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

*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 Loan ¹ ?

A Home Equity Loan lets you borrow against the equity in your home and turn it into cash. It's a smart way to fund renovations, consolidate debt, or cover major expenses by using the value of your home.

Your home's equity is the difference between what you owe on the mortgage loan and the home’s current market value. If your home's value exceeds the outstanding home loan balance, you may qualify to borrow a percentage of the difference or equity.

Types of Home Equity Loans

Home Equity Loan (Second Mortgage)

Home equity loans give you a lump sum upfront to spend and secured by the equity in your home. This type of loan is sometimes called a second mortgage and is best for large one-time expenses that may require upfront money. Use a home equity loan for:

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

Home Equity Line-of-Credit (HELOC) ²

A HELOC is a revolving line of credit secured by your home's equity. Borrow what you need, when you need it, up to your approved limit. A HELOC is an excellent loan option when you need flexibility, especially if you’re unsure how much money you’ll need or when you’ll need the funds. HELOCs are perfect for recurring expenses or projects with undefined costs:

Cover 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.

Ready 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.

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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)

Disclosures

¹ Restrictions apply. Not a government-affiliated agency. All applications subject to underwriting guidelines and approval. Rates based on creditworthiness. Ask for details.

² APR = 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.