SACU Toll Free #
1-800-234-SACU
Bexar County Local #
210-258-1414
Routing Number 314088284
1-800-234-SACU
Bexar County Local #
210-258-1414
Routing Number 314088284
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Establishment Questions
 What are home equity loans?Home equity is the value of an individual's home, less any outstanding balances owed against the home. A home equity loan occurs when a property owner borrows funds from a lending institution, like SACU, using his equity as the collateral by offering the lender a lien against his property. In Texas, homeowners will be limited to borrowing up to 80 percent of the value of their home, less any outstanding balances. back to top How can I (will you) determine the equity value of my home?First, you need to know what your property is worth. The simplest way to determine this is to find out the county tax valuation. Then, subtract any outstanding lien balances still owed from the property value given on the tax valuation and the difference is the equity value. However, the Texas Equity Loan Amendment will only allow a loan for an amount up to 80 percent of the total valuation, less the outstanding balances. If, for instance, your home was valued at $100,000 and you owed $55,000 against it, you could only borrow $25,000 (80 percent of the $100,000 minus the $55,000 you still owe). Use our calculator to determine your home equity loan value. NOTE: A person may have only one home equity loan at a time, as defined in the Texas equity loan amendment. back to top How long a term will I be able to get for a home equity loan?The maximum term at SACU is 20 years. Generally, other terms may be available. For more information, please contact our home equity experts. back to top Where can I apply?Applications are available at all our San Antonio and Houston branches, as well as at the Main Office. You may also apply over the phone with our Member Service Center staff, through Loan Connection — our automated telephone loan application system — or here on the SACU Web site. back to top What information will I need to provide to apply?Bring pay stubs or vouchers, as well as data about the debts you owe, including any liens against your home. Also, bring along your most recent property tax statement, which will help us determine your equity position. Your home's tax valuation will be the most critical part of the equity loan decision. back to top How long will it take to get a response to my application?While each application will vary, expect a decision within 24 hours of your application's arrival at the Second Lien Loan Department. Our loan officers may ask you to provide additional information or to verify certain data. back to top Where will I be able to sign the loan papers and close my loan?According to legislature, home equity loans may be closed only at the office of either the lender, an attorney, or a title company. For instance, If you are using the funds to purchase a car, you will have to close at one of the three cited locations and then go to the auto dealer's place of business. The same would go for a home improvement dealer, contractor, or any other service provider that you may wish to pay with proceeds from your equity loan. back to top
Interest Rate Questions
Will the interest rate be fixed or variable?SACU offers fixed rates for home equity loans and variable rates for home equity lines of credit. back to top What will the interest rate be?SACU home equity loan rates depend on the amount to be borrowed and the term of the loan. Please check our rates page for more information. back to top
Payment Questions
Once I have my loan, can I make early payments or pay the loan off early?Yes and yes. You can pay more than the minimum payment to speed up your payoff date and reduce your interest expense. back to top Can I set up automatic debit for my loan payments?Yes. An automatic loan payment, even one coming from another financial organization, can be established. Automatic debit for a SACU home equity loan may even help qualify you for a special rate. Ask a loan officer for details. back to top Will my payments vary?No. Your principal and interest payments should not vary during the loan. back to top
Proceeds Questions
How soon upon approval of my loan can I get the money I want to borrow?The state legislature has mandated that a loan may not be closed before the twelfth day after an application has been submitted, or the required Notice Concerning Equity Loan Extension of Credit has been provided, whichever occurs last. Following the closing, the home equity amendment further mandates a three day rescission period before funds may be tendered. So, you will not obtain the money until 12 days after the loan application and notices are received and then at least three business days in addition to that. This requirement cannot be waived. back to top There seem to be a lot of restrictions on how, where and when I can use the equity in my property. Where do these regulations come from?
Texas has long held onto the concepts of homestead and homestead rights and is the last state to offer homeowners the right to use the equity in their homes in any fashion. The 1997 Texas legislature wrote the provisions of the "home equity amendment" and is solely responsible for the language and restrictions found there. SACU will do its best to provide you the best home equity service we can, while following the requirements of the law. back to top What can I use my home equity loan proceeds for?As the saying goes, "Any old thing your heart desires." You may consolidate your debts, take a trip, buy a car, pay for a child's education, or fix up your house. You can use the loan proceeds for anything you choose. back to top Can I payoff all my credit cards with proceeds from a home equity loan?Yes. You may use your loan proceeds in any manner you see fit, including the payment of outstanding credit card debt. back to top I want to refinance my first mortgage and get some of my home's
equity. Can I do this? Yes, as long as the amount of new money "taken out" does not bring the total balance owed to more than 80 percent of the total value of the property you own. back to top Will my home equity loan provide me with a tax deduction? In general terms, one of the few deductions now allowed by the IRS is that associated with real estate interest. The interest you pay on a home equity loan may be tax deductible; however, since every situation is different, you should consult your tax advisor. back to top
Miscellaneous Questions
Can I get a home equity line of credit?Yes. I've heard about a "reverse annuity mortgage" equity loan. Can I get one of those? No. SACU has elected not to offer this product at this time. back to top |
