Home Equity Loans

• Competitive rates for several short-term or one-time needs:
  • Education expenses
  • Major life events
  • Home remodel projects
  • Debt consolidation
  • And more
• The existing equity in your home is used as collateral backing
• Accommodating repayment terms that work uniquely for you
• The interest paid might be tax deductible*
• Local decision-making and processing right here in South Austin
• Helpful, customized service throughout the entire process

Before You Apply

Please review the Home Equity Loan Checklist and Home Equity Loan Disclosures below.

NOTE: Home Equity Loans close at our branch at 1900 Woodward Street Austin, TX 78741 or at a Title Company in Austin, TX. 

In order to expedite your loan request, please submit the following items either by email to [email protected] or in person at our office.

• A copy of your two (2) most recent pay stubs; if self-employed, copies of two (2) most recent personal and business tax returns
• A copy of your most recent mortgage statement that reflects the current mortgage balance, name and address of the lender, and the account number; we also need this information if you currently have a second mortgage
• A copy of your most recent notice of appraised value from your county tax assessor
• A copy of your most recent Homeowners Insurance Declaration page showing the coverage of your home
• A copy of your Deed of Trust or Warranty Deed
• A copy of survey or plat map

LOAN LIMITS: AFCU offers home equity loans up to $150,000 with terms of up to 15 years. The maximum loan you will qualify for will depend on the available equity in your home. Texas law limits home equity loans to 80% of the appraised value of your home, less any amounts already owed on the property. NOTE: Loans of $50,000 or less may not require an appraisal, contact Austin FCU for more information.

OCCUPANCY: You must occupy your home as your primary residence in order to qualify for a home equity loan. All names on the deed to the property are required by law to occupy the property and sign all home equity security instruments.

CLOSING COSTS: Closing costs for home equity loans will vary based upon the loan amount requested. You will be provided with a good faith estimate of processing costs for the loan amount you request. You may pay the processing fees separately or have the fees rolled into your loan up to the 80% equity limit. If you do not elect to have fees rolled into the loan and an appraisal will be required, we must collect $400 in advance to begin processing. This amount could be slightly higher if you reside outside Travis County or if a full appraisal is required. If you choose to have fees rolled into your loan and the loan does not close, you agree to reimburse the credit union for any costs incurred with processing your application.

COOLING OFF PERIODS: Texas law requires all home equity loan applicants be given a disclosure at the time of application. This disclosure provides for a 12-calendar day cooling off period. Your loan cannot close until after the expiration of this period. Federal law requires that you be given an additional 3-day right to cancel before your loan can be funded. Your loan will be funded three business days after the date of closing. Texas law also contains other home equity restrictions which are detailed in the attached Texas disclosure.

APPRAISAL: You have the right to a copy of the appraisal report used in connection with your application for credit. If you would like to have a copy, you may call us or write us at the address/telephone number shown above. We must hear from you no later than 90 days after we notify you about the action taken on your credit application or you withdraw your application.

INSURANCE: Since your property is security for this loan, is it your responsibility to contact your insurance agent to add Austin Federal Credit Union as lienholder. The mortgagee clause should read:

Austin Federal Credit Union
1900 Woodward Street
Austin TX 78741

After submitting your application, you will receive additional attachments via a secure email platform called DocuSign. These attachments will include information and authorizations needed to process your application. For more information about DocuSign, visit DocuSign.com. 

Once you have reviewed the information listed above, please click the Apply Now button to complete the application. By continuing, you certify that you understand the information above, and agree to complete the required disclosures via DocuSign within a reasonable amount of time after receipt. If you have any questions prior to completing the application, please feel free to contact us via email at [email protected] or phone at 512-444-6419.