Amplify Credit Union: 2025 Home Equity Review

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.

Pros and cons of Amplify Credit Union

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.

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.

• 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 - 35%; convenience - 35%; customer service - 20%; fixed-rate options - 10%

  Learn more about our methodology.