PrimeWay Federal Credit Union
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Home Equity Loan

Do I need a HELOC or a Home Equity Loan?

The Best HELOC Rates in Town

1.99% APR* Intro Rate for Six Months | Thereafter, Rates As Low As 6.00% APR*

A PrimeWay home equity line of credit (HELOC) allows you to take advantage of the value you’ve added to your home to secure the line of credit. You can use a line of credit based on the equity of your home for any financial need, including:
  • Consolidate bills and pay off debt
  • Complete a home renovation project
  • Pay for a dream wedding
  • Finance your child's education

HOME EQUITY LINE OF CREDIT (HELOC) PROMOTIONAL RATE

Six Month Intro Rate

Thereafter, Rates As Low As

1.99% APR*

6.00% APR*

What is a Home Equity Line of Credit (HELOC)?

A home equity line of credit (HELOC) uses the equity in your home as collateral to borrow money. Equity is the remaining value after you subtract your outstanding mortgage balance from the home's current value.
Because it is a line of credit, a HELOC works similar to a credit card; you can borrow from it as needed, up to the credit line limit. HELOCs have variable interest rates and the monthly payment amount can vary, but you only pay interest on the amount you draw from the line of credit.

Low Rate Home Equity Loans to Help You When You Need It Most

Rates As Low As 3.74% APRt for up to 60 months

A PrimeWay home equity loan allows you to take advantage of the value you’ve added to your home. You’ve spent countless hours turning your house into a home over the years. You can use a home equity loan for any financial need or life event, including:
  • Pay off high-interest credit card debt
  • Add an addition to your home to accommodate a growing family
  • Complete a home improvement to a kitchen or bathroom
  • Pay for a child’s college education

What is a Home Equity Loan?

A home equity loan uses the equity in your home as collateral to borrow money. Equity is the remaining value after you subtract your outstanding mortgage balance from the home's current appraised value.
When considering you for a home equity loan, lenders look at both the equity in your home and the loan-to-value ratio (LTV). The LTV is another way of expressing how much you still owe on your mortgage.

Apply Online Today or fill out the form to request more information from a PrimeWay Financial Services Representative.

You can also visit us at one of our convenient retail center locations or call us at (713) 799-6200.

Request More Information

*APR = Annual Percentage Rate. 1.99% APR is an introductory rate for the first six months of the loan. After the Introductory Period, the rate is variable and based on the value of an index, as low as Prime + 0.500%, currently 5.500% APR. The index is the Wall Street Journal’s Prime Rate. The rate will never go below 4% APR or above 18% APR. There is a 5-year draw period with interest-only payments. 15-year repayment period with substantially equal monthly payments. Minimum credit advance amount is $4,000. There is a $500 Application Fee and up to $740 in closing costs.
Other terms, fees, and restrictions may apply. Maximum 80% CLTV. Certain credit criteria and restrictions apply. Rates and terms are based on a combination of your earned credit score, the term you select, collateral, down payments, loan-to-value (LTV) position and other normal lending criteria. Acceptable property hazard insurance is required, as well as Flood Insurance if the property is in a designated flood zone. You should consult your tax advisor regarding your possible tax implications. Rates are subject to change.
You may request a rate lock one time, which sets a fixed interest rate on your selected balance for a set repayment term. The lock rate is the currently available variable rate plus 0.500%, currently as low as 6.000%.

tRates as low as 3.74% APR for home equity loans with terms of up to 60 months. Appraisal costs are the responsibility of the borrower(s). PrimeWay home equity loans are available only in Texas. Maximum 80% CLTV. Certain credit criteria and restrictions apply.
Rates and terms are based on a combination of your earned credit score, the term you select, collateral, down payments, loan-to-value (LTV) position and other normal lending criteria. Acceptable property hazard insurance is required, as well as Flood Insurance if the property is in a designated flood zone.
You should consult your tax advisor regarding your possible tax implications. Rates are subject to change without notice.