity Loan From TPFCU
- Competitive Interest Rates: Our HELOAN specialists can help you get the lowest rates in the Amarillo, TX
- Fair Market Rates: Our loans are influenced by the current market value of your home, ensuring you get a fair deal.
- Flexible Loan Terms: Choose terms that fit your financial situation, up to 15 years.
- Tax Advantages: Interest payments on home equity loans may be tax-deductible.
Eligibility Criteria
To qualify for home equity lending with our credit union, you must:
- Own a home with sufficient equity
- Have a good credit score
- Provide proof of income
- Meet debt-to-income ratio requirements
Apply for a TPFCU Home Equity Loan Today
Whether you’re renovating a house or just paying bills, a home equity loan from The People’s Federal Credit Union can give you the financial freedom you need. Get in touch with TPFCU for more home equity resources and apply today for a home equity loan at a low fixed rate. Call 806-359-8571 to have your questions answered by a dedicated loan specialist.If you’re ready to apply:
- Review Our Cover Sheet
- Gather Documentation Requested
- Print and Sign RESPA Disclosure Statement RESPA Disclosure Statement
Call Our Loan Department at 806-359-8571. Contact Brittanie Hawkins, NMLS ID# 2459370 or Heather McKinnon NMLS ID#187211.
Frequently Asked Questions
A home equity loan can be used to fund ambitious projects, home improvements, educational costs, and major purchases like vacations, weddings, and celebrations. You can also use it for debt consolidation and pay down credit card debt. Whether you want to consolidate debts or take the family skiing, you can do whatever you want with home equity loans. If you have enough equity in your home, you can even use a home equity loan to buy another house, and even pay your real estate agent!
A Texas equity loan from TPFCU uses your home as collateral. It therefore comes with fixed interest rates that are lower than most other loans. You’ll have access to funds as a single lump sum. Paid interest may potentially be deducted from your property taxes.
Yes, there are no limitations on what you can use the funds for. Use your Texas home equity loan to fund your next project or cover the cost of any purchase.
To apply for a home equity loan in Texas with TPFCU, click “Products and Services” on our website and select “Home Equity Loans” from the drop down menu. Follow the tabs to reach our home equity loan application and RESPA Disclosure Statement. Print both documents, fill out the application, sign both documents, then call to schedule an appointment with a mortgage officer. A mortgage officer will explain what you can expect to pay over the life of the loan, including current rates of interest. You’ll receive an early disclosure form with these estimates.
The documents you need depend on the loan you apply for. When you apply with TPFCU, the cover sheet will itemize all the documents required and provide a list of guidelines. The RESPA Disclosure Statement will explain your rights under Federal law; you must print, sign, and include it with your application. Lastly, you must completely fill out your home equity loan application.
There will be an Origination Fee of 1% of the loan amount plus the cost of an appraisal if the loan amount is over $50,000.
We will cover the cost to process your home equity loan, with the exception of appraisals, if your loan amount or cash-out value is $10,000 or more.
It’s an assessment of risk used by lenders. The higher the LTV ratio, the higher the risk of issuing a home equity loan.
A comparison of the debt you owe on a monthly basis to how much you earn. It’s expressed as a percentage of your gross monthly income that is spent on rent, mortgage, credit cards, and other kinds of debt.
Based on a variety of factors, it can take two weeks to two months to approve your application. We do our best to offer a fast home equity loan process. Make sure you have all proper documentation, including a current mortgage statement, proof of income and property tax bill, to minimize delays in obtaining your home equity loan.
It depends on your financial goals. A home equity loan factors in the equity that’s built up on your property and gives you cash in exchange. It’s a separate loan. With cash-out refinances, your old home mortgage is paid off in exchange for a new loan, often at a lower interest rate.
You can borrow up to 80% of your home’s fair market value, minus any existing mortgage loan balances (the more you’ve paid down your mortgage loan, the more you’ll have to work with).
A good credit score, typically 620 or higher, is required. This ensures you get the best possible interest rates.
You can get a professional appraisal to determine your home’s current market value, or you can use online tools for an estimate. The appraisal is likely to be most accurate.
Fixed rates are constant, providing predictable payments. Variable rates fluctuate depending on the market conditions, changing payments over time. Talk to a loan specialist to discuss current rates and determine what’s best for you.
Yes, home equity loans are an excellent option for debt consolidation. They offer lower interest rates than credit cards and personal loans. Consolidating debt with a home equity loan can help reduce monthly payments.
The maximum term is 15 years. This allows for manageable monthly payments over a longer period, reducing the financial burden.
The amount depends on your home’s value and existing mortgage balance. We’ll help you determine the exact amount you can borrow, based on your financial situation and the equity in your home.
* All rates shown are quoted at their Annual Percentage Rate (APR)
* Rates are based the term of the loan and your individual credit score
* These rates are subject to change without notice
* Federally insured by NCUA
* Equal Housing Opportunity Lender
* TPFCU physical addresses are:
7200 Hillside Road, Amarillo, Texas 79109
3601 W. 15th, Amarillo, Texas 79106
120 Hunsley Road, Canyon, Texas 79015
423 N. Main, Childress, Texas 79201
