Raija Haughn is an associate writer for Bankrate specializing in student loans. She is passionate about helping people make financial decisions that will benefit them long term.
Troy Segal is a senior editor for Bankrate. She edits stories about mortgages and home equity, along with the finer financial points of owning and maintaining a home.
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.
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At a glance
Bankrate Score
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate.
To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
20,000-$750,000 for first-lien HELOC; up to $300,000 for second-lien HELOC
Min. credit score required
Undisclosed
Repayment terms
5- to 10-year draw period and 10- 15-year repayment term
Funds available in
Undisclosed
Recent customer reviews
The customer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews. Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers, and reserves the right to reject or remove any review, at any time, for any reason at Bankrate’s sole discretion, including but not limited to those that Bankrate deems inappropriate, fraudulent, invalid, irrelevant, or otherwise outside the parameters of the Bankrate Review Guidelines, the
Privacy Policy, or the Terms of Use.
There are no fees on most HELOCs, nor prepayment penalties, and if you opt for a HELOC up to $400,000, you won’t pay any closing costs.
Credit unions tend to provide more personalized customer service than banks, primarily because they serve smaller geographic areas and are owned by their members.
Drawbacks
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.
Texas law limits the maximum combined loan-to-value (CLTV) ratio you can borrow to 80 percent. With some other home equity lenders, you could potentially borrow up to 95 percent of your home’s value between your first mortgage and a home equity product.
Home equity loan products offered
Credit Union of Texas offers home equity lines of credit (HELOCs) and home equity loans (the latter have been suspended as of this review).
With the HELOC from CUTX, 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 ratio limit of 80 percent. During the draw period, the minimum amount is $4,000 for each 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 might be able to close in as few as 15 days.
Types of fees charged
Credit Union of Texas doesn’t charge any fees on HELOCs under $400,000. However, you might still need to pay for an appraisal, which isn’t considered a lender fee. 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 isn’t disclosed on the credit union’s website. Check with a loan officer to get an idea of how much your home equity loan might cost.
How to qualify for a HELOC with Credit Union of Texas
Credit Union of Texas doesn’t disclose its minimum credit score requirements online, but it does prefer applicants with a score of at least 640. However, it offers quotes for all credit ranges, including for borrowers with no credit history.
You must be a member of CUTX to qualify for one of its home equity products. The criteria for membership include:
You live, work or attend an institution of higher learning in Dallas, Denton, Collin or Rockwall counties.
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, your primary residence and not zoned as agricultural. This can include single-family houses, condos, townhomes and duplexes. The lender doesn’t offer home equity products on mobile or manufactured homes.
How to apply with Credit Union of Texas
You can start the application process online, over the phone or at a local branch. If you want to start online, you’ll provide your name and contact information, your credit range and how much you’re looking to borrow. A loan officer will then reach out to you to complete the 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 loan officer at 972-263-9497 Monday through Friday, 9 a.m. to 6 p.m. CT, and Saturdays, 10 a.m. to 2 p.m. CT. The credit union’s website also has a live chat feature and contact page.
How Bankrate scored Credit Union of Texas
Affordability
9.6/10
Availability
4.6/10
Borrower experience
5.7/10
To determine a home equity lender's Bankrate Score, Bankrate rates lenders on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the lender's products and services. To assign our ratings, we assessed each mortgage lender across three core areas:
Credit Union of Texas customer ratings and reviews
5.0
Rating: 5 stars out of 5
1 ratings
This lender has 1 recent reviews.
Knowledge
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Level of service
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Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5
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100%
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100% of customers would recommend this lender.
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reviews
The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.
Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers, and reserves the right to reject or remove any review, at any time, for any reason at Bankrate’s sole discretion, including but not limited to those that Bankrate deems inappropriate, fraudulent, invalid, irrelevant, or otherwise outside the parameters of the Bankrate Review Guidelines, the Privacy Policy, or the Terms of Use.
To help serve you with relevant information, the consumer reviews shown below are limited to only those that this advertiser has received during the past 12 months.
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