Home equity, when you need it
| Borrow, then borrow again
Did you know that Amplify also offers great alternatives to HELOCs? Use this tool to help decide between an equity line of credit and one of our Homeowner Express Lines of Credit.
| Equity you can access again and again
A Home Equity Line of Credit is a great way to finance home improvement projects in stages over time, and they generally have much lower rates than home improvement store credit cards.
Consolidating your higher interest loan and credit card payments into your HELOC can help you save money and pay off debt faster. Learn how to consolidate debt responsibly with a HELOC.
HELOC funds can be used for anything, but common uses include paying for college or school tuition, medical expenses, new furniture and appliances, and lifestyle upgrades like swimming pools and RVs.
| Crunch numbers before you apply
These calculators are for illustrative purposes only, and are based on information provided by the user. Accuracy is not guaranteed. All loans are subject to
approval. Your actual APR (“Rates”) and terms may vary.
For Home Equity Loan calculations, the monthly payment calculations reflect only principal and interest, and amounts for taxes and insurance, if applicable, may
increase your actual payment. The calculators will display results based on the currently available Rate and/or loan terms.
For Home Equity Line of Credit calculations, the draw period payment is interest-only payment, while the Repayment period payment includes both principal and
interest. The calculators will display results based on the currently available APR and/or loan terms.
| Save money with Amplify
Rates Effective as of January 1, 2017
| We have answers
When you apply, you will be asked to sign several documents including a Home Equity Early Disclosure. The State of Texas requires a period of twelve (12) business days between the date you sign this document and your closing date. After you close on your line of credit, the state of Texas requires another waiting period of three (3) days to allow the borrower(s) a last chance to cancel the loan before it is funded. On the fourth business day, your funds will be made available to you. Note that Sundays and federal holidays do not count as business days.
If you need your HELOC funds faster, consider doing a Homeowner Express Loan or Line of Credit as a “bridge” loan while your HELOC is being processed. Homeowner Express Loans are unsecured and are therefore able to fund within 24 hours of approval. You can pay off your Homeowner Express Loan with the funds from your HELOC.
The State of Texas allows a “Combined Loan-to-Value” (CLTV) of 80% for Home Equity Loans. HELOC limits can go as high as 50% of your home's fair market value, 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.
The simplest way to estimate the available equity in your home is with a little bit of math. Figure out what 80% of your home’s value is, then subtract your mortgage balance(s) from that number. For example, if your home’s appraised value is $200,000 and your mortgage balance is $100,000,
Depending on your requested loan amount, a lender may use an automated valuation model to determine your home’s value. For larger loan amounts, lenders tend to order a third party appraisal.
The State of Texas requires that Home Equity Loans and HELOCs be collateralized with the borrower’s primary homestead. The home cannot be owned by a business or trust, and it must be the home in which the borrower/ owner resides for more than 50% of the calendar year.
To get a Home Equity Loan or HELOC at Amplify, you must qualify for membership. Anyone who lives, works, worships, or attends school in Travis, Williamson, Hays, Caldwell, or Bastrop counties qualifies for membership at Amplify Credit Union.
Additionally, the property listed on the Home Equity Loan or HELOC application must be located in Texas.
For more information regarding membership qualification, please contact us directly via email or toll-free at 800-237-5087.
| Because your financial success is ours
An introduction to Home Equity Lines of Credit in Texas and how they're different than Home Equity Loans.
From financing big projects to paying for unexpected expenses, read about common home equity loan uses here.
Examine the similarities and differences between Home Equity Loans and Home Equity Lines of Credit.
Which home improvements add the most value to your home when you sell? Find out here.
1. 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
2. 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"), +/- a margin based on credit worthiness. The current Index is 3.75%. 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 regarding
the deductibility of interest. Property Insurance, including flood insurance as needed, is required to be maintained by the borrower. 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. Federally insured by NCUA.