Home Equity Loans
Home Equity Loans
A home equity loan uses the equity in your home as collateral. Qualified members can borrow up to 80% of the tax-assessed value of your home, minus your first mortgage balance. Funds can be used in almost any way you'd like - financing a college education, remodeling a kitchen, or handling unexpected expenses. Please contact a Mortgage Loan officer at 677-2274 or 800-677-6770 to obtain an application packet and for general information.
ATFCU home equity loans are closed-end with a fixed interest rate. You borrow a designated sum of money and select your repayment term - 10, 15, or 20 years. The funds will be disbursed as a lump sum and you will enjoy the security of knowing that your payment amount will not change over the life of the loan. Your loan interest rate will be the rate in effect at the time of final loan approval. View our current rates and payment examples.
Closing fees are associated with home equity loans. Estimated costs can be found here. After receipt of your completed loan application, we will furnish an exact list of your closing costs. Please note that the $200 processing fee applies to all submitted applications.
In accordance with the Texas state law, borrowers are advised of the following: "Section 50(a)(6), Article XVI, of the Texas Constitution allows certain loans to be secured against the equity in your home. Such loans are commonly known as home equity loans. If you do not repay the loan or if you fail to meet the terms of the loan, the lender may foreclose and sell your home."
If you have any questions about your loan terms, please clarify them with your Mortgage Loan Officer prior to loan closing. Consult your tax advisor regarding tax-deductibility.
Effective date - October 22, 2019.
APR - Annual Percentage Rate
Abilene Teachers FCU - NMLS# 494022.