Whether you are searching for a new home or wanting to make some home improvements, we are here to help.
Home Loans | Home Equity, HELOC | Get What You Need, Apply Now
Apply Online Now! | See terms, options, and loan types to get the best option for you. | We offer exceptional home loan services.Home Equity Loans and HELOC
- Home Equity/HELOC/Home Improvement
- Outstanding Support
- Mortgage Payments
- FHA Lending
When you choose a Home Equity Loan, Home Equity Line of Credit, or a Home Improvement Loan from ECU, you will receive excellent service, low rates and a tremendous amount of flexibility.
Home Equity Loan
Use equity in your home to fund college or medical expenses, renovate your home, dream vacation, purchase a boat or RV, or consolidate high-interest debt. No matter what your borrowing needs are, your home’s equity can provide a low-interest solution.
Home Equity Loans are a great option for those who prefer a low, fixed rate and anticipated monthly payments.
A Home Equity Loan is a smart way to finance a specific purchase.
Home Equity Line of Credit (HELOC)
A HELOC is best for those who prefer the flexibility of an open-ended line of credit with a variable interest rate. As you make payments, the money becomes available again for other uses. It’s a great option when you have ongoing borrowing needs.
HELOC’s allow the borrowers to access their equity (limit) at their own discretion when they need it and the amount they need. A traditional home equity loan allows an advance only once every 12 months. Minimum advance on HELOC is $4,000.
Call us or come by today to apply!
Example of a Typical Home Equity Loan
Origination Date: 4/1/2000
Amount Financed: $50,000.00
(The amount of credit provided to you or on your behalf.)
Annual Percentage Rate: 8.9%
(The cost of your credit as a yearly rate.)
Finance Charge: $20,086.48
(The dollar amount the credit will cost you.)
Total of Payments $70,086.48
(The amount you will have paid after you have made all payments as scheduled.)
Your payment schedule
95 Payments of $730.10 Monthly beginning 5/1/2020
1 Payment of $726.98 on 4/1/2020
Home Improvement Loan
If you are looking for the perfect loan for just your home renovations, our fixed rate Home Improvement Loan is the way to go. Our Home Improvement Loan gives you one up-front lump sum and you can borrow up to 100%* of your home’s value or future value.
*Value determined by the appraisal district’s published value, or a certified appraisal may be required at the borrower’s expense. Other conditions or restrictions may apply. See an ECU representative for full details.
Our Mortgage Department Is Located At I-40 & Western Branch
4400 I-40 West
For us to better serve you, please schedule an appointment with one of our Mortgage Originators,
please call 806-358-7777 X473 or e-mail Mortgage@educationcu.com
Smart borrowing can help you meet your needs and reach your financial goals. ECU offers quick service and help when you need it. Our Mortgage Originators will assist you to find the program that’s right for you. ECU offers you a mortgage loan that fits your individual needs and financial circumstances. Our list of products includes:
- Conventional Loans
- Fixed Rate Loans
- Conforming and Non-Conforming Loans
- FHA & VA Loans*-All FHA and VA loans are brokered through our underwriter, Member Home Loan.
Along with competitive rates and a wide-range of loan options, we’re focused on providing the very best service and support, including great personalized service to help find the best mortgage for you. Our goal is to make the home buying experience enjoyable and hassle-free.
CLICK HERE for a refinance loan checklist. This will tell you everything we will need to complete your refinance loan.
CLICK HERE for a mortgage loan checklist.This will tell you everything we will need to complete your Mortgage Loan.
Education Credit Union
4400 West Interstate 40
Amarillo, TX 79106
Office of Public Insurance Counsel – All Texas insurance policies and company information is on this site. Consumers can compare policy coverages between different carriers.
All FHA & VA Loans are initiated and brokered through our underwriter, Member Home Loan. All questions concerning FHA & VA Loans should be directed to Member Home Loan at 1-866-520-4702.
FHA mortgage lending has some great options for first time homebuyers or members who have less than perfect credit. Below are a few benefits to an FHA Mortgage Loan:
- Lower Closing Costs
- Low down payment of 3.5%
- Down payment can come in the form of a gift