When it comes to the different mortgage industries, you will find a lot of different names in the world. There are a lot of mortgage companies that offer you a lot of different types of mortgages. Among all the fantastic names, we have Credit Union of Texas, which offers its clients HELOC and home equity loans.

If you are trying to look for a good mortgage company that will help you find your home and help you with refinancing, then the Credit Union of Texas is the right place for you. In this article, you will learn everything about this mortgage company, the pros and cons, the services that they offer, and a lot of other things. So, let’s jump right into this Credit Union of Texas review and learn more about this.

What is Credit Union of Texas Mortgage?

Credit Union of Texas is one of the best financial institutions when it comes to mortgages for people so that they can find their own homes. This is a non-profit organization that provides the most competitive mortgage options to its members.

There are a lot of different types of mortgages that you will find in this company. Here, you will find fixed-rate mortgages, refinancing options, and even adjustable-rate mortgages. Other than this, here you will find the home equity loans and even the HELOCs. However, the specific rates and the terms can vary according to the type of mortgage that you are opting for.

When it comes to mortgages, you need to be a member of the union. You need to have a membership for the credit union, and there are also different kinds of services that you can avail with the different memberships.

The advantage of getting a mortgage with the help of the Credit Union of Texas is that you will be offered

very minimal fees. Also, there are a lot of excellent, attractive options for the customers so that they can find something that is according to their liking and will help them find the home of their dreams.

Documentation and How to Apply to Credit Union of Texas?

Now, coming to the next part of the Credit Union of Texas review, you need to know about the requirements, documentation, and how to apply here.

Requirements for Applying to Credit Union of Texas:

• You need to be a resident of Texas.
• Need to prove two years of employment in Texas.
• You should have a FICO credit score of 620 or higher.
• There should not be any history of bankruptcy in the past two years in the record.

Documentation:

Documentation plays a vital role when it comes to applying for mortgage and home equity loans. When it comes to Credit Union of Texas, the following are the financial and personal documentation that is needed if you want to become a member of this union.

• Government-issued ID
• The Security Social Number
• The statement of all the credit and debit cards you own
• W-2 statements and tax return statements of two or more years
• Proof of income by the bank statement
• List of assets: this includes all the savings accounts and checks under your name
• List of debts, like the credit card or debit card statements

How to Apply for Credit Union of Texas Mortgage?

Another thing you might be curious about when it comes to the Credit Union of Texas is how you can apply for a mortgage. Following are the steps that you need to follow when it comes to how to apply for mortgage.

• First, you need to go to the Credit Union of Texas website and then go to the Home Loans option. Here, you need to select the Apply for Mortgage option.
• Then, you need to create an account by following the steps that come on the screen. Here, you need to enter your name, email address, and phone number and, hence, quickly set up your account.
• The next thing you have to do is provide the information such as the contact information, the co-borrower information, current address, contact information, and even the social security number.
• The following step contains some questions regarding the assets you have, the employment, and even income. Here, you also need to prove the legality of the document, demographic questions, and a few other things to ensure that you are an authentic person who can afford the mortgage.
• After answering all the questions, you can simply apply. Now, you have to wait for the loan officer to contact you after he will review the application.

Pros and Cons of Credit Union of Texas Mortgage:

When it comes to the Credit Union of Texas review, you need to know the pros and cons. Following are some of the significant pros and cons of this mortgage company.

Pros:

• They don’t have prepayment penalties, and there are no early closure fees.
• Credit Union of Texas offers some of the lowest interest rates when it comes to the mortgage.
• The repayment period is quite long, and it allows the customers to pay for up to 30 years.
• HELOCs have variable interest rates; however, with the Credit Union of Texas, you get a fixed interest rate that makes it very easy to pay the amount on a monthly basis.

Cons:

• The availability is minimal. This means the programs can only be accessed by the people living in Texas.
• The minimum loan amount for this union is relatively high as compared to other mortgage companies.
• They have not mentioned anything about the credit requirements, and when you are applying for the loan, you don’t know if your credit score is worth it or not.

Final Words:

When it comes to different mortgage companies, one name that pops up among the others is the Credit Union of Texas. They offer a lot of different types of mortgage facilities to the customers and, therefore, one of the best among the others. We hope this review was beneficial for you in learning more about this union and the process of how to apply for a mortgage.