 |
||
| Southwest Research Center FCU | |||
|
||||||||||||||||||
 |
||||||||||||||||||
| Southwest Online It's 24-hour access to your accounts. Pull up and print up-to-the-minute statements, make loan payments plus much more. Stop by either office to activate your account for this easy-to-use service.
|
||||||||||||||||||
|
|
|||||||||||||||||
With a Home Equity Loan from Southwest Research Center FCU, you can improve your life in a number of ways. Start with your house and add new paper, paint, new carpet of even add on a new deck or a new room. You can even use one of our home Equity Loans to improve your life in a lot of other ways, too – from financing a college education to enjoying that well-deserved vacation, No matter how you decide to improve your life, you could qualify for a minimum of $5,000. Home Equity Loans from Southwest Research Center FCU are limited to 80% of the appraised value (minus the liens against the property.)
Apply for your Home Equity Loan today.
Give us a call at (210) 684-0352 or (210) 684-1054 or stop by one of our convenient offices to apply for your Home Equity Loan today.
Questions and Answers
Q. What is a Home Equity Loan?
Home Equity Loans are loans that are secured by the equity you have built up in your homestead property through payments towards the principal amount of an existing mortgage debt. They are often one of the least expensive forms of consumer borrowing as the interest you pay on the loan may be tax deductible.
Q. What is a homestead?
Under law, a homestead is defined as your primary residence. Rental property and unimproved real estate do not classify as a homestead property.
Q. What can I borrow for?
You can borrow for whatever your needs are including education, home improvements, debt consolidation or new vehicle.
Q. Home often can I borrow?
Under Texas state law, you are permitted only one Home Equity loan at a time. Further, the law allows only one Home Equity Loan within any twelve month period.
How is equity in a homestead calculated?
(see sample below)
Example: Mr. Member has a 1st mortgage loan at the bank with a remaining balance of (B) $30,000 and has a county tax appraisal of (A) $100,000. Mr Member has a 2nd lien for a home improvement loan with a remaining balance of (C)$10,000. With this information how much equity will Mr. Member have available?
| County Appraised Value | $ 100,000 (A) |
| 80% of County Appraised Value | $ 80,000 (A1) |
| Minus Current Mortgage Balance | -$ 30,000 (B) |
| Minus any other liens outstanding | -$ 10,000 (C) |
| Total equals Equity available | =$ 40,000 (D) |
Mr. Member has $40,000 of equity that they could borrow against.
Using this formula, calculate your home equity.
| County Appraised Value |
$ ––––––– (A)
|
|
| 80% of County Appraised Value | x |
$ ––––––– (A1)
|
| Minus Current Mortgage Balance | - |
$ ––––––– (B)
|
| Minus any other liens outstanding | - |
$ ––––––– (C)
|
| Total equals Equity available | = |
$ ––––––– (D)
|
 |
|
|
