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Credit Union of Texas: 2022 Home Equity Review

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At a glance

Rating: 3.8 stars out of 5
Bankrate Score
  • Availability
    Rating: 3 stars out of 5
  • Affordability
    Rating: 4.3 stars out of 5
  • Customer Experience
    Rating: 4.3 stars out of 5

About Credit Union of Texas

  • Moneybag

    Loan amount

    HELOC: $20,000 to $750,000 on first liens; up to $300,000 on second liens

  • Credit Good

    Min. credit score

    Not specified0

  • Rates

    APR from

    3% to 18%

  • Funds available in

    Not specified

Credit Union of Texas features

Here's a breakdown of some of the benefits and drawbacks of Credit Union of Texas home equity loans.


  • Checkmark

    Competitive rates

  • Checkmark

    No fees for most HELOCs

  • Checkmark

    Customer service


  • Close X

    Eligibility requirements

  • Close X

    Average combined loan-to-value (CLTV) limit

  • Close X

    Not fully online

Note: CUTX has suspended applications for lump-sum home equity loans.

Credit Union of Texas (CUTX) is a Dallas-based organization focused on community engagement and customer service. CUTX provides some banking services to members in all 50 states, but home equity lines of credit are offered exclusively in Texas. This lender used to offer both home equity loans and lines of credit. Both options are still visible on the CUTX website, but borrowers can only apply for home equity lines of credit at this time.

Credit Union of Texas offers discounts and benefits when you become a member, and its HELOC product comes with competitive interest rates and fees.

Credit Union of Texas snapshot

Loan types offered HELOC
APR range 3% to 18%
Loan amount range HELOC: $20,000 to $750,000 on first liens; up to $300,000 on second liens
Minimum credit score required Not specified0
Repayment terms 5-year draw period with 15-year repayment period, or 10-year draw period with 10-year repayment period
Average time to approval Not specified


A CUTX home equity loan or line of credit may be a good option for those who qualify for membership. Some of its benefits include:

  • Competitive rates: CUTX offers variable-rate and fixed-rate HELOCs starting at 3 percent APR. As of April 20, 2021, the average rate for a HELOC was 4.02 percent.
  • No fees for most HELOCs: There are no prepayment penalties, and if you opt for a HELOC up to $400,000, you won’t pay any closing costs.
  • Customer service: Credit unions tend to provide more personalized customer service than banks, primarily because they serve small geographic areas and are owned by their members.


Before signing up for a loan with Credit Union of Texas, consider some of its drawbacks:

  • Eligibility requirements: You have to be a member of CUTX before you can apply for a home equity product. The lender provides lines of credit only on single-family, owner-occupied homes in Texas.
  • Average combined loan-to-value (CLTV) limit: Texas law limits the maximum CLTV you can borrow to 80 percent. With some other lenders, you could potentially borrow up to 95 percent of your home’s value between your first mortgage and a home equity product.
  • Not fully online: Even if you start the application process online, you’ll end up working with a loan specialist to complete the process. If you’re looking for more personalized service, that might not be a bad thing. But if you want your money faster, an online lender may be a better choice.

Types of fees charged

CUTX doesn’t charge any fees on HELOCs under $400,000. However, you may still need to pay for an appraisal, which isn’t considered a lender fee, if you need one for the loan application. There’s also no prepayment penalty, so you won’t be on the hook for a fee if you pay off your balance early.

While there are fees on the lender’s home equity loan, the exact amount is not disclosed. Check with a loan specialist to get an idea of how much your home equity loan might cost.

Loan products offered

Credit Union of Texas offers mortgage loans, mortgage refinancing and home equity lines of credit.

With the HELOC, you can borrow between $20,000 and $750,000 for first liens and between $20,000 and $300,000 for second liens. Remember, though, that your HELOC amount also depends on how much equity you have in your home, as there’s a CLTV limit of 80 percent. During the draw period, the minimum draw amount is $4,000 each time you take a withdrawal.

Credit Union of Texas also offers a “Fast Track Loan,” which is essentially a fixed-rate HELOC designed to refinance a home loan. This product has a 10-year draw period, and you may be able to close in as few as 15 days.

How to qualify for a home equity loan with Credit Union of Texas

CUTX doesn’t publicly disclose a minimum credit score, but it does prefer applicants with a minimum score of 640. However, it offers quotes for all credit ranges, including for people with no credit history at all.

Borrowers must be members of CUTX to qualify for one of its home equity products. To be eligible for membership, you must meet one of the following criteria:

  • You live, work or attend an institution of higher learning in Dallas, Denton, Collin or Rockwall county.
  • You live or work in select areas of Grayson, Fannin, Ellis, Tarrant and Hunt counties.
  • You’re a member of a school-related association or organization created to service or assist public or private schools.
  • You’re an employee of a participating company or organization.
  • You’re related by blood, marriage or adoption to someone who meets one of these qualifications or is already a member.

There are also requirements for your home. For starters, it must be in Texas and not be zoned as agricultural, and it must be your primary residence. This includes houses, condos, townhomes and duplexes. The lender does not offer home equity products on mobile or manufactured homes.

How to get started

You can start the application process online, over the phone or at a local branch. If you want to start online, you’ll provide a little information about yourself, including your name and contact information, your credit range and how much you’re looking to borrow. Once you submit that information, it’ll be shared with a loan specialist who will reach out to you to complete the process.

They’ll let you know what information you need to provide and set up the closing process. Once you close, there’s a three-day wait period before you can make your first draw.

If you have any questions, you can call a lending specialist at (972) 263-9497 from Monday through Friday from 9 a.m. to 6 p.m. and Saturdays from 10 a.m. to 2 p.m. CT. The website also has a live chat feature where you can connect with an available specialist. You can also send a message through the contact page on the credit union’s website and get an email or a phone call in return.

Before you settle on the credit union, though, take some time to shop around and compare rates and other terms from several home equity lenders.

How Bankrate rates Credit Union of Texas

Bankrate Score 3.7 Scoring factors
Availability 3.0 $20,000 minimum loan amount and much qualification information is not disclosed
Affordability 4.3 Low starting APR but some fees
Customer experience 4.3 Online access, Mon-Sat customer service and highly rated mobile apps


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.