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Fort Worth Home Equity Loans Tips, Info & FAQs
A fixed-rate loan secured by the equity in your home
If you have some big goals or projects coming up in Fort Worth, a home equity loan may be the right choice for you.
What is a home equity loan?
Like any loan, a home equity loan supplies you with a large sum of money up front. Then, you pay the loan back, usually with monthly payments. What makes a home equity loan special is that it uses the equity in your home as collateral, which means you get better terms like a lower interest rate and a longer repayment period.
What can a home equity loan do?
There are no restrictions on what a home equity loan can be used for. However, for most people in Fort Worth, a home equity loan is a great way to accomplish larger financial goals. For example, a home equity loan is a good way to consolidate high-interest debt. Use the proceeds from your home equity loan to pay off your higher interest debt like credit cards or personal loans. In doing so, your credit score may increase as the balances on your cards are both paid on time and reduced to zero. And, thanks to a lower interest rate from your home equity loan, your repayment costs will be lower as well.
Another popular use for home equity loans is remodeling your Fort Worth home. This clever financial move uses the equity in your home to pay for improvements that will then increase the equity in your home by increasing your home’s overall value.
Sometimes home equity loans are a solid way to make a big purchase, especially when other financing might be more expensive. You can also use a home equity loan to help pay for college or pay off medical expenses.
Is a home equity loan right for me?
At United Texas Credit Union, we understand that major financial decisions can be stressful, that is why we are here to help.
A home equity loan offers a fixed interest rate on a loan for part of your Fort Worth home’s equity. A home equity loan may be right for you if you have high-interest rate loans to pay off or outstanding bills you need to pay. A home equity loan is often right for people looking to make home improvements, whether for your own use or to take advantage of the Fort Worth housing market.
How we help
At United Texas Credit Union, we are always here to help. We offer competitive interest rates that may be lower than other financial institutions. For certain loans, we may even be able to offer zero third-party closing costs. Contact us or stop by a local Fort Worth branch today.
From our Blog
FAQs
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Are there prepayment penalties?
No. You may prepay the loan without penalty or charge.
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What are the eligibility criteria to get a Home Equity Loan?
1. All applicants applying for our home equity loans in the Fort Worth area must be listed as a property owner.
2. The subject property must have a homestead exemption.
3. United Texas does not process home equity loans on condos, 3-4 unit properties, manufactured homes, or properties with an agricultural exemption. Properties with multiple dwellings will be considered on a case-by-case basis.
4. Texas properties only.
5. Only one home equity loan per homestead per member.
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Are there any fees?
Yes, effective August 1, 2018, there will be a $200 Document Preparation Fee for all Home Equity loans, in addition to any applicable appraisal fees (not all loans require an appraisal).
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What are the appraisal requirements?
1. Loan amounts between $30,000.00 to $100,000.00 will not require an appraisal.
2. Loan amounts between $100,000.01 to $250,000.00 will require a Qualitative Summary Appraisal Report (QSAR). The QSAR report requires a non-refundable $400.00 fee that is paid by the member.
3. Loan amounts between $250,000.01 to $500,000.00 will require a Full Single Family Residential appraisal (1004). The 1004 report will require a non-refundable $650.00 fee that is paid by the member.
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Are there any escrow requirements?
First and second lien home equity loans may require an escrow account to be established. Ask us for more details.
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Where can I close my home equity loan?
You may only close your loan at three locations: a title company, an attorney’s office or at the office of the lender.
Fort Worth Home Equity Loans Rates & Calculator
Loan Calculator
Information and interactive calculators are made available to you as self-help tools for your independent use. We cannot and do not guarantee their accuracy or their applicability to your circumstances. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues. Payments do not include amounts for taxes and insurance premiums, if applicable. The actual payment obligation will be greater.
