What is a Home Equity Loan
A Home Equity Loan allows you to borrow against the overall value of your home, less the mortgage amount you still owe. In the states of Texas and Missouri, you're allowed to borrow up to 80% of the total value of your home between a mortgage and a Home Equity Loan.
At ACU we simplify having both a Mortgage and a Home Equity Loan so you only have one payment to worry about each month. Get in contact with our Mortgage Department at 972-494-5328 or, if you're in Missouri, call our Springfield Branch at 417-881-0482, to learn more about how we make your home loans easier to understand and manage.
Home Equity Loan Calculators
To calculate home equity, determine the current market value of your home from a tax appraisal or realtor quote. Multiply this amount by 80% (for Texas and Missouri residents), then subtract the balance of your mortgage and any other liens against the property. The resulting figure is your available equity.
For example, consider a home valued at $300,000 with a $100,000 mortgage:
$300,000 x 80% = $240,000.
$240,000 – $100,000 = $140,000 in available equity
Home Equity Loan Rates
We offer a range of rates and terms to meet your needs. Please call our Mortgage Department at the Garland, TX Home Office at 972-494-5328 or the Springfield, MO Office at 417-881-0482.
We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.