Home Equity Loans - Knoxville TVA Employees Credit Union

Unlock the hidden money
in your home!

Whether you need to consolidate debt, have unexpected expenses, or simply need some extra cash on hand, a Home Equity Loan¹ or Home Equity Line-of-Credit² may be able to help.

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WHAT IS A HOME EQUITY LOAN?

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. Its 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-CREDIT (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 you only pay back what you use. A HELOC is a great loan when you need more flexibility because you aren’t sure 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

HOW TO GET STARTED

Our Loan Officers aim to provide the best service possible. We know the importance of having a strong partner to help you find the right loan for you. We are committed to helping you understand your options and answering your questions. Here are some resources to help you get started:

HOME LOAN CALCULATOR VIEW RATES ADDITIONAL RESOURCES ONLINE APPLICATION

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)

Tools and Resources

Mortgage Rates

Mortgage Calculators

Forms

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.