Mortgage Loans

Mortgage Q&A with Eddie Bonilla, Executive Vice President of Lending.

AMOCO offers Mortgage Loans?

Here at AMOCO, we are dedicated to our mission to serve the financial needs of our members. We realize that our members are in different stage in their financial life so, we have built a better suite of Mortgage options to meet those needs. Whether you are purchasing your first home, next home or even  transforming your current home into your forever home, we have affordable and flexible loan options for you.

We understand that a Mortgage Loan is one of the biggest financial commitments you will ever make. So our goal is to find the perfect fit for you and to guide you through the entire loan process. So give us a call, email us, or apply online, and let us show you the AMOCO difference.

What can I do to prepare for the home buying process?
Step 1: Get prequalified
Step 2: Find a realtor

What costs should I consider when purchasing a home?

Expected Cost:
1. Down Payment
2. Closing Costs
Ask about our $0 down payment product and reduced closing cost option.

Is now a good time to refinance my Mortgage Loan?
Now is a great time to refinance your home. Today’s mortgage rates are still near record lows which gives our members a great opportunity to lower their monthly payment or shorten their terms. Also, home values are at an all-time high which means equity has increased for many borrowers. That’s great news if you want to do a cash out refinance, to consolidate debt or make home improvements with a lower rate mortgage. It’s also a good time to evaluate your position to refinancing and eliminate the PMI costs you may have on your current mortgage. In most cases, closing costs can be rolled into your new loan so there is minimal out-of-pocket expense. Our Mortgage team is ready to walk you through your current mortgage situation and compare how a refinance can save you money.

What is a Home Equity Loan?
A Home Equity Loan is a cash out fixed rate loan that taps into the equity of your home. In Texas, you are allowed to cash up to 80% of the value of the home minus any existing loan secured by the home. many of our members put their equity to work with this loan option for remodeling, other home improvements or Debt Consolidation. If you would like to cash out, but have one Mortgage Loan, we have a First Lien Home Equity option. If you would like to cash out, but have a separate loan from your primary Mortgage Loan, we have a Second Lien Home Equity option. As home values continue to raise, talk to our Mortgage team to see how we can use your equity to turn your home into your dream home.

Does AMOCO offer a loan option for disaster preparedness home improvements?
With the frequent natural disasters we have experience, recently many of our members are looking for disaster preparedness financing options. We have two different solutions that we can meet this need. The first is a Home Equity Loan that would proved cash out to make home improvements such as:

• Adding a home generator
• Updating your roof
• Upgrading to storm rated windows

We also have a Personal Loan option that is not tied to your home. This loan can provide you cash the same day you apply for whatever disaster preparedness improvements you have in mind. As storm season approaches, we’d love the opportunity to discuss these options to give you better peace of mind.

Does AMOCO offer loan options for pools?
In our new social environment, many members have looked to enhancing their home experience with a new pool. AMOCO offers a great loan option turning your backyard into a private luxury resort. This loan option lets you tap into your home’s equity up to 90% of your home’s value. You can borrow up to $75,000 for up to 15 years. If you do need more cash our Home Equity Loan option may be the right fit for you.

Ready to make your move?