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A home equity loan is worth considering if you have a considerable, one-time expense or want to consolidate debt and focus on paying it off. By using your home as collateral for your loan, you're able to borrow money at a fixed rate that's lower than most other types of loans.
Apply for a Home Equity Loan today.
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APR as low as* 6.74%
APR as low as* 6.99%
APR as low as* 7.24%
*Click here to view assumptions and examples.
Rates reflect a .25% discount for auto-debit from any bank account. Military rate discount of .25% available.1
APR as low as* 7.49%
APR as low as* 7.74%
With a simple click you can easily check the status of your application.
The rates on a home equity loan are generally lower than personal loans or credit cards.
Calculate loan payments, mortgages, savings and more with our mobile-friendly set of calculators.
Use this tool to:
A PLOC is a revolving, open-end line of unsecured credit that gives you access to your available credit line on an ongoing basis. Whether it's tackling some home improvements or consolidating higher-interest rate debt, a PLOC may give you instant access to your available credit when you need it.
Get the money you need to do the things you want. A personal loan is an installment loan that provides funds that borrowers can use for almost any purpose, such as debt consolidation, special events or unplanned expenses.
If you have equity in your home, you can use this revolving line of credit to secure funds for almost anything you need. You’ll only pay interest on the amount you use—plus, a HELOC typically offers a lower rate than other financing options like personal loans or credit cards.
A home equity loan allows you to borrow money using the equity in your home as collateral. It is provided as a lump sum with a fixed interest rate and fixed monthly payments.
•Home Equity Loan: A Broadway Bank Home Equity Loan provides a lump sum with a fixed interest rate and fixed monthly payments.
•HELOC: A Broadway Bank HELOC functions like a credit card, offering a revolving credit line with a variable interest rate and flexible repayment options.
The loan amount is based on internal credit criteria, as well as your home's equity, which is the difference between your home’s current market value and any outstanding mortgage balance(s).
Common uses for a home equity loan include home improvements or renovations, debt consolidation, medical expenses, education costs and major purchases. These loans provide a practical way to access funds for various needs by leveraging the equity built up in your home, allowing for financial flexibility and the ability to manage large expenses efficiently.
To qualify for a Broadway Bank Home Equity Loan, you need to meet several key criteria. First, you must have sufficient equity, which is the difference between your home’s value and any outstanding mortgage balance(s). Broadway Bank offers calculators to help calculate your home’s current equity. Additionally, a good credit score is essential, along with a stable income to demonstrate your ability to repay the loan. Finally, your level of debt in relation to your income is important, as it indicates that you are not overburdened with existing debt and can manage the new loan payments effectively.
A home equity loan offers several advantages. It provides predictable payments due to fixed interest rates, which are typically lower than those of other loan types. Additionally, if the loan is used for home improvements, you may benefit from potential tax deductions (consult a tax advisor for details). These features make home equity loans an attractive option for financing significant expenses while maintaining financial stability.
Yes, you can pay off a Broadway Bank Home Equity Loan early.
Interest may be tax-deductible if the loan is used for home improvements. Consult a tax advisor for specifics.
You must pay off the remaining balance on your Broadway Bank Home Equity Loan from the sale proceeds.
A representative example of payment terms are as follows: A loan amount of $50,000 with an APR of 6.99% and a term of 120 mos would have a monthly payment of $580.28. A loan amount of $25,000 with an APR of 7.74% and a term of 180 mos would have a monthly payment of $235.18. Payment estimates do not include amounts for taxes or insurance. The actual payment will be greater. All loans and lines of credit are subject to credit approval, verification, and collateral evaluation. Rates and terms are subject to change without notice. Other terms available. Standard closing costs including a title search, credit report, flood certification, automated property evaluation, inspection, and filing fees may be waived on loans/lines up to $500,000. Closing costs on loans/lines greater than $500,000, and loans/lines requiring a full appraisal and/or title commitment (regardless of loan amount) can range from approximately $3,000 to $10,000. Minimum loan amount is $25,000. Lending area and other restrictions apply.Under Texas law, you may have only one Home Equity Loan or Line of Credit secured by the same property at any one time. You must wait one year and one day from the closing of your Home Equity Loan before closing on a new Home Equity Line of Credit.
**APR is the Annual Percentage Rate. The bank offers home equity loans with terms of 60 to 180 months. The maximum loan including other liens cannot exceed 80% of the home’s fair market value. Broadway Bank must have a valid first or second real estate lien under Article XVI, section 50 (a)(6) of the Texas Constitution. The property must be your primary residence and occupied by you. Property insurance will be required including flood insurance where applicable. Offer does not include manufactured homes. APRs quoted assume excellent borrower credit history and reflect a .25% discount for auto-debit of the monthly payment from any bank account. We will set your APR based on your individual circumstance including your credit history, loan amount and our internal credit criteria.
1 Military rate discounts are for military customers and are available on fixed rate consumer loan accounts. Not available on consumer lines of credit, HELOC, mortgage or construction loans or any business loans. A military customer is any Retired or Active Duty service member, Reserve/National Guard Member, Veteran, ROTC or Academy Cadet, or dependent (immediate family member), and Department of Defense Civilian and Contract Personnel.
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