Financial Planning
Debt ConsolidationHome 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.
Close on a home equity loan between April 1st through May 31st for a chance to win the Ultimate Astros Fan experience!
Take advantage of your home's equity by borrowing for what you need...
- Home improvements
- Consolidate Debt
- New Pool
- Land Purchases
- Education Costs
- Vacations
- And MORE... The Choice is YOURS!
Home Equity Loan
A home equity loan is a smart way to access the equity you've built to help cover expenses for your immediate financial needs. Use your home equity loan to finance large improvement projects or upgrades. You can also use it to consolidate debt, pay for education costs, or cover unexpected events.
Whatever your dreams and goals, your home's equity can help.
Home equity loans allow you to borrow up to 80% of your home's value and receive a lump sum of cash. You repay the loan over time with fixed monthly payments over the life of the loan.
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. A Home Equity Line of Credit allows you to tap into your home's value as needed. Many homeowners use their line of credit for major items, such as education costs, home improvement projects, medical bills, or for unexpected emergencies. 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.
You can generally borrow up to 80% of your home's value minus your existing mortgage payment. At Texas Bay, the minimum amount for a Home Equity Line of Credit is $10,000.
Check out our Home Equity Loan and Home Equity Line of Credit blogs to learn more. Have questions about the best option for you? Contact our team of experts today.
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Home Equity Line of Credit FAQs
How does a HELOC work for Texas Residents?
A Texas Bay Credit Union home equity line of credit (HELOC) is a line of credit with a specified draw period and fixed repayment term after the draw period concludes. The draw period is the time during which you can access funds from your line of credit.
What is the draw period on a HELOC and what happens when it ends?
The draw period is the time during which you can access funds from your line of credit. The draw period for a Texas Bay Home Equity Line of Credit is 5 years. You can use as much or as little of the funds you need, up to your limit.
During the draw period, payments will be due monthly. You have the option to make interest-only payments or principal and interest payments.
Once the draw period ends, you can no longer access funds from your line of credit, and you must make monthly principal and interest payments over your repayment period.
What is the interest rate on a HELOC for Texas Residents?
Texas Bay's Home Equity Line of Credit is a variable rate loan. Rates, terms, and conditions are subject to change based on creditworthiness, qualifications, and collateral conditions.
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.
If you make only the minimum monthly payment, you may not pay your balance in full during the repayment period, and you may be required to make a single "balloon payment" to pay the loan in full.
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.
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.
Disclosure:
1Loan 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.
If you don’t have a home or sufficient equity, consider a Texas Bay Personal Loan.
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