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Amplify Credit Union: 2025 Home Equity Review

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Updated on May 14, 2025

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Amplify Credit Union logo
 
Bankrate score

3.2

Rating: 3.2 stars out of 5
Our methodology
Customer score

0.0

Rating: 0 stars out of 5
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Find competitive home equity rates near you

Amplify Credit Union overview

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 home equity products offered

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.

How Bankrate scored Amplify Credit Union

Affordability: 4/5 

  • APR: Amplify Credit Union has a competitive APR that is below Bankrate’s national average. 
  • Fees: Amplify Credit Union charges $325 in closing costs on its home equity products, which includes the cost of an appraisal. That said, the credit union doesn’t charge loan application fees, annual fees or prepayment penalties. 

Amplify earns a 4 out of 5 for affordability because of its favorable interest rates and minimal fees. 

Availability: 2.5/5 

  • Loan products: Amplify Credit Union offers a home equity loan with several term options, a HELOC and a couple of non-equity-based home improvement or homeowner loans. 
  • Footprint: Amplify’s reach is limited to Texas – too bad for borrowers in the other 49 states. 
  • Credit score: You will need a 660 credit score to qualify for an Amplify home equity product, which is a bit higher than the average among home equity lenders, but still reasonable. 
  • Loan minimum: Amplify’s $25,000 home equity loan minimum is typical. The $10,000 HELOC minimum is on the low side. 
  • Draw requirement: You need to withdraw at least $10,000 from your HELOC and for each advance after that at least $4,000 – somewhat restrictive. 

Amplify scores a low 2.5 out of 5 for availability because of its draw requirements and its being limited to one state. 

Borrower experience: 3.2/5

  • Rate transparency: Amplify advertises the lowest possible APR and the maximum APR prominently on its website. 
  • Convenience: You can apply online or via a phone call. You can then check your loan status via the credit union’s site or its mobile app. You must close the loan in person.
  • Customer service: Customers can contact Amplify via phone, email, online form or online chat. You can also visit the Texas-based credit union at one of its four Austin branches. 
  • Fixed-rate options: Amplify offers a fixed-rate home equity loan, but no lock-in rate options on its HELOC. 

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.

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Bankrate insights

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’s reputation

Amplify Credit Union gets an A+ rating from the Better Business Bureau and has been accredited since 1998.

How to qualify for a home equity loan with Amplify Credit Union 

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.

How to apply for a home equity loan with Amplify Credit Union

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.

Compare Amplify Credit Union with other lenders

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NMLS: 530487
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3.2

Loan amount

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

660

700

640

Repayment terms

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

2 weeks

Undisclosed

With 7 business days

Recent customer review

Customer review

Rating: 0 stars out of 5

No reviews available yet.

N/A

The absolute worst HELOC underwriting ever!

Rating: 1 stars out of 5

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

Rating: 1 stars out of 5

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

Amplify Credit Union customer ratings and reviews

 

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