Home Equity & Home Improvement Loans

A home equity loan allows you to borrow against the equity you've built in your home. Openland Credit Union offers home equity loans with fixed monthly payments and terms of 5, 10, or 15 years. Funds can be used for expenses such as debt consolidation, education, vacations, home repairs and other financial needs. Loans are subject to credit approval and applicable requirements.

Openland offers home equity financing of up to 80% of your home's fair market value, including existing mortgage debt. The minimum loan amount is $20,000, and the maximum amount you can borrow depends on your home's value, existing debts and credit qualifications. Loans are subject to applicable Texas requirements and credit approval.

A home improvement loan provides financing for projects that improve or update your home. Openland's home improvement loans can be used for projects such as adding a room or swimming pool, remodeling a kitchen or bathroom, landscaping, painting and other eligible improvements. Financing is available for qualifying Texas properties.

Openland offers home improvement financing of up to 90% of your home's fair market value, subject to applicable requirements and credit approval. The minimum loan amount is $20,000. Your available financing will depend on factors such as your home's value, existing debt and ability to repay the loan.

Openland offers 5-, 10- and 15-year terms for both home equity and home improvement loans. The 15-year term requires a loan amount of at least $50,000. Both loan types feature fixed-rate monthly payments, so your scheduled payment does not fluctuate because of changes in interest rates.

Yes. Openland states that home equity loan funds can be used to consolidate debt, as well as for expenses such as home repairs, education and vacations. Using home equity to consolidate debt may be an option for qualified borrowers, but it's important to consider the costs and risks associated with using your home as collateral.

Borrowers are responsible for applicable closing costs. Depending on the loan, these costs may include expenses such as title insurance, an appraisal and a survey. Hazard insurance is also required.

No. Openland's home equity and home improvement loans do not have prepayment penalties, allowing borrowers to pay off their loan early without an additional prepayment charge. Loans remain subject to the applicable terms, conditions and credit approval requirements.