Home Equity Loans - Knoxville TVA Employees Credit Union

HOME EQUITY LINE-OF-CREDIT
As low as 5.740%* Introductory APR
with Direct Deposit for the first 11 months!
Best current non-introductory rate: 7.500% APR
Maximum rate: 18.000% APR

APPLY TODAY! SPEAK TO A LOAN OFFICER

*APR = Annual Percentage Rate. Introductory promotional rate is subject to change and can end at any time without notice. Introductory rate available on new qualifying Home Equity Line of Credit (HELOC) applications with new or active direct deposit account. Introductory rate of 5.990% APR for the first 11 months available without new or active direct deposit account. All applications subject to underwriting guidelines and approval. Rates based on creditworthiness. APR is variable. Maximum 18.000% APR. Not a government-affiliated agency. Some restrictions apply. Ask for details. Non-introductory APR is based on the value of an index, which is Prime Rate published in the Wall Street Journal in effect on 12/19/2024.

WHAT IS A HOME EQUITY LOAN¹?

A Home Equity Loan, in general, is a personal loan where the amount is secured by the equity in your home. With home equity loans, you can borrow against the equity in your home and convert the equity into cash.

Equity in your home is the difference between what is owed on the mortgage loan and the home’s current market value. If the value of the home exceeds the outstanding home loan balance, you can borrow a percentage of the difference or equity.

MOST COMMON TYPES OF HOME EQUITY LOANS:

GENERAL HOME EQUITY LOAN (Second Mortgage)

Home Equity Loans give you a lump sum upfront to spend. It's oftentimes referred to as a second mortgage because it functions just like a mortgage, but the loan amount is secured by the equity in your home. Funds from a general Home Equity Loan are perfect for non-recurring expenses like:

Paying down student loan debt
Major home renovations
Consolidating debt from high-interest-rate credit card balances

HOME EQUITY LINE-OF-CREDIT² (HELOC)

A HELOC is a secured line of credit you can tap into as needed, up to your approved limit. With a HELOC, you only use as much as you need and only pay back what you use. A HELOC is an excellent loan option when you need flexibility, especially if you’re unsure about how much you’ll need to borrow or when you’ll need the funds. HELOCs are perfect for recurring expenses or projects with undefined costs:

Paying college tuition or medical expenses
Undefined home improvement or remodeling projects

MEET YOUR LOAN OFFICER!

Whether you want to purchase a new home, refinance, or use your home's equity, we provide one-on-one support to help you make the best decision for YOU. We're here every step of the way, so you don't have to plan alone. We're more than just experts – we're your neighbors who care! We take the time to understand your unique goals and answer all your home loan questions.

It's never too early to get started. Connect with a friendly Real Estate Officer today!

For a personalized rate and payment quote, please give us a call at (865)544-5409 or email homeloans@tvacreditunion.com.

Meet Our Team

SIMPLIFY THE HOME LOAN PROCESS

Whether you need to consolidate debt, have unexpected expenses, or simply need some extra cash on hand, a Home Equity Loan or Home Equity Line-of-Credit may be able to help.

APPLY NOW Calculate Your Payment

WHAT YOU NEED FOR YOUR APPLICATION

Two forms of identification (including one photo ID)
Two-year work history
Most current pay stub (within last 30 days)
W-2s and tax returns (from the last two years)
Bank statements (from the last two months)
Address history (from the last two years)
Homeowner insurance company name and phone number
Sales contract (only for purchase loans)
Legal description of the property (Warranty Deed or Trust Deed)
Current mortgage statement (if applicable)
Most recent awards letter for Social Security and/or pension income (if applicable)

¹Restrictions apply. Not a government-affiliated agency. All applications subject to underwriting guidelines and approval. Ask for details.
²APR = Annual Percentage Rate. Restrictions may apply. Not a government-affiliated agency. All applications subject to underwriting guidelines and approval. Rates based on creditworthiness. Ask for details.