Home Equity Loan
Tap into your home’s equity to pay for renovations or other major expenses
Convert Your Home Equity into Cash1
You have worked hard to build your home’s equity — now let your home work for you. You can use the equity in your home to help finance major expenses, like remodeling or renovations. Our equity loan options use your property as collateral, features competitive rates and possible tax benefits, and is worth considering if you need to cover a big expense.
80% of appraisal value minus existing liens.
5-15 year term.
No prepayment penalties.
Property must be Homestead exempt
To save time, please see the checklist below for closing cost information:
- Maximum 2% origination fee based on loan amount.
- Appraisal Fee. (Market rate based on location)
- Title Commitment Fees vary. (Determined by the title company)
- Texas law allows home equity loans to be refinanced once every 12 months.
- Texas law allows one Home Equity loan at a time.
What Can You Use a Home Equity Loan For?
Debt Consolidation
Use the value of your home to consolidate and pay off other debts, and turn it into a single, manageable, lower interest payment.
Home Improvements
Put the money back into your home with a home improvement or renovation project, or to finance repairs.
Milestone Events
Use it for major expenses like a wedding or a college education — things that may otherwise require a high interest rate loan.
Mortgage Payment Calculator
Home Equity Loan Frequently Asked Questions
What can I use the home equity loan for?
Home equity loans are a convenient way to finance almost anything, including home improvements, an education, or a second property. Because of the competitive interest rates and potential tax advantages of home equity loans, you can also use them to consolidate credit card debt or high interest rate loans.
How much will I qualify for?
The maximum loan amount you qualify for will depend on how much equity you have in your home. Home equity is calculated as the appraised value of your homestead, minus the amount of your mortgage balance.
Section 50(a)(6)(B) of the Texas Constitution allows a loan amount up to eighty percent of the market value of the homestead.
Are there any closing costs?
Yes, you should expect to pay closing costs for your home equity loan.
Does Space City Credit Union offer 2nd lien home equity loans?
Yes! Space City Credit Union now offers “2nd Lien” Home Equity Loans. Speak with one of our mortgage loan officers today to discuss other loan options that might suit your home loan needs.
Ready to Get Started?
We’re ready for you! Start the approval process online or give us a call at 713-222-1244.
1Minimum approved loan amount is $50,000. Total debts against a homestead are limited to 80% of the fair market value. Home Equity Loans (HELs) are subject to credit approval. Rates and terms are subject to change without notice. All HELs are available only on your primary residence in Texas. Borrower will be responsible for certain closing costs, which may include title insurance, appraisal fee, and survey costs. Property insurance is required. A 12-day cooling-off period is required by Texas Law before the loan may be closed and there is a three-day right of rescission after closing before the funds may be disbursed. In some instances, interest on a HEL may be tax deductible. Check with your tax advisor for more information.
2This material is provided for general and educational purposes only; it is not intended to provide legal, tax, or investment advice.
Our financial calculators are provided as a free service to our Members. The information these calculators supply is from various sources based on calculations we believe to be reliable (but are not guaranteed, explicit, or implied) regarding their accuracy or applicability to your specific circumstances. All examples are hypothetical and illustrative and do not intend to provide investment advice. Space City CU does not accept any liability for loss or damage whatsoever, which may be attributable to the reliance on and use of the calculators. Use of any calculator constitutes acceptance of the terms of this agreement. Space City CU recommends finding a qualified professional for advice about your personal finance issues.