- Fixed-interest rate loan
- Set monthly payments
- Flexible terms
- Possible tax deductions2
Have questions? You can talk to a mortgage loan originator at (855) 841-9203.
Frequently Asked Questions
Do I need to be a member TruWest Credit Union to get a home equity (HE) loan?
Yes. A membership is required if you are approved for the loan.
What is the difference between a HE loan and a home equity line of credit (HELOC)?
With a home equity loan, the money you are borrowing comes to you in one specific lump sum. Typically, you will also pay a fixed interest rate. A home equity line of credit (HELOC), lets you borrow money multiple times from an overall available sum. HELOCs usually also have you pay an adjustable interest rate.
Why choose a home equity loan?
A HE loan is ideal when you want a larger sum of money at a fixed-interest rate, you know how much you want, and you plan to spend it quickly. It is important to note that HE loan closing costs are higher than those of HELOCs. It may not make sense to incur these costs if you plan to borrow a small amount and pay it off fast.
Who are loan originators who work with TruWest?
View our licensed mortgage loan originators.
Do you have any calculators or any other resources for help?
Yes. The calculators tab can help you get a better idea of your payment.
How to Apply for a Home Equity Loan
ApplicationApply online or by phone at (855) 841-9203.
ProcessingApplications with complete information will be processed and disclosed within 3 business days. A licensed TruWest Mortgage Loan Originator may contact you if additional information is needed.
OriginationOnce the application process has started, the origination process will begin. Origination times may vary based on transaction, but normally take 30-45 days.
ClosingOnce the loan has passed underwriting, a TruWest representative will contact you to arrange a closing appointment.
Note: A TruWest membership should be opened prior to loan approval but can be opened any time before loan disbursement (funding)
On approved credit. Financing solutions not available in AK, HI, LA, SC, VT, and WI. Condominium financing not available in NY and with restrictions in certain areas in FL. Restrictions may apply based on mortgage product.
2 Consult your tax advisor