|
 Are home improvements, tuition expenses, family vacations, or bill
consolidation in your future? Alamo Federal Credit Union offers
great rates on Home Equity loans, which allows qualified members to
borrow from the equity on their home.
How much can I borrow?
Qualified AFCU members can borrow up to 80% of the fair market value
of the property minus the principal balances of any outstanding
mortgages on the property.
The minimum Home Equity loan amount is $10,000 and terms available
are 60 months, 120 months, or 180 months.
Required loan documentation:
- Copy of Deed of Trust or Warranty
Deed
- Credit report (6 months or less)
- Current pay stub
- Copies of past two federal income
tax returns if self-employed
- Recent mortgage statement
- Most recent tax appraisal for the
property
- Home Owners insurance policy
Loan turnaround timeAfter application is reviewed and a
preliminary decision is made, it takes a
minimum of 15 days to receive your funds. A
home equity loan cannot be closed before the
12th day after submitting the application,
and there is a 3-day right of rescission.
The closing date depends if all the
necessary documentation is received to
proceed with closing.
Home Equity Application
A Home Equity application packet is available at any AFCU branch.
After the application is filled out, return or mail application to
the Loan Department at the AFCU Main Office location at 6577 First
Park Ten Blvd, San Antonio, TX 78213. Contact the Loan Department at
210-554-8770 for further details.
Click here to view
Current loan rates.
|
