Home Equity Loans & Lines of Credit in Houston, Texas
What dream can your home help you check off your bucket list?
Looking into home equity loans and lines of credit in Houston, TX? Texas Bay Credit Union has you covered! You have worked hard for your home, now make your home work for you with a Home Equity Loan1,3 or Home Equity Line of Credit (HELOC)2,3 from Texas Bay. The equity in your home is your door to endless possibilities.
Take advantage of your home's equity by borrowing for what you need...
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To learn more about home equity loans with Texas Bay, make sure to contact our team of experts today.
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Home Equity Loan
A Home Equity Loan gives you a lump sum up front to pay for your expenses. You make fixed payments at a fixed interest rate over the life of the loan. A Home Equity Loan is great option when you know exactly how much you need to borrow. For instance, an extensive home remodeling project or debt consolidation.
Home Equity Line of Credit
A Home Equity Line of Credit allows you to tap into your home's value as needed. HELOC's are great for smaller home renovation or repair projects that are spread out over time or if you are looking for that financial cushion for commission or self-employed income. You have the flexibility to borrow, with a variable rate, as much or as little as you need up to your limit, repay it all or in part, and borrow again over the life of the HELOC withdrawal term.
What is a home equity line of credit?
A Texas Bay Credit Union home equity line of credit (HELOC) is a loan against the equity in your home (market value of your home less liens against the property) that gives you a revolving credit line to use for larger expenses or to consolidate higher-interest rate loans or credit cards.
How does a HELOC work for Texas Residents?
A Texas Bay Credit Union home equity line of credit (HELOC) works much like a credit card. As you pay down the loan, you open up the amount of available credit. You can borrow against it over and over until the term is up.
What is the interest rate on a HELOC for Texas Residents?
The initial interest rate on a Texas Bay Credit Union’s home equity line of credit (HELOC) varies depending on the amount of the loan, the term of the loan, the member’s credit and employment history. This loan is a variable rate loan, so the rates are going to change each time you borrow against the line of credit.
How long is the repayment period for a HELOC in Texas?
At Texas Bay Credit Union:
- For a 1st lien, there is a 5-year draw period with a 20-year repayment period.
- For a 2nd lien, there is a 5-year draw period with a 15-year repayment period.
Can I use a HELOC to pay off other debts?
Absolutely! You can use a Texas Bay Credit Union’s home equity line of credit (HELOC) to pay down or pay off higher-interest rate loans and credit cards.
What are the fees associated with HELOC for Texas Residents?
The standard fees for home equity lines of credit are:
- Origination fee
- Processing fee
- Deed filing fee
- Flood certificate fee
- Tax certificate fee
- Lien search fee
- In some situations, a disaster inspection of appraisal fee may be assessed.
What are the risks of taking out a HELOC for Texas Residents?
The primary risk is your home. You are using your home as collateral and nonpayment of the loan will cause you to lose your house.
Interested, but not quite sure what option, a Home Equity Loan or HELOC, work best for you?
Our Financial Service Representatives are here to help answer all your questions and assist you in finding the best option to help you reach your financial goals.
¹Loan amount cannot exceed 80% of the collateral value, less outstanding liens. Loan amount cannot exceed 80% of the collateral value, less outstanding liens. 2Minimum Home Equity Line of Credit amount is $10,000. Loan amount cannot exceed 80% of the collateral value, less outstanding liens. 3Interest paid on a Texas Bay Home Equity Loan or Line of Credit might be tax deductible; please consult your tax advisor. Credit criteria applies.
4Relationship Product Discounts lower your rate up to a .50% reduction from the standard rate. The standard rate is based on your credit at the time of application. Discounts per product vary. A combination of products reach up to .50% rate deduction.
If you don’t have a home or sufficient equity, consider a Texas Bay Personal Loan.