Amplify Credit Union mortgage review
Offers a full suite of loans statewide to its Texas-based membership, but physical branches are limited to the Austin area.
Amplify Credit Union offers mortgage loans, refinance and home equity products to members who must have ties to Texas. But members who live outside of Texas won’t have access to a physical branch.
|Loan products offered||Conventional, Jumbo, FHA, VA, USDA, Home Equity/HELOC, Refinance|
|Minimum credit score||Conventional: 620|
|Minimum down payment (Conventional)||3.5%|
|State availability||Only available in: TX|
Amplify Credit Union mortgage requirements
The requirements for a home loan depend on the type of mortgage you want. For conventional loans, Amplify Credit Union prefers a loan-to-value (LTV) ratio of 80% but offers loans with minimum down payments of 3.5%. Each home loan has a different minimum credit score requirement. However, Amplify generally likes to see a FICO score of at least 620 to get the best rates.
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
Costs and fees
Amplify lists some of 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 to $250.
- Partial lien release: $300.
- Inspection: $185 to $250.
- Appraisal: $250 to $500.
How to apply for a mortgage with Amplify Credit Union
The steps below walk you through the 10-minute application process, which you can also use to prequalify for a loan.
- Go to Amplify Credit Union’s Mortgage Overview page and select Apply Now.
- Choose home mortgage, home equity loan or home equity line of credit.
- Create an account by entering your email and choosing a password.
- Answer questions about the property you want to purchase.
- Enter your personal information.
- 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 choosing Documents in the top right corner of your account page. An underwriter will contact you for any additional information.
What types of mortgages can I get through Amplify Credit Union?
Other mortgage products offered by Amplify Credit Union
- Home equity loans. Amplify offers 5-, 10- and 15-year home equity loans with a 600 minimum credit score. Its 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, 15-year home improvement loan of $12,000 or more. 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 who have savings accounts at Amplify. It offers a low, fixed rate and doesn’t require any home equity.
- Mortgage refinance. Amplify Credit Union offers fixed and adjustable rate refinance mortgages to change your loan’s terms or cash out on your home’s equity.
How Amplify Credit Union’s mortgage products compare to other lenders
Amplify offers all the mortgage loans you’d expect to see from larger nationwide banks. And as a member, you’ll have access to several mortgage-based personal loans that not only allow you to tap into your equity but can be secured using either a lien or an Amplify savings account.
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Amplify Credit Union reviews and complaints
Amplify doesn’t have many online customer reviews but is accredited with the Better Business Bureau (BBB) and has an A+ rating as of April 2021. With only three customer reviews, the credit union has earned 1 out of 5 stars, with customers complaining of billing mistakes and poor communication with loan officers. Amplify has responded to eight customer complaints over the past three years.
Pros and cons of Amplify Credit Union
- Unique home-related personal loans. In addition to the more traditional home equity loans and lines of credit, Amplify offers home renovation loans and an express loan that doesn’t require equity to secure.
- User-friendly 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.
- Membership Requirements. Home loans are only available to Amplify Credit Union’s members. To be a member, you have to live, work or attend school in Texas, or be a member of the Texas Consumer Council or the American Red Cross Central & South Texas Region. But you can keep your membership, even if you move away, and your membership never expires.
- Limited branches. With only five branch locations throughout Texas, speaking to a loan officer can be tough. However, members can visit any Credit Union Shared Branch to make a loan payment.
What is Amplify Credit Union?
Established in 1967, Amplify is a member-owned credit union 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.
Kimberly 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.
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 straightforward to navigate, but a few 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 only has five branches, all located in the greater Austin area.