Common Uses for Home Equity Loans | Amplify CU
Find A LocationLocations
Make A Loan PaymentPayments
Popular Pages
Still Need Help?More
>   >
>   >
>   >
>   >
call us email us send us mail chat with us
Call Us
Email Us
Click Here
Mail Us
Amplify CU
PO Box 85300
Austin, TX 78708
Live Chat
Click Here
Popular Looking For Help? APPLY LOGIN
menu APPLY LOGIN help
help LOGIN
Enter your login ID:
menu APPLY
Other common uses for home equity loans

Financial Advice


Articles and research about personal finance

More ways you can use your home equity loan funds

Financial Advice


Articles and research about personal finance

Common Uses for Home Equity Loans

Published November 17, 2015 | Updated March 16, 2017

The number of ways you can use a Home Equity Loan is limited only by your ability to conceive them. Because home equity loans offer fixed interest rates that are lower than most credit cards, using your available home equity to finance large purchases, life events, or even emergencies is a smart way to go.

If you’ve never considered a Home Equity Loan, give it a thought! With terms ranging from 5, 10, 15, to 20 years, you can choose a term and payment that comfortably fits your budget. Oh, and did we mention there are unlimited uses for your Home Equity Loan Funds?

More Home Equity Loan Uses

Many homeowners use Home Equity Loans for home improvements, debt consolidation, or even as a financial safety net in case of emergencies. Here are a few other ways homeowners have used their Home Equity Loan funds.

Paying for educational expenses is a common use for a home equity loan

School Tuition and Costs

As if private school and college aren’t expensive enough, tuition keeps rising every year. Using a Home Equity Loan to finance education costs can give you a fixed, low-interest rate with manageable payments.

Instead of a swimming pool loan, use a Home Equity Loan for your new backyard swimming pool

Swimming Pool Loans

From digging a giant hole in your backyard to landscaping and patio furniture, installing a new swimming pool is expensive. A Home Equity Loan can help you get some of the best financing and interest rates available.

You can use a home equity loan to buy and install solar panels

Solar Panels

You’ve read about how much money there is to be saved with a solar panel energy system, but the initial costs can be daunting. A Home Equity Loan can get you in the solar game and save you big money over the long haul.

You can use your home equity loan to purchase a recreational vehicle

Recreational Vehicles and Campers

Love the outdoors or the idea of traveling? Some homeowners have used their home equity to purchase a motorhome, 5th wheel travel trailer, or camper, especially when RV dealership financing offers aren't very low.

Homeowners often use their home equity to purchase a rental property

Rental Property

If you have the available equity, using a Home Equity Loan to purchase a rental property can save you from the headaches of another mortgage. Best of all, the interest paid on your Home Equity Loan may even be tax deductible1. Consult your tax advisor.

Vacation homes are common uses for home equity loans

Vacation Home

You work hard and deserve a getaway of your own. Why not use a Home Equity Loan to buy yourself the sanctuary you so richly deserve? And, when you’re not using it, you can rent it out to others and make it work for you!

Ready to Use Your Home Equity?

There are countless other uses for Home Equity Loans. No matter how you decide to use your Home Equity Loan funds, you can rest assured that you’ll save money by avoiding credit cards and other more expensive financing options.

1. Home Equity: APR is Annual Percentage Rate. Loans Subject to approval. Combined Loan-to-Value (CLTV) cannot exceed 80% of your home’s value. Additional terms, conditions, and restrictions may apply. Amplify Membership and Property Insurance required.

HELOC: The home equity line of credit Annual Percentage Rate (APR) is variable and is based on the highest Prime Rate published each month-end in The Wall Street Journal Money Rates Table (the "Index"), plus a margin. The current Index is 3.50%. Maximum APR is 17.90%. This Account has a Draw Period of 10 years, after which you will be required to repay any amounts within a 10-year term. Interest on your HELOC may be tax-deductible – please consult your tax advisor for details. Property Insurance, including flood insurance as needed, is required. Loans Subject to approval. Additional terms, conditions, and restrictions may apply. Amplify Membership required. Consult the CFPB's Home Equity Line of Credit booklet as well as the Early HELOC Disclosure for more information.

Under Texas law, the maximum you can borrow with a HELOC is 50% of the fair market value of your home, as long as the combined loan-to-value does not exceed 80% in cases where there is an existing first lien mortgage on the home. A minimum draw amount of $4000 is required for each advance after the initial $10,000 advance at origination.

Careers  |   Forms & Disclosures  |   FAQ  |   ADA Notice  |   Privacy & Security  |   NMLS# 530487  |   Routing Number: 314977227
VISIT US: Like us on Facebook Connect with us on Google+ Follow us on Twitter Connect with us on LinkedIn Watch us on YouTube Equal Housing Lender