A home equity loan is a type of loan in which the borrowers use the equity of their home as collateral. Home equity loans offer an ideal solution to finance major life events and remodeling projects without compromising your savings or emergency funds.
Equity in your home used as collateral backing
Accommodating repayment terms
Repayment period up to 10 years
Interest paid may be tax deductible*
Expert, local lending team
What are Home Equity Loans best used for?
Home Equity Loans can finance renovations, repairs, and additions without touching savings. With competitive rates, collateral-backing options, and potential tax deductions* local experts provide start-to-finish assistance.
A Home Equity Loan can offer a great way to consolidate high-interest debt into a single loan with a lower interest rate. This can be beneficial for those struggling with debt management and help reduce the burden of repayment.
Weddings and Celebrations
A large one-time expense can be difficult to cover from savings alone. A home equity loan can be one of the most affordable ways to fund a large expense while sticking to a fixed amount.
Not sure what you can afford?
Our Simple Loan Calculator can be a great tool to give you an estimation of your monthly payments and help you budget accordingly.
It normally takes 30 to 45 days to close on a home equity loan. TFB will do everything we can to close the loan as soon as possible.
The maximum amount for a home equity loan will depend on the value of your home and the balance of any other mortgages. The maximum combined loan-to-value is 80% on first liens and 60% on second liens.
Texas has unique requirements for taking equity out of your primary residence homestead. The term “home equity” loans refer to lending on primary residences only. However, we may be able to assist you with a different product such as a cash-out refinance using your vacation or investment home as security for the loan. Contact one of our loan officers for additional information.
In some instances, interest on a home equity loan may be tax deductible. Check with your tax advisor for more information.
Upon the sale of your home, the proceeds or a portion of the proceeds from the sale will be used to pay off the home equity loan.
Yes, there are closing costs for your home equity loan.
Ready to take the next step?
Get the financing you need from the bank whose name you can trust.