Real Estate Loans

Couple and House640

A comfortable house is a great source of happiness. It ranks immediately after health and a good conscience. – Sydney Smith

Your credit union has a full service real estate lending department to handle your mortgage, land loan or home equity needs. Our team stands ready to assist you with all of your needs from buying or refinancing a home to financing land for your retirement home or using your home’s equity for home improvements.

Mortgage Loans

Thank you for being a member of Gulf Coast Educators FCU. Our mortgage specialist is committed to serving your mortgage needs with the high level of service you’ve come to expect from your credit union.

We’ve teamed with a credit union owned mortgage solution to be able to provide you the best technology available with the personal touch that you’ve come to expect from your credit union. Whether you are buying a new home or refinancing your existing mortgage, we welcome the opportunity to earn your business.

Visit our mortgage website here.

For information about our mortgage loans including current rates, contact one of the credit union’s mortgage loan officers:

Bob Hedrick
NMLS# 198267
281-925-4149
bhedrick@gcefcu.org  As a reminder, do not send confidential information, such as member number, social security number, etc. in an e-mail message.
Jeannette LaRue
NMLS# 755123
281-436-5260
jlarue@gcefcu.orgAs a reminder, do not send confidential information, such as member number, social security number, etc. in an e-mail message.

If you prefer, visit our mortgage website.apply

Mortgage Payment Calculator Budgeting for a new home can be challenging. Use this calculator to help you estimate what your monthly mortgage payments will be.

 

 

 

Land Loans

Found that perfect retirement spot, but not quite ready to build? A land loan may be for you.

Found that perfect retirement spot, but not quite ready to build? A land loan may be for you.

Found that perfect retirement spot or weekend getaway but not quite ready to build?  In many cases, land values rise so if you put off purchasing now, that same piece of land can cost much more in just a few years.

A land loan from your credit union can help you secure that land with a 20% down payment and terms up to 15 years.

Ready to purchase, apply online below or contact our land loan expert.

apply app_status

For questions about land loans contact:

Jeannette LaRue
NMLS# 755123
281-436-5260
jlarue@gcefcu.org 

As a reminder, do not send confidential information, such as member number, social security number, etc. in an e-mail message. APR = Annual Percentage Rate. Actual rates may vary based on credit qualifications. A land loan of $50,000 for 15 years at 3.00% APR will have a monthly payment of $345.70. 

 

 

Home Equity Loans

With our climate, a pool can be enjoyed year round.

With our climate, a pool can be enjoyed year round.

The purpose of Home Equity Loans is to help you make a big one-time purchase of lasting value, such as home improvements, paying for a child’s college education or consolidating large amounts of credit card debt. Here are some key features from our home equity loans:

  • Rates as low as 3.99% APR & terms to 15 years
  • No points and no fees
  • Financing up to 80% of your home’s value less any outstanding loans
  • Easy to apply in person or online – download our GCEFCU Home Equity Packet if you want to apply in person

Please use the following links only for Home Equity loans:

apply app_status

Rates

BASE APRAPR RangeTermNotes
3.99%3.99% - 11.99%Up to 60 monthsAll rates quoted in Annual Percentage Rate. Actual rates may vary based upon credit qualifications.
4.49%4.49% - 12.49%61 - 120 monthsRates subject to change without prior notification.
4.74%4.99% - 12.74%121 - 180 monthsContact credit union for further fees, rules and restrictions. Add 1.00 % for 2nd lien
4.99%4.99% - 13.99%181 - 240 monthsContact credit union for further fees, rules and restrictions. Add 1.00 % for 2nd lien

For questions about home equity loans contact:

Breanna Kenney
NMLS# 1149825
Direct – 832-327-8159
bkenney@gcefcu.org |

As a reminder, do not send confidential information, such as member number, social security number, etc. in an e-mail message. APR = Annual Percentage Rate. A home equity loan of $50,000 for 5 years at 3.99% APR will have a monthly payment of $922.03. Taxes and Insurance are not included, your actual payment may be higher.

The first step in determining whether or not a Home Equity Loan would be of benefit to you is filling out the worksheet provided on this page. If your estimated amount to borrow is less than $15,000, you would not qualify for a Home Equity Loan.

Another consideration would be to consult with a tax professional to find out if you can deduct the interest and charges from your taxes. If not, a Home Equity Loan would be of little value to you unless the rate was incredibly low.

One of the most important points to consider is that you are using your home as collateral on a contractual obligation. You are less likely to lose your home with a Home Equity Loan than with other types of home-secured loans such as a mortgage, but the reality remains that you could lose your home if you fail to make payments or violate other terms on your loan.

The following documents are REQUIRED to process the loan:

  • Executed credit application
  • Current pay stub (last two (2) years tax returns if self-employed, retired, or income is from commissions)
  • Mortgage statement(s) to show current mortgage loan balances and payments
  • Most recent tax appraisal or tax statement
  • Deed of trust
  • Proof of Homeowners Insurance

Additional Home Equity requirements:

  • Home Equity loans are a $15,000 minimum
  • Property must be homestead
  • A borrower may obtain only one equity loan at a time
  • An equity loan may not be financed more frequently than once a year
  • There is no pre-payment penalty
  • Loan closings must occur in the office of the lender, title company or Attorney
  • Closing documents MAY NOT be executed before the 12th day after the lender received an executed credit application and Notice concerning extensions of credit
  • There is a 3-day Right of Recession period after the loan documents are signed before loan proceeds will be distributed (Sundays and legal holidays excluded)
  • All loans maybe subject to an appraisal
  • Flood determination required

The credit union is an Equal Housing Lender. We do business in accordance with Federal Fair Lending Laws. For more information about Home Equity loans please contact us at realestate@gcefcu.org (As a reminder, do not send confidential information, such as member number, social security number, etc. in an e-mail message).

Home Equity Worksheet

Calculate how much you can borrow. Use the following short worksheet to get a rough estimate of how much money you may be able to borrow.

Appraised value of your home $
Multiply by 80% x .80
Your Equity $
Subtract the balance on your mortgage and/or Home Improvement Loan
Estimated amount available to borrow $

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