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Amplify offers competitively priced home equity loans and HELOCs with limited fees, but its reach is confined to Texas. A lower-than-average loan value ratio and higher loan limits also make the lender less appealing than its peers.
Amplify Credit Union was formed in 1967 when 10 IBM workers teamed up to form an employee credit union. Since then, the Austin, TX-based institution has grown into a full-fledged banking institution: It now serves 50,000 members in all 50 states, though its home equity products are restricted to Texas.
Amplify Credit Union offers home equity loans and home equity lines of credit (HELOCs). With both products, you can borrow up to 80 percent of your home’s value (an amount by Texas state regulations).
For its home equity loan, there’s a minimum loan amount of $25,000. The repayment term options are five, 10, 15 and 20 years. Other features include fixed closing costs of $325, no prepayment penalties or application fees.
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 at least $4,000.
With both products, the typical funding time is two weeks (as per Texas law), but with its home equity loan, your funds might be available for use as little as four business days after closing.
Amplify earns a 4 out of 5 for affordability because of its favorable interest rates and minimal fees.
Amplify scores a low 2.5 out of 5 for availability because of its draw requirements and its being limited to one state.
Amplify scores a 3.2 out of 5 for borrower experience, dragged down despite the rate transparency by its lack of locations and limitations to Texas.
You can tap into your home equity — the difference between your home's worth and what you owe on your mortgage — with a home equity loan or a HELOC. With those funds, you can tackle a variety of expenses, like debt consolidation or home renovations.
However, before you dive in, it's important to figure out your loan-to-value ratio (LTV). Lenders use your LTV to determine how much of your equity stake you can actually borrow. (It’s typically 80 percent, although some lenders allow you to access as much as 90 percent.) The amount of equity they’ll let you tap is one consideration when choosing a lender. Be it a retail bank, online lender or credit union, it may offer different home equity loan rates and terms, too. That’s why it’s important to shop around for the best deal.
Amplify Credit Union gets an A+ rating from the Better Business Bureau and has been accredited since 1998.
To get a home equity loan or line of credit with Amplify, you need to have at least 20 percent equity in your home. As is typical with all home equity lenders, Amplify will evaluate your employment status, income and credit history. Excellent credit will help you secure a low APR.
Amplify’s home equity products are available only to its members with a primary residence in Texas. To qualify for membership, you must live, work or attend school in Texas (though you remain a member if you move); 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.
Get started on your home equity loan or HELOC application on Amplify Credit Union’s website or by calling 512-874-7171. If you have questions about a loan, you can call 512-836-5901 on Monday through Friday from 8:30 a.m. to 5:30 p.m. ET and Saturday from 9 a.m. to 2 p.m. ET. You also visit one of Amplify’s branches in Texas to speak with a loan officer or schedule a virtual appointment online Monday through Friday from 8:30 a.m. to 5:30 p.m. ET.
Selected lender
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NMLS: 530487
Bankrate score
3.2
Bankrate scores are objectively determined by our editorial team. Interest rates, fees, loan terms, borrower requirements and customer service are some of the factors that make up Bankrate's score.
Customer score
N/A
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.
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![]() NMLS: 401052
Bankrate score
4.9
Bankrate scores are objectively determined by our editorial team. Interest rates, fees, loan terms, borrower requirements and customer service are some of the factors that make up Bankrate's score.
Customer score
2.6
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.
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![]() NMLS: 462289
Bankrate score
4.6
Bankrate scores are objectively determined by our editorial team. Interest rates, fees, loan terms, borrower requirements and customer service are some of the factors that make up Bankrate's score.
Customer score
3.2
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.
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Loan amount |
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Starting at $25,000 for home equity loan; $10,000 for HELOC |
$25,000-$1,000,000 |
Up to $400,000 (up to $100,000 in some states) |
Min. credit score required |
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660 |
700 |
640 |
Repayment terms |
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10-year draw period/10-year repayment term for HELOCs; up to 20 years for home equity loans |
10-year draw period and 20-year repayment term for HELOC (5-year to 20-year repayment term for fixed-rate HELOC); 5 years to 20 years for home equity loan |
Standard credit card repayment (at least 1% of the statement balance plus interest); with cash-outs, you can lock in payments for 5-10 years |
Funds available in |
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2 weeks |
Undisclosed |
With 7 business days |
Recent customer review |
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Customer review No reviews available yet. N/A |
The absolute worst HELOC underwriting ever! Hello- I have been in underwriting for five weeks. I'm 62, I've been through about 15 mortgage applications. I can assure you that they don't have a clue what they are doing. ... Jim . |
Low offer and extremely high rates and fees They offered me a very low amount compared to other lenders and on top of that offered a rate of 9.99% plus 4.5% cash out ( this cash out is a scam because it is an origination fee... Heloc |
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