A home equity loan taps into your home's value by providing you with necessary funds for any worthwhile project. Annual percentage rates on our home equity loans are usually lower than those available on unsecured loans. Another advantage is the interest is often tax-deductible. Check with your tax advisor for more information.
In Texas, a home equity loan will allow you to borrow a maximum of 80% of your home's appraised or tax assessment value, less any outstanding liens on the home (mortgage loan, home improvement, etc.). Use the following chart to determine the amount you would be able to apply for:
Tax assessment value or appraised value: |
$_______________ |
Multiply by 80% |
x .80 |
Your equity limit: |
$_______________ |
Subtract the balance of any mortgage or lien: |
$_______________ |
Estimated amount available to borrow: |
$_______________ |
Payment Example
Amount Financed |
$25,000 |
Term |
15 years |
APR |
8.0% |
Monthly Payment |
$239.00 |
For more information about Home Equity Loans, please contact:
First Abilene FCU Loan Department
1118 Pine
Abilene, TX 79601
(325) 670-2400
fax (325) 670-2588
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