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Home Equity Loans Tips, Info & FAQs
A fixed-rate loan secured by the equity in your home
Have you ever thought about a home equity loan? Whether you are in Bexar, Kendall, Comal and Tarrant Counties, our San Antonio and Fort Worth home equity loan options may just be what you need right now.
What is a home equity loan?
A home equity loan is just that—a loan. What makes it unique, however, is that you can use your home as collateral. This means that with the property you already own, you can take out a loan to help you with whatever expenses you may have.
What can a home equity loan do?
While you can use this loan for pretty much anything you need, it is a great way to start working on your bigger financial projects. It can help you:
- consolidate high-interest debt
- remodel your home
- pay off medical expenses
- pay for college
- take care of any emergency expenses
- start on long term investments
All of this, and more, is done with a fixed-rate line of credit.
Is a home equity loan right for me?
You are not the first person to ask if a home equity loan is right for you. At United Texas Credit Union, we understand the time and energy that goes into making these big financial decisions.
Here are some questions to ask yourself to see if a home equity loan may be right for you:
- Am I currently working to pay off a high interest loan?
- Do I have any outstanding bills that I need to pay for?
- Do I have personal or financial goals that I need money to pay for?
- Do I want to make changes to my home before I sell it?
If you answered “yes” to any of the questions above, it may be time for a home equity loan.
How we help
If you are new to the idea of a home equity loan and not too sure how it works, we are here to help. But do not be worried — these loans offer competitive rates and a proven history of lower interest rates. And, depending on the loan amount, you may not have to worry about third-party closing costs. Contact United Texas Credit Union to get the best loan option for you.
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 San Antonio home equity loans, offered to individuals throughout Bexar, Kendall and Comal Counties, 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 $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.
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 3.25% APR* | up to 60 months |
| $30,000 - $500,000** | as low as 3.75% APR* | up to 144 months |
| $30,000 - $500,000** | as low as 3.95% APR* | up to 180 months |
| $30,000 - $500,000** | as low as 4.75% APR* | up to 240 months |
| $30,000 - $500,000** | as low as 5.25% APR* | up to 360 months |
*APR means Annual Percentage Rate. Rates are effective as of June 20, 2022. 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)
| $30,000 - $500,000** | as low as 3.75% APR* | up to 60 months |
| $30,000 - $500,000** | as low as 3.95% APR* | up to 144 months |
| $30,000 - $500,000** | as low as 4.75% APR* | up to 180 months |
| $30,000 - $500,000** | as low as 5.75% APR* | up to 240 months |
*APR means Annual Percentage Rate. Rates are effective as of June 20, 2022. 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 30 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
Lisa did a phenomenal job of bringing our loan to a close. I especially appreciate how she intently listened to my concerns and needs and how she advised us accordingly. She was professional, attentive, available, friendly and kind. She is a true asset to the organization.
Hi Melissa - Thank you for your five-star review of the service you received from Lisa at our Medical Center Branch. We sincerely appreciate your choice to be a United Texas Credit Union member and look forward to serving you for years to come! -Karla :)
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.
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
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 (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.
Richard J. Avina – NMLS ID: 1249045
Kris Boiles – NMLS ID: 555136
Jesus Castillo – NMLS ID: 321443
Gordon Chin – NMLS ID: 1381781
David Contreras – NMLS ID: 2234250
Francheska Gonzales – NMLS ID: 2008846
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.