Home Equity Loans

CFCU offers two ways to borrow against the equity in your home:  with a Home Equity Loan or a Home Equity Line of Credit.

The Home Equity Line of Credit is a revolving line of credit.  Funds can be accessed using a Visa Platinum Equity Card, using equity checks, or by transferring funds online to another CFCU account through PC Access.  Similar to a credit card, it has a fixed credit limit and interest accrues only on what is used.  Funds can be used as needed.  Once you have paid back what you have borrowed, your full credit limit is restored and available to use again.  The HELOC is a variable rate loan and the interest can adjust (up or down) monthly.

The Home Equity Loan is a 15-year fixed rate loan.  Funds are disbursed in a lump sum by check or direct deposit into your account.  The interest rate and monthly principal and interest payments are fixed for the life of the loan.

CFCU's Home Equity Loan or Home Equity Line of Credit can be used for any number of purposes, such as vacations, debt consolidation, home improvements, major purchases, tuition, and taxes.  There are no annual fees or costs to maintain the loan.  You decide which product best meets your needs.

Click on "Loan Consultant" to get a list of current interest rates and closing costs as well as other products you may wish to consider.

Home Equity 15 Yr Fixed

Best Choice If:

  • You would like a fixed monthly payment
  • You want to consolidate debt or make a large purchase
  • You want the full amount of the loan disbursed at one time
  • Advantages:

  • Interest rate is fixed therefore your monthly payment will not change
  • Payments will be lower than on an equity mortgage with a 5 or 10 year term
  • Interest may be tax deductible; consult with a tax advisor
  • No prepayment penalty
  • Automatic payment option available
  • Disadvantages:

  • Closed end loan Will need to reapply if additional funds are needed in the future
  • Home Equity 15 Yr Fixed TX

    Best Choice If:

  • You would like a fixed monthly payment
  • You want to consolidate debt or make a large purchase
  • You want the full amount of the loan disbursed at one time
  • Advantages:

  • Interest rate is fixed therefore your monthly payment will not change
  • Payments will be lower than on an equity mortgage with a 5 or 10 year term
  • Interest may be tax deductible; consult with a tax advisor
  • No prepayment penalty
  • Automatic payment option available
  • Disadvantages:

  • Closed end loan Will need to reapply if additional funds are needed in the future
  • HELOC 10 Yr Draw/15 Yr Repayment

    Best Choice If:

    You want a loan with:
  • The flexibility to borrow money only when you need it
  • Easy access to your credit line through Equity Checks, Visa Platinum Equity Card, or transfers to your CFCU accounts through PC Access 24/7
  • Advantages:

  • Flexible line of credit allows you to tap into the equity of your home for any reason
  • Interest may be tax deductible; consult with a tax advisor
  • No prepayment penalty
  • Automatic payment option available
  • Disadvantages:

  • Your rate and payment amount may increase over the life of the loan
  • HELOC 10 Yr Draw/15 Yr Repayment TX

    Best Choice If:

    You want a loan with:
  • The flexibility to borrow money only when you need it
  • Easy access to your credit line through Equity Checks, Visa Platinum Equity Card, or transfers to your CFCU accounts through PC Access 24/7
  • Advantages:

  • Flexible line of credit allows you to tap into the equity of your home for any reason
  • Interest may be tax deductible; consult with a tax advisor
  • No prepayment penalty
  • Automatic payment option available
  • Disadvantages:

  • Your rate and payment amount may increase over the life of the loan
  • $4000 minimum draw requirement
  • Mortgage Rates

    The Loan Consultant feature determines the products and rates that match your needs.

    Find Rates

    Ready to Start?

    To apply for your easy online loan, all you have to do is answer a few simple questions about yourself, your property and your income, debts and assets.

    Apply