Use your home's equity to finance your dreams with a fixed rate loan.

A home equity loan is a great way to use your own asset, your home, as collateral to get a low interest cash loan. ECCU's home equity loan is a lump sum payment when the loan closes. You repay the loan with a monthly payment that is the same amount each month.
3 Best Uses for a Home Equity loan
1. Home Improvements
Make one of your greatest assets worth even more when you update your kitchen, reimagine your outdoor living space, add hardwoods or a garage space.
2. Debt Consolidation
If you have multiple forms of debt, especially high-interest ones, like credit cards, paying off everything with a home equity loan can help you get out of debt quicker by having a low interest loan, and a single monthly payment.
3. Emergency & Family Expenses
Unexpected medical events, or even planned expenses, such as surgery or adoption, are very costly. Use a home equity loan to pay off the expense over time.

Some Things to Keep in Mind
  • We offer free credit reviews and counseling. If you think a home equity might be a good solution or you have questions and want more info, schedule an appointment to talk with us!
  • A general rule for a home equity loans in Texas is that you need more than 20% equity in your home.
  • Avoid using a home equity for small day-to-day expenses.
  • There are no prepayment penalties! You can pay off your loan at any time.
  • The interest may be tax deductible.

How to Figure Your Home's Equity
Home equity can be accrued by payments made to your mortgage, and by increased market value. To figure your home equity, first you will need to find your home's fair market value. You can do this by searching for similar homes very close to you that are for sale, and see their price per square foot. Then, use that amount applied toward your home's square footage. That will give you an idea of fair market value. Once you have that, subtract your existing mortgage balance, and the remaining amount is your home equity.
 person using computer
Sample Home Equity
Home Market Value: $250,000
Existing Mortgage Loan Balance: $150,000
Current Home Equity: $100,000

Check how much you can afford with a home equity loan calendar. 
Select fixed rate term, add a loan amount and see what the monthly payment would be.

Dream It and Do It
Whatever you need the money for, we're here to help! Complete our online application and we'll be in touch soon!

All loans with approved credit. Must be a member of the credit union. Contact us for more details. View full loan rates here.