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Home Equity Loans Tips, Info & FAQs
A fixed-rate loan secured by the equity in your home
With a Home Equity Loan from United Texas, you can consolidate high-interest debt, remodel your home, pay off medical expenses or even pay for college. These loans offer competitive rates, and depending on the loan amount, you may not have to worry about third-party closing costs.
4 DIY Ways to Add Value to Your Home
Whether you’re sprucing up your space to sell it or just to treat yourself, hiring a contractor can be expensive. Fortunately, there are some fixes you can make on your own. Here are a few that take minimal time and effort:
1. Build a deck.
Even a small deck can spruce up the facade of your home and add a touch of character. And compared to other major woodwork, it’s low risk and relatively easy.
2. Add a new coat of paint.
Not ready for power tools? Paint requires just a few affordable cans and the right brushes. Just touching up problem spots in your living room or kitchen makes a big difference.
3. Swap out fixtures.
Switching fixtures like door handles and faucets is a little change that goes a long way. Whether it’s replacing rusty shower heads or updating grimy doorknobs, ditching dated fixtures for shinier models yields satisfying results.
4. Add a back splash.
It’s not the first one most people think of, but this fix is a ripe piece of low-hanging fruit. Adding a back splash behind your kitchen sink prevents mold and gives the whole room a high quality, modern appeal.
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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Is the interest paid tax-deductible?
Interest paid may be tax-deductible. Consult a tax advisor about your specific situation.
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What are the eligibility criteria to get a Home Equity Loan?
1. All applicants applying for a home equity loan 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 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 $10,000.00 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 $300.00 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 $525.00 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.
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.
Home Equity First Lien (Texas only)
| $10,000 - $500,000** | as low as 4.25% APR* | up to 60 months |
| $10,000 - $500,000** | as low as 4.65% APR* | up to 144 months |
| $10,000 - $500,000** | as low as 4.80% APR* | up to 180 months |
| $10,000 - $500,000** | as low as 5.00% APR* | up to 240 months |
*APR means Annual Percentage Rate. Rates are effective as of October 24, 2018. 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.
**Independent appraisal (at member's expense) required on Home Equity Loans over $100,000.
Home Equity Second Lien (Texas only)
| $10,000 - $500,000** | as low as 5.50% APR* | up to 60 months |
| $10,000 - $500,000** | as low as 5.75% APR* | up to 144 months |
| $10,000 - $500,000** | as low as 6.00% APR* | up to 180 months |
*APR means Annual Percentage Rate. Rates are effective as of October 24, 2018. 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.
**Independent appraisal (at member's expense) required on Home Equity Loans over $100,000.
Home Equity Loans Why United Texas
Home Equity Loan
- Access to funds from your home equity
- Competitive interest rates
- Terms up to 20 years
- Borrow up to 80% of the appraised value
- No prepayment penalties
Testimonial
Jesus Castillo was an excellent person to work with. He was friendly, courteous and very efficient. We went from me calling and asking a question about paying off our loan faster to a new loan with a low interest rate which will save us some money too. We were very pleased with his professionalism, time and effort. He is an asset to this credit union. Thank you so much, Jesus!
Frank G., member since 2006
Reviews
Jesus was awesome! He recently helped us with a home equity loan. The process was seamless and the turnaround time was amazing! We were approved and processed in 1.5 weeks. When we met him in person for the closing, he was even more pleasant to work with. Jesus provided the best customer service and always returned our calls and responded to our emails promptly. Jesus is such a great asset to your office and you are truly blessed to have him.
We had a wonderful experience with Crystal De La Cruz processing our home equity loan. My initial contact with her was by phone, she was very sweet and knowledgeable. The rest of the claim process, because of my work schedule, was by email. She is very prompt in her replies (during regular business hours) and even called to make sure I understood the final process. She was even able to get us a Saturday appointment to sign the loan docs. Thank you Crystal for taking care of us!
Hi Carla - Thanks so much for letting us know about your recent experience with Crystal. We appreciate your choice to be a United Texas member. We're here for you when you need us! Thanks again! -Karla
Ricardo Guzman (Rich) has been an amazing help to us. We initially looked into a home improvement loan. Not only did he help us secure that loan, he also informed us (after reviewing our credit) that he could refinance our car loans at a lower rate with a lower payment. He walked us through the process and made it all as quick and simple as possible. AND it didn't stop there. He then informed us that they had a promotion for transferring loans which entitled us to $100 per loan. So we received an additional $200 in our account! Talk about a nice surprise! I would HIGHLY recommend United Texas to my friends. And I would direct them to Rich. Great experience!!
Audrey - Thank you for your feedback about your recent experience with Rick Guzman. We're proud to be able to serve you. If you need anything else, please let us know. We sincerely thank you for your choice to do business with us. - Karla
Review Home Equity Loans from United Texas
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
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 (210) 561-4500 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.
Maria Beckwith – NMLS ID: 1290194
Kris Boiles – NMLS ID: 555136
Jesus Castillo – NMLS ID: 321443
Gordon Chin – NMLS ID: 1381781
Crystal De La Cruz – NMLS ID: 1285886
Ricardo Guzman – NMLS ID: 1499593
Adolfo Martinez – NMLS ID: 567891
Lisa Rakus – NMLS ID: 1707677
Jorge A. Rocha, Jr. – NMLS ID: 513941
Beverley Vidaurri – NMLS ID: 635449
Normal credit criteria apply.
Our standard online loan application is not valid for Home Equity Loans.