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HOME EQUITY LOAN & HELOC FAQs

We have answers

What is a Home Equity Loan?

Home Equity Loans are a way for you to borrow using the equity in your home. Amplify offers both Home Equity Loans as installment loans as well as Home Equity Lines of Credit (HELOC).

Home Equity Loans are fixed-rate loans, and Amplify offers you a choice of terms: 5, 10, 15, or 20 years. Home Equity Lines of Credit alternatively offer a 10-year draw period with the option to make interest-only payments during that time, after which the balance on line of credit is converted to a 10-year installment loan.

Amplify also offers Homeowner Express Loans and Homeowner Express Lines of Credit for homeowners that either need their funds quickly or don't have enough home equity to qualify for the equity loan options1. Compare Amplify's Home Equity Loans and Homeowner Express Loans below.

Compare Home Equity Loans and HELOCs with Homeowner Express Loans and Homeowner Express Lines of Credit

Benefits & Features Ideal If You...

Home Equity Loan

Funds available as lump sum, and has fixed interest rate with same monthly payment for entire term

  • Fixed interest rate
  • Fixed payments for entire loan term
  • 5, 10, 15, or 20 year term available with no pre-payment penalties
  • Interest may be tax deductible2
  • Want to make the same payment every month for the term of the loan
  • Want your funds as a one-time lump sum
  • Are doing a large-scale project
  • Want the lowest rate or lowest payment available

Home Equity Line of Credit

Open line of credit with variable interest rate and interest-only payment option

  • Variable interest rate
  • Interest-only payments during 10-year draw period
  • Minimum $4,000 per withdrawal, no pre-payment penalties
  • Interest may be tax deductible2
  • Want ongoing access to home equity funds
  • Want the flexibility to pay down the balance at your own pace
  • Are doing a large-scale project in stages
  • Want the lowest line of credit rate available

Homeowner Express Loan

Unsecured loan or line of credit option for homeowners that need their funds fast or need to supplement their home equity funds

  • No home equity required
  • No property lien required
  • Up to $40,000 available in 24 hours
  • Available in a 5-year term
  • No closing costs
  • Need the funds quickly
  • Don’t have enough home equity to get the home equity loan you want
  • Already have a home equity loan and need additional funds

Homeowner Express Line of Credit

Unsecured line of credit for homeowners that need ongoing immediate access to extra funds

  • No home equity required
  • No property lien required
  • Up to $40,000 credit line available in 24 hours
  • No closing costs
  • Need ongoing access to backup or emergency funds
  • Don’t have enough home equity to get the home equity loan you want
  • Already have a home equity loan and need additional funds


Are there minimum requirements for a Home Equity Loan or HELOC?

Yes. For Home Equity Loans with terms of 5, 10, and 15 years we require you to have a credit score of at least 600. For a 20-year term the minimum credit score required is 640. There are other requirements that your lender will discuss with you, including proof of employment and income sources, an acceptable loan to value ratio, and an acceptable debt to income ratio.

What is a loan to value ratio?

This is the ratio between the amount of principal on the loan and the appraised value of your home.

What is a debt to income ratio?

This is the amount of monthly payments you owe (to all creditors) as compared to your monthly income.

How do I know how much I can borrow?

Your lender will help you. If you want to get an approximate maximum amount you could borrow, check out our calculators. You’ll need to know how much you still owe on your mortgage, which can be found on your mortgage statement or online at your mortgage company’s website. Remember – just because you can borrow a certain amount doesn’t mean you should. Make sure the payments for your home equity loan won’t put your other financial goals at risk.

Are there penalties if I pay off my loan early?

No. Amplify does not charge pre-payment penalties.

Is the interest on my home equity loan tax-deductible?

It may be. Check with your tax advisor to be sure.

What are some of the uses for Home Equity Loans?

You can use the proceeds of your Home Equity Loan for anything. Some of the most common uses for Home Equity Loans are:

  • Major home improvements or repairs
  • Pay off a current mortgage to get a lower rate
  • Debt consolidation – pay off higher-interest debt
  • College tuition
  • Lifestyle upgrades like swimming pools, RVs, and solar panels

There are countless uses for Home Equity Loans and HELOCs. Here are some more Common Uses for Home Equity Loans

TIPS FOR FINANCIAL SUCCESS

  |  Because your financial success is ours



Compare Amplify's loan and financing options for home improvement projects

Comparing Home Improvement Loans

Home Improvement Loans come in all shapes and sizes. Compare Equity, Express, Installments, and Lines of Credit.

Ideas and information about uses for Home Equity Loans and HELOCs

What Can You Do With a Home Equity Loan?

From financing big projects to paying for unexpected expenses, learn about home equity loan uses here.

Tips and advice for financing and installing a new swimming pool

How to Finance a New Swimming Pool

Financing and installing a new swimming pool is a big project! Read these tips before you dig.

Home improvement projects that improve home energy efficiency

Energy Efficiency Home Improvement Projects

Save money on utilities and add these energy efficiency home improvement projects to your to-do list.

1. Combined Loan-to-Value (CLTV) cannot exceed 80% of your home’s value.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.

2. Consult with your tax advisor.

All loans subject to approval.

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