Home Equity Loans
Our experienced lenders may be able to help refinance your current home loan with a
new, lower rate Home Equity loan. You may qualify to:
- Pay your home off faster
- Lower your monthly payment
- Choose terms from 5 to 30 years
- Get cash for any purpose
Not ready to apply? We can guide you through the loan process with four simple steps.
Step 1: Compare Home Equity Loan Rates as Low as:
Rates effective October 16, 2024
| Term | Rate | APR* |
|---|---|---|
| 5 Year | 5.50% | 5.50% |
| 7 Year | 5.50% | 5.50% |
| 10 Year | 5.50% | 5.50% |
| 15 Year | 5.75% | 5.75% |
| 20 Year | 6.00% | 6.00% |
| 30 Year | 6.25% | 6.25% |
|
||
*APR = Annual Percentage Rate. APR is calculated based on a loan amount of $100,000. Loan rates quoted are based on A+ credit rating. Actual rates will vary and are based on individual creditworthiness. Home equity rates valid on first lien home equity loans only. Please call to verify listed rates and fees.
Step 2: How much can I save by consolidating my debt?
Taking a few minutes to pull together your income, loans, and debts could help save you thousands of dollars. Take time to gather your credit cards, auto loans, and any other debts you might have, including interest rates and terms. Then, use our debt consolidation calculator to determine if a home equity loan could help you save you money.
Step 3: Get Prepared for Your Home Equity Loan.
Credit Report
Your credit score is based upon your spending, payment, and credit history. It is represented by a number between 300 to 850. The higher your credit score is, the better rate you may get.
How to get prepared: We recommend you get a free yearly credit report to learn what's on your report before applying for a home equity loan.
Your Home's Value & Equity
We will assess the value of your house using independent appraisers to help determine how much you are eligible to borrow.
Debt-to-Income Ratio
Your debt-to-income (DTI) ratio is calculated from how much of your total monthly income (before taxes are taken out) goes towards paying off your debt. This helps us to understand what percentage of your income will go towards your home equity loan.
Step 4: Apply for a Home equity loan.
Get the money you need to do the things you want!
Pay by Mail
DuGood FCU
P.O. Box 12899
Beaumont, TX 77726
SEE WHAT OTHERS HAVE TO SAY
Meet Our Mortgage Team
Sandra Flanigan
Senior Mortgage Lender
(409) 726-2104
Email
Sandy Ferrell
Senior Mortgage Lender
(409) 726-2106
Email
Pauline Villarreal
Mortgage Lending Manager
(409) 726-2119
Email
Holly Clark
Mortgage Servicing Supervisor
(409) 726-2113
Email
Connie Tassin
Mortgage Loan Specialist
(409) 726-2111
Email
Charla Bailey
Mortgage Loan Specialist
(409) 726-2107
Email
Blake Worthey
Chief Lending Officer
(409) 241-2261
Email
GET ANSWERS TO FREQUENTLY ASKED QUESTIONS
What is a Home Equity Loan?
A Home Equity Loan is a loan that allows a home owner to borrow money (for any purpose), against the equity of their home. In Texas, all loans against the home cannot exceed 80% of the value of the home.
Can I refinance my current Mortgage as a Home Equity Loan?
Yes, the primary reason members refinance their home loans with DuGood is our low rates and low closing costs.
What is the maximum term on a Home Equity Loan?
DuGood offers Home Equity Loans with terms up to 30 years.
Can I have more than one Home Equity Loan on my home?
No. In Texas, you are allowed to have only one Home Equity Loan at a time on your home, and you can only do a Home Equity Loan every 12 months.
Which Home Equity loan option is best for me?
A shorter term loan is recommended if you want to pay less in interest. This will help save you money. But if lower monthly payments are more important, a longer term loan might be better for you.
How can I use Home Equity loan?
Have a big expense coming up? You can use a Home Equity loan for any purpose, such as:
- Consolidating your debt
- Remodeling your house
- Paying for college, a wedding, or once in a lifetime trip
Does DuGood offer homeowners insurance?
DuGood Credit Union has teamed with Travelers to offer members a discount on homeowners and condo insurance. Plus, if Travelers isn’t the right fit at this time, you can compare quotes from up to 50 national and regional carriers through InsuraMatch, a wholly owned agency of Travelers. To get a quote that includes your DuGood member discount on home or condo insurance and any other applicable discounts call Travelers at 1-888 979-0723 or click here to learn more including details and legal disclosures.
DOWNLOAD OUR FREE HOME EQUITY GUIDE
It breaks down the process step by step. Inside you'll learn what a home equity loan is, how you can use a home equity loan to achieve your goals, how to calculate the equity you currently have, and more!
