Home Equity Loans | Texas Credit Union

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Home Sweet Home

Home equity loans are like a reward. You get to borrow at a great rate because you've worked hard to pay down your mortgage and build up your home's value.

Benefits of a Home Equity Loan with EFFCU:

Funds can be used for any purpose
Enjoy competitive, low fixed-interest rates
Flexible repayment terms of up to 30 years
Borrow up to 80% of the home's fair market value, minus any outstanding liens
No pre-payment penalties
Quick and simple online application

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Home Equity Loan Rates

* APR = Annual Percentage Rate. APR shown is the lowest available rate. Rates depend on individual creditworthiness and are subject to change without notice.
Terms	Rate	APR*
60 Months	5.425%	5.841%
120 Months	5.800%	6.022%
180 Months	6.000%	6.157%
240 Months	6.00%%	5.973%
300 Months	6.250%	6.225%
360 Months	6.250%	6.228%

Home Equity FAQs

A home equity loan is where a borrower can use the equity that is built up in one's home for other expenses. This equity can be used for anything you'd like.

All rates and terms are subject to change without notice. Loan rates are subject to credit approval and based on individual creditworthiness, amount financed, and loan term. Your Annual Percentage Rate (APR) will be determined by factors, such as credit score, debt-to-income ratio (DTI), and other qualifications. View our home equity loan rates here.

A home equity loan is a one-time lump sum payment received by the borrower, typically with a fixed interest rate. On the other hand, a home equity line of credit allows the borrower to borrow or draw multiple times from an available maximum amount, using their property as collateral. Education First does not offer a Home Equity Line of Credit (HELOC).

You can borrow up to 80% of the home's fair market value, minus any outstanding liens.

The monthly payment schedule for a home equity loan is very similar to a mortgage loan. Payment terms are available for up to 30 years.

Any closing costs will be included in the loan and paid to the lender upon funding.

Home Equity Loans do not require a down payment.