Energy Capital Credit Union

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Home Equity FAQs

What's the maximum amount I can borrow?

Up to 80% of the appraised value of your home, less any existing liens.

Where do I find the value of my home?

This information is available at http://hcad.org/

What if my tax statement does not reflect the true value of my home?

You may request a drive-by or full appraisal of your home, at an additional cost, to establish a more accurate value of  your home.

Can I borrow against an investment property/2nd home/undeveloped land?

No, by state law, a Home Equity Loan can only be on the member's primary homestead (the home the member lives in on a daily basis).

I'm under an Owner Financing Program. Can I get a Home Equity Loan?

Only if the property has been transferred to you. If the property is still in the original owner's name, you cannot obtain a Home Equity loan.

What can I use the money for?

Virtually anything! Many of our members use them for things such as: home improvements, paying off their high rate credit cards, and even helping to pay for their children's education.

What is the interest rate?

A fixed rate based on the current average prime offer rates. Your rate will not change during the term of the loan. Please see our current rates here.

If I have an existing Home Equity Loan, can I get another?

The existing loan must be at least one year old. This loan would have to be refinanced, you are only permitted to have one Home Equity Loan at any time.

Can the funds be disbursed, as I need them?

No, unfortunately we can only give one full disbursement.

Will I have to pay closing costs?

Closing costs are based upon amount borrowed.  

How long will it take for me to receive the funds?

By law, we are required to give a 12-day waiting period from the time of application before we can close. After closing, there is a 3-business day 'cooling off' period before we can fund the loan.

Do all owners need to be present at closing?

Yes, we can explain the documents at closing and several forms need to be notarized.