Routing #264279567

Home Equity & Improvement

We appreciate your interest in a mortgage loan with Knoxville TVA Employees Credit Union! Due to the current low-interest rates, we are experiencing a very high loan volume. Thank you in advance for your patience as our response time is 2-3 business days.

Open the door to flexible financing.

There are two ways to approach borrowing against the value of your home: a Home Equity Loan and a Home Equity Line-of-Credit. Both are valuable options when dealing with larger purchases, consolidating expenses, and more. 


 Restrictions apply. Not a government-affiliated agency. All applications are subject to underwriting guidelines and approval. Ask for details.

What you will need to start your application:

  • Two forms of identification (including one photo ID)
  • Two-year work history
  • Most current paystub (last 30 days)
  • W-2s and tax returns from the last two years
  • Bank statements from the last two months
  • Two-year address history
  • Homeowner insurance company name and phone number
  • Sales contract (purchase loans)
  • Property tax amount and homeowner's association dues

Home Equity Loan

Often called a second mortgage, a Home Equity Loan is great when dealing with major expenses. Sometimes, savings aren't enough and flexible funds could come in handy. If you have large one-time purchases, like tuition, renovations, improvements, or medical expenses, a home equity loan can help you cover it.

To obtain a Home Equity Loan, you apply for a specific amount of money, you receive it all at once, then pay it back over time. 

Home Equity Line-of-Credit

Enjoy the convenience of the cash you need, when you need it most. A Home Equity Line-of-Credit, often known as a HELOC, is great for consolidating recurring loan payments, such as college bills and high-interest credit cards. When obtaining a HELOC, your home is used as collateral.

You'll be approved for a certain amount of money which will be repaid within a designated time frame. During that time, you'll only be accountable for what you use when you need it. This is perfect for projects where the total is not defined, so you're able to use a little at a time or however you see fit.