Amplify Credit Union: 2023 Home Equity Review
The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .
At a glance
- Customer Experience
About Amplify Credit Union
Starting at $25,000
Min. credit score
10-year draw period and 10-year repayment term for HELOC; 5 years to 20 years for home equity loan
Funds available in
Closings in as little as 20 days
Amplify Credit Union features
Here's a breakdown of some of the benefits and drawbacks of Amplify Credit Union home equity loans.
Amplify Credit Union overview
Amplify Credit Union is an Austin-based financial institution that serves communities in Texas. The credit union has been in business since 1967 and prides itself on providing digital-first financial services while maintaining a community-focused vision. Among its many products, it offers both home equity loans and lines of credit (HELOCs).
Amplify Credit Union snapshot
|Loan types offered||Home equity line of credit (HELOC)
Home equity loan
|Loan amount range||Starting at $25,000|
|Minimum credit score required||Undisclosed|
|Repayment terms||10-year draw period and 10-year repayment term for HELOC; 5 years to 20 years for home equity loan|
|Average time to approval||Closings in as little as 20 days|
How Bankrate rates Amplify Credit Union
To create our Bankrate Scores, we evaluated lenders based on availability, affordability and customer experience. Availability was assessed based on the minimum loan amount required, time to approval, days to close, minimum draw requirements, minimum credit score requirements and loan types offered. Affordability was assessed based on minimum APR, discounts and promotions offered and associated fees. Customer experience was assessed based on online application and account availability, customer support, auto payment availability and mobile app availability and ratings.
- You can close on your home equity line of credit or loan in as little as 20 days.
- Credit unions tend to provide more personalized customer service than banks.
- 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.
- The minimum amount you can borrow with either loan option is $25,000, which might be far more than what some borrowers need.
Types of fees charged
Amplify Credit Union charges $325 in closing costs on its home equity products. This includes the cost of an appraisal. That said, the credit union doesn’t charge annual fees or prepayment penalties, which means you have the freedom to pay off your loan before your repayment term is over without incurring additional costs.
Home equity loan products offered
Amplify Credit Union offers both home equity loans and HELOCs. You can borrow up to 80 percent of your home’s value, with a minimum loan amount of $25,000.
For the home equity loan, the repayment term options 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 term.
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 might be available for use 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 live, work or attend school in Texas; be related to a current member; join the Texas Consumer Council; or be a member of the American Red Cross Central and South Texas Region.
How to get started
You can apply for a home equity loan or HELOC through Amplify Credit Union’s website. If you have questions about a loan, you can call 512-836-5901 or visit a branch to consult with a loan officer.