Amplify Credit Union is an Austin-based financial institution that serves communities in Texas. Amplify has been in business since 1967 and prides itself on providing digital-first financial services while maintaining a community-focused vision. With over 60,000 members, Amplify Credit Union serves those who live, work, study or worship in Travis, Hays, Caldwell, Williamson or Bastrop county.
If you or a family member do not live or commute to one of these five counties, you can still join Amplify Credit Union by becoming a member of either the American Red Cross Central and South Texas Region or the Texas Consumer Council. Once you become a member with Amplify, you are a member for life.
Amplify offers both home equity loans and HELOCs, with a minimum loan amount of $25,000 and APRs as low as 3.18 percent for home equity loans and 3 percent for HELOCs. If you are looking to take advantage of your home equity and you meet Amplify’s eligibility requirements, this could be a great option for you.
Amplify Credit Union snapshot
|Loan types offered||Home equity loans, HELOCs|
|APR range||Home equity loans: Starting at 3.18%
HELOCs: 3% to 17.90%
|Loan amount range||Starting at $25,000|
|Minimum credit score required||Not specified|
|Repayment terms||Home equity loans: 5 to 20 years
HELOCs: 10-year draw period and 10-year repayment period
|Average time to approval||Close in as little as 20 days|
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 3.18 percent APR, which is much lower than the average home equity loan rate of 5.94 percent as of late December 2021, according to Bankrate. Amplify’s HELOC rates start at 3 percent APR, compared with the average HELOC rate of 5.41 percent.
- 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 little as 30 days.
Amplify Credit Union’s home equity products also come with a few drawbacks.
- 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.
- Upfront fees: The lender charges a flat $325 on all loans and lines of credit, which includes the cost of an appraisal if it requires one.
Types of fees charged
Amplify Credit Union charges $325 in closing costs on its home equity products. This includes the cost of an appraisal. With that said, Amplify does not charge annual fees or prepayment penalties, which means you have the freedom to pay off your loan before your repayment term is over.
Loan products offered
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 borrow up to 80 percent of your home’s value, with a minimum loan of $25,000.
On a home equity loan, repayment terms are 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 30 days, which can be quicker than some lenders but not as fast as many online lenders. With the home equity loan, your funds may be available for use in as little as four business days after that.
How to qualify for a home equity loan with Amplify Credit Union
Amplify’s home equity products are available only to its members with a primary residence in Texas. To qualify to join, you must do one of the following:
- 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.
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 get started
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 of 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 30 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) 836-5901 or visit a branch.
How Bankrate rates Amplify Credit Union
|Bankrate Score||4.0||Scoring factors|
|Availability||3.4||High minimum loan amount and minimum draw requirement of $4,000|
|Affordability||4.4||Low minimum APRs and few fees|
|Customer experience||4.3||Online access but below-average app ratings|
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.