Mortgages Waco, TX
1st University Credit Union
invest in your future
Most likely, your home will be the single largest investment you'll ever make. 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. After all, we have been serving Waco, Texas residents since 1956, and we have the resources to ensure that your home-buying process is fast and convenient.
At 1st UCU Mortgage Services there is a difference:
FREE credit approval and pre-qualification
Fast, convenient loan approval
Answers and lock-ins without delay
We offer the following types of Home Mortgages:
Conventional
Home Equity
Cash Out Refinances
FHA
VA
USDA
Second Home
Home Improvement
New Construction
Pre-Qualification
Before you head out with your real estate agent, it is wise to know how much house you can afford. Getting prequalified 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. And 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.
Please contact us to start the pre-qualification process, or click here for a loan application, or click here for a mortgage calculator.
FHA Loan
Are you browsing the housing market, going over your mortgage options? 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 — that would be us — and then insured by HUD (the US Department of Housing and Development)
FHA loan requirements:
Borrower must have a credit score of 640 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:
the current market value of your home
the balance on your existing mortgage
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 liens. For instance:
Market Value = $400,000
80% = $320,000
Mortgage = $100,000
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 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 for more information on loans or click here for a loan application or click here for the calculator.
Mortgage Loan Rates
For current mortgage rates or loan application, contact Mortgage Services at (254) 752-2797 or (877) 377-2797 or email at mortgageservices@culink.net.
COME JOIN THE 1ST UNIVERSITY CU FAMILY
You can become a member of 1st University Credit Union by opening and depositing $5.00 or more into a share savings account. $5.00 is the minimum balance that you must maintain in your account while it is open. Once your share account is open, you are eligible for all other credit union services.
Membership is open to anyone. Typically, our current members include:
People who live, work, or worship in the Waco, Texas area
Baylor University Students, Employees, Alumni, and members of the Baylor Air Force ROTC
Aramark Employees
People who work or reside in Baylor-owned properties
Relatives of current 1st UCU members
Baylor Alumni by Choice - members of this association are friends of BU, but not traditional alumni
A 1st University Credit Union membership is for life, no matter if there is a change in employment, family relationship, or place of residence.
Ready to get started? Click on the button to open your account online, visit your local branch, give us a call, or request to talk to a representative who can help answer your questions!
VISIT US
Campus Branch
24 La Salle Ave Unit C
Waco, TX 76706
PHONE NUMBERS
Phone: (254) 752-2797
Fax: (254) 752-0552
Lost or Stolen Debit/ATM Card: (254) 752-2797
EMAIL ADDRESS
Please do not put any confidential information (account number, social security number, etc.) in your email.
OFFICE HOURS
Monday-Friday: 9:00 a.m. to 5:30 p.m.
CO-OP SHARED BRANCHING
Locate a shared branch or ATM at www.sbonthego.com
Mailing Address
One Bear Place, 97102
Waco, TX 76798