Home Equity Loans
As low as 5.25% APR* for 60 Months!
Put your home’s equity to work with a SWACU Home Equity Loan — perfect for projects, investments, education, and other life events.
*APR=Annual Percentage Rate. All loans are subject to credit approval and Southwest Airlines Federal Credit Union lending policies. Other restrictions may apply. Term of loan may be extended to a 180-month term. Rates, terms, and conditions are subject to change at any time without notice. Finance charges begin accruing as of the loan disbursement date. Texas homestead properties are limited to 80% combined loan to fair market value for home equity financing. Additionally, there is a 12-day cooling off period and a 3-day right of rescission after closing before the funds may be disbursed. Property insurance is required, including flood insurance where applicable. The approval is subject to application, credit qualification, and income verification; additional evaluation and verification criteria may apply.
What Is Home Equity?
Example:
If your home is worth $300,000 and you owe $200,000, you may have $100,000 in equity.
- Home improvements or repairs
- Debt consolidation
- Major purchases
- Education expenses
- Emergency needs
- Life events (weddings, medical, etc.)
Important Considerations
We want you to make the best financial decision for your situation:
- Terms and approval depend on credit and equity
- Rates and conditions may vary
- Home equity loans are subject to credit approval and membership eligibility. Rates, terms, and conditions are subject to change without notice. Your actual rate may vary based on creditworthiness, loan amount, term, and combined loan-to-value (CLTV).
- This is not a commitment to lend. Property insurance is required. Flood insurance may be required if the property is located in a designated flood zone.
- Your home is used as collateral for a home equity loan. Failure to repay the loan could result in foreclosure.
- Closing costs may apply and can vary based on loan amount, property location, and other factors. An appraisal may be required.
- Competitive rates for several short-term or one-time needs:
- Education expenses
- Major life events
- Home remodel projects
- Debt consolidation
- And much more!
- The existing equity in your home is used as collateral backing
- Accommodating repayment terms that work uniquely for you
- The interest paid might be tax deductible
- Quick decision-making and processing
- Attentive, friendly service from start to finish
Visit our Mortgage Web Center to check rates, get a quote, and start the application process!
Proof of income:
- W2 income, the most recent 30 days of paystubs with year to date earnings on stubs along with the prior year W2
- Self-Employed income, the most recent 2 years of tax returns with all schedules and attachments
- Retirement income, Social security form SSA-1099, award letter
- Pensions, 1099-P, award letter for pension or 3 months of recent statements
- Child support/alimony – divorce decree
- Disability – will be determined upon review of your application
Mortgage:
- Most recent mortgage statement
Proof of Homeowners insurance:
- Declarations page from the homeowner's insurance policy
Support documents:
- Deed of Trust and Note
Other documentation may be required upon review of your application.
