- Home Mortgage Loans
Home ownership is more affordable than you think! CU Members Mortgage offers a wide variety of different loan programs. Let our Loan Department help you find the loan program that fits your needs. Apply online now to learn how much home you qualify for and see what your estimated monthly payment will be.
To learn more, pre-qualify or begin the online application process, click here.
- Home Equity Loans
Baptist Credit Union offers competitive Home Equity loans that allow you to borrow against the equity of your house. For over 50 years, Baptist Credit Union has been a resource for interest-wise loans designed to benefit the home owner. As a state chartered credit union our Home Equity Loans are exclusively for realty within Texas and are governed by state laws pertaining to home equity loans.
Summary of Applicable Texas Law:
- Texas Home Equity loans are limited to 80% of the appraised value of the house, less any existing loans against the house (mortgage and/or home improvement).
- Texas has a 12 day cooling off period. From the day you apply and proper disclosures are issued, the note may not be signed until 12 days later.
- From signing, the borrower has three business days to change their mind.
- When Home Equity is used for loan security, the homestead is then subject to foreclosure in cases of default. So, borrow with purpose.
- Texas law states the loan must be paid “once a month.” While members may use payroll deductions to have money withdrawn each payday, the payment will be applied once a month as prescribed by law.
- The law allows for only ONE Home Equity Loan per year. Even if it’s paid off, one a year is the limit. That’s another reason to carefully consider whether it’s the right loan for you at this time.
The Credit Union will pay all closing costs up to $250. For most members, closing costs will be less than $250 and therefore BCU will pay all closing costs. Member will be require to pay for Appraisal if needed.
Documents Needed to Process Your Loan
- Completed Application
- Proof of Income
- Copy of Deed of Trust
- Balance from Mortgage Company (Statement copy is acceptable)
- Tax Appraisal
- Insurance Policies
Click here to Apply for a Mortgage/Equity Loan