Use your home's equity your way
| A simple installment loan
Did you know that Amplify also offers great alternatives to Home Equity Loans? Use this tool to help decide between a Home Equity Loan and one of our Homeowner Express Loans or Lines of Credit.
| What You Need to Know
| Make the most of your biggest asset
Many homeowners use their home equity for home improvements such as solar panel purchase and installation, swimming pool installation or repair, landscaping, renovations, new roof, or even room add-ons.
Many people find it easier to consolidate their loans into a single, fixed rate loan with one monthly payment instead of making multiple, higher-interest payments to multiple lenders each month.
Using home equity to finance large expenses such as school tuition, medical costs, new furniture, new appliances, or even a second home or investment property is a great way to get a low, fixed interest rate.
| 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 17th, 2017
Assumptions for rates shown: The APR is based on a loan amount of $100,000 and a loan-to-value ratio of
80%. Monthly payment amounts vary by loan term and rate. For example, based on a simple interest rate of 3.99%, a loan would have 120 monthly payments of
$1,012 each and an APR of 4.04%.
| 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 loan, 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 Home Equity funds faster, consider doing a Homeowner Express Loan as a “bridge” loan while your Home Equity Loan 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 Home Equity Loan.
The State of Texas allows a “Combined Loan-to-Value” (CLTV) of 80% for Home Equity Loans.
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 your county tax appraisal 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 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 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 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
Overview of home Equity Loan basics, how home equity loans work in Texas, and how to get your home equity loan.
From financing big projects to paying for unexpected expenses, read about common home equity loan uses here.
Financing and installing a new swimming pool is a big project! Read these tips before you dig.
Everything you need to know when it comes to calculating your available home equity in Texas.
1. APR is Annual Percentage Rate. Loans Subject to approval. Combined Loan-to-Value (CLTV) cannot exceed 80% of your home’s value. Interest on your Home Equity loan
may be tax-deductible – please consult your tax advisor regarding the deductibility of interest for details. Property Insurance, including flood insurance as needed, is
required to be maintained by the borrower. Additional terms, conditions, and restrictions may apply. Amplify Membership required. Federally insured by NCUA.