Amplify Credit Union: 2024 Home Equity Review

Benefits

• 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.

Drawbacks

• 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.

Home equity loan products offered

Amplify Credit Union offers both home equity loans and home equity lines of credit (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 at least $4,000.

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.

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.

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 apply with Amplify Credit Union

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.

How Bankrate scored Amplify Credit Union

• Methodology

  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:

  • Affordability: Annual percentage rate (APR) - 80%; introductory APR - 20%
  • Availability: Licensing - 50%; credit score - 20%; loan minimum - 10%; draw requirement - 10%; loan products - 10% 
  • Borrower experience: Rate transparency - 45%; convenience - 35%; customer service - 10%; fixed-rate options - 10%

  Learn more about our methodology.