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Amplify Credit Union mortgage review
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A full suite of loans, including home equity loans, HELOCs and home improvement loans.
Amplify Credit Union is a good option for eligible Amplify Credit Union members in Central Texas. But most customer reviews are negative.
Details
| Loan types | Conventional, Refinance, Jumbo, Home Equity, FHA, VA, USDA |
|---|---|
| Minimum credit | 620 |
| Other fees |
Release of lien processing or reconveyance $50
Escrow waiver or setup $50 Subordination $150–$250 Partial lien release $300 Inspection: $185–$250 Appraisal $250–$500 Other requirements: *You must be a member to apply. Once you're a member, your family is eligible for membership, no matter where they are. |
| Available States | Available in all states |
| NMLS | 530487 |
Pros
- Full suite of loans
- Multiple payment methods
- Easy-to-use loan application
Cons
- Membership Requirements
- Limited branches
Amplify doesn’t have any reviews on Trustpilot but is accredited with the Better Business Bureau (BBB), with an A+ BBB rating. However, with just 1.5 out of 5 stars, customers complain of billing mistakes and poor communication with loan officers. It keeps its ratings by addressing and responding to most complaints.
What types of loans does Amplify Credit Union offer?
- Conventional loans. Fixed- and adjustable-rate mortgages, with down payments as low as 5% for qualified borrowers.
- FHA loans. Qualified borrowers can get approved for down payments as low as 3.5%. Amplify Credit Union advertises more flexible credit score requirements on its site, but doesn’t state its minimum credit score.
- VA loans. These loans are reserved for active military members, veterans and surviving spouses. They typically have a lower down payment requirement and no private mortgage insurance (PMI).
- USDA loans. Get up to 100% financing in eligible rural and suburban areas.
- Jumbo loans. For loans higher than $510,400 in most areas, Amplify offers jumbo loans. These loans come with tougher requirements and a high down payment. However, Amplify doesn’t offer details on its site, instead it directs potential borrowers to contact a loan officer.
Other loans offered by Amplify Credit Union
- Home equity loans. Amplify offers 5-, 10- and 15-year home equity loans with a 600 minimum credit score. It 20-year loans require a higher score of 640.
- HELOC. Amplify’s Home Equity Lines of Credit (HELOC) have a 10-year draw period and then it converts to a 10-year installment loan.
- Home improvement loan. Texas homeowners hiring a general contractor for a large-scale project could get a fixed-rate home improvement loan of up to 15 years. The home is secured with a lien against the property.
- Homeowner express loan. The express loan is an unsecured personal loan available to Texas homeowners. It offers a low, fixed rate and doesn’t require any home equity.
- Refinance loan. Amplify Credit Union offers fixed and adjustable rate refinance mortgages.
Amplify Credit Union fees
Amplify lists some if its general administrative fees for requesting documents and duplicate statements. Other fees include:
- Release of lien processing or reconveyance $50
- Escrow waiver or setup $50
- Subordination $150–$250
- Partial lien release $300
- Inspection: $185–$250
- Appraisal $250–$500
Requirements
Amplify Credit Union likes to see a debt-to-income (DTI) ratio maximum of 36%. It also prefers a loan-to-value (LTV) ratio of 80%. Each home loan has a different minimum credit score. However, Amplify generally likes to see a FICO score of at least 620 to get the best rates.
Documentation
You’ll need to upload the following documents to verify your information:
- Government-issued ID
- Social Security number
- Proof of verifiable income, such as salary history
- Two or more years of tax returns
- List of assets, such as bank statements
- List of debts, such as credit card bills
How to get a home loan with Amplify Credit Union
- Go to Amplify Credit Union’s website.
- On its homepage, click Apply in Minutes.
- Choose mortgage, home equity loan or home equity line of credit.
- Create an account by entering your email and choosing a password.
- Answer whether you are working with someone at Amplify on your loan.
- Select if you’re purchasing a new property or refinancing a mortgage.
- Detail your name, phone number, marital status, military status and address.
- Answer questions about the property you are looking for.
- Detail your assets, income and debts.
- Submit your application to see your loan options and rates.
- Upload documents for the loan team to review by clicking Documents in the top right-hand corner of your account page.
- Submit any additional information that the underwriter may request.
- If your loan is approved, you’ll sign the final paperwork and close on your home loan.
Pros and cons of Amplify Credit Union
Pros
- Full suite of loans. In addition to the major loans, Amplify Credit Union offers home equity and improvement loans.
- Multiple payment methods. Pay online, at a branch, by mail or by phone for a fee.
- Easy-to-use loan application. Its account portal is straightforward, showing where you are in the loan process, and what you still need to do to complete your application.
Cons
- Membership Requirements. Home loans are only available to Amplify Credit Union’s members. There are specific member eligibility requirements.
- Limited branches. With only six branches locations throughout Texas, speaking to a loan officer can be tough. However, members can visit any Texas Shared Branch service to make a loan payment.
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What is Amplify Credit Union?
Established in 1967, Amplify Credit Union is a member-owned financial cooperative in Central Texas. It has almost $1 billion in assets across more than 60,000 members. They also offer banking services, credit cards and insurance policies.
Frequently asked questions
Expert review
Review by
Kimberly Ellis
kimberly.ellis@findercrew.comKimberly Ellis is a writer at Finder. She hails from New York City with a BA from Queens College and a New York State teaching certificate. After teaching in both public and private schools, Kimberly decided to take the world by storm and dive into the media industry — where she covers everything from home loans and investing to K–12 education and shopping. She’s also an aspiring polyglot, always in a book and forever on the hunt for the perfect classic red lipstick.
Expert review
If you live in Central Texas, Amplify Credit Union may be a good option with its wide variety of home loans and down payment options as low as 3.5%. The loan application is easy to navigate, but customer reviews reflect poor customer service. If you’re looking for a bank with more branches for in-person help, look at other options. Amplify has only six branches in Texas.