Waco, TX Home Equity Loans
What is a Waco Home Equity Loan?
Home equity loans are a type of loan that allows homeowners to borrow against the equity in their home. If you are a homeowner in Waco, TX, you are eligible for one of our Waco home equity loans.
Obtaining one of our Waco home equity loans means that you, as a homeowner, get a lower interest rate than any unsecured loan you may have for your home. You can use the funds from your home equity loan for almost anything!
Waco Home Equity Loan Fund Uses:
Home Improvement
Debt Consolidation
Education Expenses
Downpayment on a second property
And More!
You’ve owned your home for a while and discover there’s “equity” built up in your Waco 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 loans. 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?
Waco Home Equity Loan: if you choose a Waco 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.
CONTACT OUR TRUSTED LOAN DEPARTMENT
Are you considering refinancing your mortgage, buying a new home, tapping into your home’s equity, renovating, or installing a pool? Let the full-service mortgage loan department at 1st University Credit Union help you secure the best loan and rate to reach your goals.
Contact Mortgage Services for current rates at (254) 752-2797 or (877) 377-2797 or email at mortgageservices@culink.net.
Want to find out how much loan you can afford to borrow? Click here for our loan calculator.
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
Chartwells Employees serving Baylor
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