Mortgage Loans

What are the credit score requirements?

GCEFCU can work with a minimum credit score of 640. However, we see a higher benefit to our members when the credit scores are higher.  The higher the credit score, the better for you, our member.

My Payroll is deposited directly into my GCEFCU account, do you still need my pay stubs?

Yes. When we calculate income, we use the gross income amount, which is the higher income amount shown on your pay stub (gross income = before any deductions). Your direct deposit only shows the net amount (net income = after deductions). Therefore, your net income gives you less income to qualify.

Do student loans count against me when applying for a mortgage loan?

Yes, here are the options available on how student loan payments are calculated:

• If the credit report shows a monthly payment due for each student loan, the lender may use that amount for qualifying purposes. If the credit report does not reflect the correct monthly payment, the lender may use the monthly payment that is on the student loan documentation (the most recent student loan statement) to qualify the borrower.
• For deferred loans or loans in forbearance, the lender may calculate
• If the credit report does not provide a monthly payment for the student loan, or if the credit report shows $0 as the monthly payment, the lender must determine the qualifying monthly payment using one of the options below.
• If the borrower is on an income-driven payment plan, the lender may obtain student loan documentation to verify the actual monthly payment is $0. The lender may then qualify the borrower with a $0 payment.
• A payment equal to 1% of the outstanding student loan balance (even if this amount is lower than the actual fully amortizing payment), or
• A fully amortizing payment using the documented loan repayment terms.

What if my credit score is below the minimum score required, but my spouse/co-borrower has great credit?

All borrowers need to meet the credit history and score requirements.  If one of the applicants does not meet the credit history and score criteria, he/she may not qualify to be added to a loan application.

Can I get a personal loan or charge my credit card to cover the down payment and closing cost?

Funds for down payment and closing cost may not be borrowed, unless it is with a secured/collateral loan (using a vehicle title, home equity or retirement savings). However, borrowers need take into consideration that any new debt obtained may have a negative impact on their application.  Funds for down payment and closing cost may be gifted from a qualified donor.

When is my first payment?

Your first payment will be the first of the month, following the month after your funding. For example: If your loan funds on July 15th, then you first payment will not be until September 1st. All payments will always be due the first of the month.

Do I have to pay my loan on the first of the month?

Yes, however you do have a 15-day grace period before you are charged with interest for a late payment.

Can I split my payment into separate payments through-out the month as long as the full amount is paid by the first of the month?

No, your full mortgage payment must be paid in full. We do not allow partial payments; however, we do allow principal and escrow only payments after you have paid your initial mortgage payment.

Who do I make out my payments to?

Gulf Coast Educators Federal Credit Union or GCEFCU

How do I make my mortgage payment?

Payments can be made at any of our GCEFCU branches, via our online banking system (through direct or external transfer), automatic draft, call center transfers, or mail. For more information click here.

When will I get loan coupons?

Loan coupons are mailed or can be picked up at any of our branches upon request. Without request loan coupons will not be sent. To request loan coupons please contact: 281-487-9333 or e-mail: realestate@gcefcu.org.

Are my homeowner’s association dues (HOA dues) included in my escrow payment?

No, unfortunately the only items we collect with escrow are property taxes, insurance payments, and private mortgage insurance, if it applies to the loan.

How do I apply for tax exemptions for my property taxes?

Applications for tax exemptions such as general residence homestead exemption, disabled person exemption, age 65 or older exemption, surviving spouse exemption, veteran’s exemptions, etc. can be found on the appraisal district website for the county that you currently reside in.

I applied for a tax exemption, but my payment has not changed. Who do I speak to?

Gulf Coast Educators Federal Credit Union calculates your property taxes based on the information provided by the county taxing your property. If you have applied for an exemption and have been approved please provide documentation to us by e-mailing realestate@gcefcu.org.

Can I get a copy of my mortgage documents?

Yes, to obtain copies of documents please call 281-487-9333 and ask to speak with a real estate representative, or you can always email: realestate@gcefcu.org.

I would like to refinance my home with Gulf Coast Educators FCU. Who do I speak to?

If you would like to refinance your home with us you can visit our website, come in and speak to one of our real estate loan officers, by appointment, complete an online application, or call us for more information.

What is escrow and do I have it?

Escrow is an account balance tied to your loan in order to pay your escrowed entities(property taxes, insurance, and PMI (if applicable)) whenever they become due. You can tell if you have escrow by: Reading your closing disclosure, reviewing your loan details, reviewing your loan payments, contacting your lender, and/or reviewing your loan documents.

How is my escrow payment calculated?

Escrow payments are calculated by taking the annual amount of payments and dividing this amount by 12 (months).

My escrow balance is more than my payments needed, why?

Gulf Coast Educators Federal Credit Union requires that you have a minimum of 2 months escrow payment within your escrow account. This is used as a cushion for your escrow account/balance.

The escrow analysis reflects a SHORTAGE, what does that mean?

When a shortage is present in your escrow analysis this means that the annual payment for either a tax entity or an insurance entity increased, and you are short of funds to pay the full amount. Due to this increase, GCEFCU recalculates your escrow payment so that when your next annual payment is due the full amount is covered and can be paid.

The escrow analysis reflects a DEFICIENCY, what does that mean?

When a deficiency is present in your escrow analysis this means that there is a negative balance in your escrow. This occurs because the lender had to advance funds on your behalf to pay your escrow entity/entities, generally due to a lack cushion. This means that those funds must be paid back to the lender.

The escrow analysis reflects a SURPLUS, what does that mean?

When a surplus is present in your escrow analysis this means that the annual payment for either a tax entity of insurance entity decreased or was less than calculated previously. Due to this decrease in payment the remainder amount is placed into your GCEFCU savings account.

The county sent me my property tax statements, do I need to send these to Gulf Coast Educators FCU?

If you have escrow on your loan our escrow department should have copies of all tax statements, however if you are concerned that they will not be paid you can always send us a copy at: realestate@gcefcu.org.

I received a letter in the mail stating that I do not have insurance with Gulf Coast Educators FCU. Who do I contact?

Please contact realestate@gcefcu.org for assistance or you can call our call center at: 281-487-9333.

My insurance says that I am currently not covered, but the policy premium was paid at closing. Who do I contact?

Verify with your insurance agent/carrier if they have received payment for your insurance premium, if they have not please contact: realestate@gcefcu.org or you can call our call center at: 281-487-9333.

How do I apply for tax exemptions for my property taxes?

Applications for tax exemptions such as general residence homestead exemption, disabled person exemption, age 65 or older exemption, surviving spouse exemption, veteran’s exemptions, etc. can be found on the appraisal district website for the county that you currently reside in.

My annual property tax amounts are wrong, who do I contact?

GCEFCU calculates your escrow payment solely based off the tax statement(s) provided by your county appraisal district(s). If you have reason to believe the assessment of taxes, exemptions, or tax rates are incorrect you will need to contact the county appraisal district in which you reside in. If they determine that a change is in fact needed we can adjust your payment once documentation is provided to our escrow team.

Are my homeowner’s association dues (HOA dues) included in my escrow payment?

No, unfortunately the only items we collect with escrow are property taxes, insurance payments, and private mortgage insurance, if it applies to the loan.

I want to remove escrow from my mortgage, how do I accomplish this?

Escrow accounts are mandatory for first lien loans that have more than 80% LTV (loan to value – which is the amount of your loan over the appraised value of your home). If your mortgage has less than 80% LTV, you may remove escrow by contacting your lender at 281-487-9333.