Home Equity Loan Misconceptions Debunked!
Home Equity Loans can be a big decision and with many misconceptions out there, it may seem a bit scary to undertake. Our knowledgeable staff is here to help you through every step of the process to answer all your questions!*
Common Misconceptions Debunked
Misconception #1: Home Equity Loans are for Home Improvement Only
- The Truth: Home Equity Loans can certainly be used for home improvements, but they can also be used to fund education, large events such as weddings, vacations, debt consolidation and more!
Misconception #2: You can only have One Home Equity Loan for the Lifetime of your House
- The Truth: In the state of Texas, you are allowed 1 Home Equity Loan every 12 months. Limit to 1 Home Equity Loan at a time. If you currently have a Home Equity Loan, please speak to a loan officer for options.
Misconception #3: You must be a long-time home buyer to be eligible for a Home Equity Loan
- The Truth: The length of home ownership does not directly determine the amount of equity in your home. Depending on the amount of funds you put down on your home when you purchased, or any additional payments you may have made, you may already have the equity required in your home to start the Home Equity Loan process.
A Home Equity Loan is the key to leveraging the value you’ve earned in your home to reach your next financial goal, whether its education, debt consolidation or home improvement! To start the Home Equity Loan process or to ask any questions about your home value, contact a Loan Officer at 877-252-9199 option 3 or firstname.lastname@example.org.
*All information based off the State of Texas Home Equity rules.
Texas DPS Credit Union, NMLS #1624130