Home Equity Loans
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A Home Equity Loan or a Home Equity Line Of Credit (HELOC) from Austin Telco lets you put your home to work for you. Whether you want to consolidate bills, put in a pool, pay for college expenses, or just take that dream vacation; a home equity loan can be the most efficient and affordable way to achieve your financial goals.
Home Equity Loan
A home equity loan is a fixed-rate loan based on the difference between what you owe on your home and its current market value. You receive the full loan proceeds and then pay it back in predictable, fixed monthly payments based on terms up to 20 years. You can borrow up to 80% of the market value of your home (less any other mortgage balances) and pay it back at terms that fit your budget.
| Maximum Term Plus No Closing Costs!2 |
A.P.R.1 (as low as) |
| 5 Years | 2.99% |
| 10 Years | 3.55% |
| 15 Years | 3.70% |
| 20 Years | 3.95% |
Features of a Home Equity Loan
- Receive a lump sum for the full loan amount
- Enjoy a fixed simple interest rate and payment for the life of the loan
- Choose from a variety of available loan terms
- Borrow up to 80% of the value of your home (less any other outstanding balances)
- No prepayment penalties for early payoff or additional principal payments
- No closing costs below $100,0002
- Interest may be tax deductible3
Home Equity Line of Credit (HELOC)
A home equity line of credit is a revolving line of credit that gives you the flexibility to borrow funds as you need them, up to your available credit limit. Your home equity line of credit can be for an amount up to 80% of the market value of your home (less any other mortgage balances), with subsequent advances not to exceed 50% of the market value.
| 5 Year Draw Period Plus No Closing Costs!2 |
A.P.R.1 (as low as) |
| HELOC | 3.75% |
Features of a HELOC include:
- Borrow only the amount you need, when you need it
- 5 year draw period with interest only payments followed by a 10 year repayment period
- Variable rate loan
- Draws must be for a minimum of $4,000. No additional draws are allowed if the HELOC balance is greater than 50% of the market value
- No prepayment penalties for early payoff or additional principal payments
- No closing costs below $100,0002
- Interest may be tax deductible3
Not sure if a home equity loan or line of credit is right for you? Talk to one of our home equity specialists by calling 512-302-5555, ext. 7194, or view the Home Equity FAQs online.
Home Equity Application Package and FAQs
Home Equity Loan Checklist
Home Mortgage Calculators
FAQ's for On-Time Closing
HUD's Settlement Cost Booklet
1Annual Percentage Rate. Actual rates may vary based on credit qualifications. Rates and terms are subject to change without notice. Please call for details or visit one of our Austin Metro Locations.
2Austin Telco pays all standard closing costs for Home Equity/HELOC loans below $100,000. These costs include: title search, flood determination, credit report, and county filing fees. If necessary, additional fees for member requested appraisal, survey, and/or title company closing costs will be the responsibility of the borrower. Estimated costs will be disclosed upon receipt of application. Loans of $100,000 and above may require an appraisal, title policy, and title company closing costs at the member’s expense. Hazard insurance is required. Rates and terms on loans above $200,000 may vary. All loans are subject to standard credit approval. Annual Percentage Rates (APR) are "As Low As" and may vary based on credit qualifications.
3Consult with the IRS or a tax professional concerning tax deductibility in your specific situation.
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