Home Equity First Lien (Texas only)
| $30,000 - $500,000** | as low as 6.00% APR* | up to 60 months |
| $30,000 - $500,000** | as low as 6.50% APR* | up to 144 months |
| $30,000 - $500,000** | as low as 6.60% APR* | up to 180 months |
| $30,000 - $500,000** | as low as 6.90% APR* | up to 240 months |
| $30,000 - $500,000** | as low as 7.30% APR* | up to 300 months |
*APR means Annual Percentage Rate. Rates are effective as of June 1, 2023. The specific rate and term will be dependent upon your credit rating, collateral value, amount financed, and other factors. Rates and terms are subject to change without prior notice; other restrictions may apply. Payment per $1,000 is approximately $19.33 per month for 60 months at 6.00% APR.
**Independent appraisal (at member's expense) required on Home Equity Loans over $100,000.
Home Equity Second Lien (Texas only)
| $30,000 - $500,000** | as low as 6.49% APR* | up to 60 months |
| $30,000 - $500,000** | as low as 6.99% APR* | up to 144 months |
| $30,000 - $500,000** | as low as 7.09% APR* | up to 180 months |
| $30,000 - $500,000** | as low as 7.39% APR* | up to 240 months |
*APR means Annual Percentage Rate. Rates are effective as of June 1, 2023. The specific rate and term will be dependent upon your credit rating, collateral value, amount financed, and other factors. Rates and terms are subject to change without prior notice; other restrictions may apply. Payment per $1,000 is approximately $19.56 per month for 60 months at 6.49% APR.
**Independent appraisal (at member's expense) required on Home Equity Loans over $100,000.
Fort Worth Home Equity Loans Why United Texas
Home Equity Loan
- Access to funds from your home equity
- Competitive interest rates
- Terms up to 30 years
- Borrow up to 80% of the appraised value
- No prepayment penalties
Testimonial
I really appreciate Layton Shelton's professionalism and excellent communication skills. He kept me informed during every step of the process. The close procedure was easy and straightforward. I will use United Texas CU for my next loan.
Rob H., member since 2013
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Fort Worth Home Equity Loans How it Works
How it Works
STEP 1
To get your home equity loan, you’ll need to become a United Texas member. All that requires is a savings account with a minimum $5 opening deposit.
STEP 2
To process your home equity loan application, we’ll need the following documents:
- Completed loan application
- Your most recent W-2 and most recent pay stub. If you’re self employed, we’ll need all of the pages from your past two years of tax returns.
- Your last two months of bank statements.
- The most recent copy of your mortgage statement (if applicable).
- The declarations page of your homeowner’s insurance policy.
- Your most recent property tax appraisal statement.
- The most recent copy of the Deed of Trust from your last home loan.
STEP 3
Please drop off your documents at any of our convenient locations, or mail them to United Texas Credit Union, 5500 UTSA Boulevard, San Antonio, TX 78249. We’ll start processing your loan as soon as we receive these documents. Depending on the amount you want to borrow and other factors, you may need to arrange an appraisal of your property.
STEP 4
Once you’re approved, we’ll make arrangements with you to close the loan.
Need a Hand?
More Info
If you have questions or want more information, please contact one of our Financial Services Officers at (817) 834-9777 or toll-free at (800) 531-8456.
United Texas Credit Union is a lender licensed under the National Mortgage Licensing System and Registry under registration number 516820.
Richard J. Avina – NMLS ID: 1249045
Jesus Castillo – NMLS ID: 321443
Gordon Chin – NMLS ID: 1381781
David Contreras – NMLS ID: 2234250
Francheska Gonzales – NMLS ID: 2008846
Karina Hernandez – NMLS ID: 1774893
Shelby Johnson – NMLS ID: 2252687
Jon Llanes – NMLS ID: 1754564
Adolfo Martinez – NMLS ID: 567891
Lisa Rakus – NMLS ID: 1707677
Jorge A. Rocha, Jr. – NMLS ID: 513941
Layton Shelton – NMLS ID: 2252700
Juana Torres – NMLS ID: 1427693
Normal credit criteria apply.
Our standard online loan application is not valid for Home Equity Loans.