Amplify Credit Union has been serving the community in Austin, Texas since 1967. The credit union offers both home equity loans and home equity lines of credit, or HELOCs, of up to $750,000 to its members with properties in Texas.
If you’re looking for a home equity loan or HELOC, the lender offers competitive interest rates, low costs and relatively fast funding.
If you’re a member of Amplify Credit Union or qualify to become one, it may be worth considering its home equity products. Here are some highlights to know:
- Amplify Credit Union offers home equity loans and HELOCs from $50,000 to $750,000, based on a maximum combined loan-to-value (CLTV) ratio of 80 percent.
- The property must be located in Texas and be your primary residence.
- The lender requires a minimum credit score of 640 for HELOCs and 600 or 640 for home equity loans, depending on your repayment term.
- The lender charges a flat $325 in closing costs for both home equity loans and HELOCs.
- You can close in as few as 20 days.
Pros and cons
As with any lender, there are both benefits and drawbacks to working with Amplify. Here are some things to think about before you submit an application.
- Competitive rates: Amplify’s home equity loan rates start as low as 3.42 percent APR, which is much lower than the average home equity loan rate of 5.76 percent as of late December 2019, according to Bankrate. Amplify’s HELOC rates start at 4.5 percent APR, compared with the average HELOC rate of 6.04 percent.
- Low costs: The lender charges a flat $325 on all loans and lines of credit, and that includes the cost of an appraisal if it requires one. There’s also no prepayment penalty if you pay back your home equity loan or HELOC early.
- Valuable customer service: Credit unions tend to provide more personalized customer service than banks. Amplify, due to its small geographical footprint, can also better understand its members and their needs.
- Fast funding: You can close on your loan in as few as 20 days.
- High minimum loan amounts: The minimum amount you can borrow with either loan option is $50,000, which may be far more than what some borrowers need.
- Restrictive membership requirements: You can’t apply for a home equity loan or HELOC unless you’re a member of Amplify, and loan options are only available to Texas residents.
- Average CLTV limit: Amplify has a maximum CLTV of 80 percent, which is about average for home equity lenders. If you’re looking for a larger loan or credit line, however, it’s possible to get up to a CLTV of 95 percent with some lenders.
Amplify Credit Union offers mortgage loans, refinance loans, home equity loans and HELOCs. If you’re looking to borrow from your home equity, you can get between $50,000 and $750,000, depending on how much equity you have. The maximum CLTV is 80 percent.
On a home equity loan, repayment terms include five, 10, 15 and 20 years. With the HELOC, you’ll get a 10-year draw period, during which you can choose to make interest-only payments, followed by a 10-year repayment period.
There’s a minimum initial draw on the HELOC of $10,000, after which each draw must be $4,000 or more.
With both products, it’s possible to close within 20 days, which can be quicker than some lenders but not as fast as many online lenders. With the home equity loan, your funds will be available for use four business days after that.
Amplify Credit Union charges just $325 in closing costs on its home equity products, and that includes the cost of an appraisal. With other lenders, you may be on the hook for much more in upfront costs, plus annual HELOC fees and a penalty if you pay back what you owe before your repayment term is over.
Amplify’s home equity products are available only to its members with a primary residence in Texas. To qualify to join, you must:
- Live, work, worship or attend school in Travis, Hays, Caldwell, Williamson or Bastrop counties.
- Be related to a current member.
- Join the Texas Consumer Council.
- Be a member of the American Red Cross Central and South Texas Region.
Once you’re a member, you may qualify for a home equity loan with a repayment term of up to 15 years with a credit score of at least 600. For 20-year loans, the minimum requirement is a score of 640. For all HELOCs, there’s a minimum credit score of 640.
In addition to your credit history, Amplify will also consider your proof of employment and income sources, debt-to-income ratio, loan-to-value ratio and more.
How to apply
You can apply for a home equity loan or HELOC through the credit union’s website. At the beginning, you’ll choose between the two options, then create an account with your email address and a password.
Once that’s done, you’ll enter basic information about yourself, your property, how much you want to borrow and the purpose for the loan. You’ll also need to share employment and income information, and more details about the value of your home, your mortgage loan and more.
After you submit the application, you may be asked to send in some supporting documentation. The entire process takes as little as 20 days from application to closing.
Amplify Credit Union offers some excellent terms to people who qualify, but no lender is the best fit for everyone. Before you apply for a home equity loan or HELOC from Amplify, be sure to compare rates and terms from other lenders as well.
Once you’re ready to apply, you can do so on the credit union’s website. If you have any questions, you can call Amplify at (512) 874-7171 or send an email to email@example.com.
How Bankrate Rates Amplify Credit Union
Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.