Mortgages & Home Loans

Is Now the Right Time to Buy?

With today’s rates, buying a home might feel like a challenge but it can also be a smart move. Purchasing now means you can start building equity right away, helping to offset interest costs and laying the foundation for long-term financial growth.

Save $1,500 When You Refinance

To support your journey, we’re offering a valuable opportunity: If interest rates drop within three years of your purchase, you can refinance with us and receive a $1,500 closing cost discount — helping you lower your monthly payments with less out-of-pocket cost.¹

As a member of 1st University Credit Union, you’ll also enjoy:

  • Fast, hassle-free processing to keep things moving smoothly

  • Personalized guidance from our mortgage expert with over 50 years of experience

  • Access to a variety of mortgage options, including FHA, VA, USDA, and Conventional loans

We’re here to help make homeownership possible—on your terms, with support you can trust.

1: Offer valid for members who close a new mortgage with 1st University Credit Union in 2025. You may receive a $1,500 closing cost discount if you refinance that mortgage within three (3) years. Discount applies to both rate-reduction and cash-out refinances. Limit one (1) discount per mortgage. Offer available to the first 50 mortgage closings in 2025. Additional terms and conditions may apply.

 

The complete Managing the Ups & Downs of Homebuying webinar is available here.

Mortgage Loans

Your Future is in your Home.

Most likely, your home will be the single largest investment you'll ever make, and you need the right lender. So, when you're buying a new home, refinancing your current home, or remodeling, call the real estate lending experts at 1st UCU Home Mortgage. Our full-service mortgage loan department is ready to assist you.

Why 1st UCU As Your Mortgage Lender in Waco?

At 1st University Credit Union, there is a difference when you choose us as your mortgage lender:

  • FREE credit approval and pre-qualification

  • Fast, convenient loan approval

  • Answers and lock-ins without delay

We offer the following types of Home Mortgages:

Get Pre-Qualified for Your Mortgage

Before you head out with your real estate agent, it is wise to know how much house you can afford. Getting pre-qualified starts with our mortgage experts assessing your current credit and income situation. Next, we crunch the numbers and determine how much you can borrow.

Equipped with this knowledge, you can shop for your dream house. Once you have found it, you can present your Pre-Qualification Letter with your bid, giving your sellers a high level of confidence in your ability to complete the purchase.

Contact us to start the pre-qualification process by completing a mortgage loan application or click here for a mortgage calculator.

FHA Loan: Flexible Mortgage Solution

Are you browsing the housing market, going over your options for mortgage financing? Consider a Federal Housing Administration (FHA) loan at 1st University Credit Union.

FHA loan advantages:

  • Only requires a 3.5% down payment

  • Loan terms can be either 15 years or 30 years

  • Mortgage is funded by an approved lender and then insured by HUD (the US Department of Housing and Development)

FHA loan requirements:

  • Borrower must have a credit score of 620 or higher

  • Private Mortgage Insurance is included in your mortgage

Home Equity and Cash Out Refinance Loans

Capitalize on the value you've built up in your property

You’ve owned your home for a while and discover there’s “equity” built up in your property, and you realize that you would like to tap into that source of money to make renovations to your home, help your kids pay for college, take a long-awaited vacation, or — well, the list of possibilities goes on! So how do you get the cash out of your home? With a Home Equity Loan or a Cash Out Refinance.

For both types of loans, how much you can borrow depends on three factors:

  1. the current market value of your home

  2. the balance on your existing mortgage

  3. the amount of any other liens (more than likely, you won’t have any of these)

Once you know the current market value of your home, multiply it by 80%. From that number, subtract the payoff amount for your existing mortgage and other liens. For instance:

  • Market Value = $400,000

  • 80% = $320,000

  • Mortgage = $100,000

  • Other Liens = $0

  • $320,00 - $100,00 = $220,000. This is the maximum amount you may be able to finance.

Now it’s decision time. Which solution is right for you?

  • Home Equity Loan: if you choose a Home Equity Loan, your original mortgage loan stays in place, and you now have two loans: your mortgage and your Home Equity Loan.

  • Cash Out Refinance: if you choose a Cash Out Refinance, your original mortgage is paid off, and you now have only one loan: your Cash Out Refinance.

Whether you’re considering remodeling, a new car, a bucket-list trip, or something else, 1st UCU Mortgage Services can help you turn your home’s equity into cash.

Please contact us to start the pre-qualification process, click here for a mortgage loan application or click here for a mortgage calculator.

Mortgage Rates You Can Count On — Just Not Published Here

Because mortgage rates can change daily — sometimes even more than once a day — we don’t publish them on our website. We prefer to give you the most accurate and personalized rate information based on your unique situation.

Let’s talk!

Give us a quick call at (254) 752-2797 or (877) 377-2797 or email at mortgageservices@culink.net to get in touch. We’ll provide today’s rates and help you explore the best options for your home financing needs.

Take the first step. Call or apply for a mortgage loan today.

 
Photograph of Pattti Parker, VP of Mortgage Services for 1st University Credit Union, dressed in a red with a green circle frame.

Patti Parker

VP Mortgage Services
(254) 752-2797 ext. 322
(877) 377-2797 ext. 322

NMLS # 1334842

 
 

Looking to buy, refinance, or tap into your home’s equity? At 1st University Credit Union, we offer competitive mortgage rates, an easy pre-qualification process, and loan options for every stage of homeownership — including FHA, VA, USDA, conventional, home equity, and cash-out refinance loans. You’ll get personalized guidance and quick answers from a team that knows the Central Texas market. Based in Waco, we proudly serve McLennan, Erath, and Bosque counties.

Helping You Do Life — one home at a time.

 

Texas Mortgage Complaint Notice

At 1st University Credit Union, we strive to meet your expectations in every way. If you have any concerns, we encourage you to contact our CEO to discuss your issue. We are committed to resolving matters promptly and fairly.

1st University Credit Union
24 La Salle Ave Unit C
Waco, TX 76706
(254) 752-2797

If your issue is not resolved to your satisfaction, Texas residents may file a complaint against a mortgage company or residential mortgage loan originator licensed in Texas by submitting a completed complaint form to the Department of Savings and Mortgage Lending (SML):

📍 Address: 2601 N. Lamar Blvd., Suite 201, Austin, Texas 78705
📞 Phone: 1-877-276-5550
🌐 Website: SML.Texas.gov

Complaint forms and additional information are available on the SML website.

 

TEXAS RESIDENTS: CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE COMPANY OR RESIDENTIAL MORTGAGE LOAN ORIGINATOR LICENSED IN TEXAS SHOULD SEND A COMPLETED COMPLAINT FORM TO THE DEPARTMENT OF SAVINGS AND MORTGAGE LENDING (SML): 2601 N. LAMAR BLVD., SUITE 201, AUSTIN, TEXAS 78705; TEL: 1-877-276-5550. INFORMATION AND FORMS ARE AVAILABLE ON SML'S WEBSITE: SML.TEXAS.GOV.