Mortgage Loans

AMOCO loves putting you into your dream home! We offer a wide variety of options that can get you financed, furnished and finally living in the house that you and your family want. In fact, we have been voted the Best Mortgage Lender since 2012. We know mortgages and can’t wait to give you the keys to your new home.

Purchase Mortgage

Home Sweet Loan.

If you are looking to buy a house, AMOCO’s Mortgage Loan options can help you make your move with our competitive rates and reduced closing cost options. Voted Best Mortgage Lender for 9 years, you’ll feel right at home with our experienced team who walk with you through the entire homebuying process, from start to close. Ask us how we can save you hundreds per year on your insurance through 7 Insurance coverage.

Financing options include:

Homebuyer Education By eHome America

For most people, buying a home is an exciting and challenging endeavor, which is why we encourage our members to plan ahead. If you’re considering homeownership, now is the time to start saving, review your finances, and complete a financial education course. For just $50 per course, eHome America’s signature Homebuyer Education online courses are open to anyone.

Made For You Mortgage

A Mortgage Loan Designed For You.

At AMOCO, our Made For You Mortgage is designed for you! Our experienced mortgage representatives are ready to help you make your move.

Made For You Mortgage Features:

Made For You Mortgage Details1:

  • Loan Amount: Maximum $400,000
  • Credit Score: Applicants must have a credit score of 700 or higher
  • Debt-to-Income: 43% limit

1Applicants must have a minimum of 3 years work history in the same industry. Maximum loan amount is $400,000. Must have a credit score of 700 or higher and a debt-to-income limit of 43%. Offer subject to change or discontinue without notice. Rates and terms are determined by borrower’s credit qualifications. Subject to membership eligibility. This credit union is federally insured by NCUA.

If you are a teacher or healthcare worker, please click here

Refinance

Pay Off Your Home Sooner.

If you are looking to lower your monthly payment, shorten the term of your loan, or get a lower interest rate for your home, our expert Mortgage team can help. When you refinance your mortgage with AMOCO, you can pocket the savings to complete home improvement projects, pay off high-interest credit card debt, or save for emergencies.

Refinancing options include:

Home Equity Loan

Endless Possibilities.

Using the equity in your home is a smart way to borrow. The interest you pay on your loan is often tax deductible (consult with your tax advisor for details). Use the funds from your home equity loan just like cash to pay for home improvements, wedding expenses, a vehicle, boat and more.

12nd lien home equity loans locked within the promotional period will receive 1.00% off their APR. APR = Annual percentage rate. Your actual rate may be higher based on your credit score and the terms of your loan. Offer valid only for members with AMOCO 1st lien mortgage. Must provide necessary documents to qualify for the rate discount. Offer excludes any Texas home equity loans currently financed at AMOCO. Offer subject to change or discontinue without notice. Rates and terms are determined by borrower’s credit qualifications, credit score and credit report pulled by the credit union. Subject to membership eligibility.

Construction Mortgage Loan

The Right Tool For Your Grand Plans.

Our one-time-close Construction Mortgage Loan is a great option to help you build the home you’ve always dreamed of! The process is seamless, with just one approval process, and one set of closing costs. Learn more about our Construction Mortgage Loan and view our frequently asked questions (FAQ).

Construction Mortgage Loan Details1:

  • Maximum loan-to-value of 80%
  • Maximum debt-to-income ratio of 43%
  • 2 years of income history required
  • Property must be located in Texas

1Applicants must have a minimum of 2 years work history required. Must have a credit score of 680 or higher and a debt-to-income ratio of 43%. Multi-unit, condos, and manufactured home property types are not eligible. Offer subject to change or discontinue without notice. Rates and terms are determined by borrower’s credit qualifications. Subject to membership eligibility.

Pool Loan

Why Vacation, When You Can Staycation!

Turn your house into a private luxury resort with our Pool Loans. With our low rates and affordability you can beat the Texas heat in your very own oasis, right in your backyard.

Unimproved Land Loan

Now This is an Improvement.

Unimproved Property Loans:

Secondary/Vacation Home Loans:

Provide Proof of Insurance

Make Sure You’re Covered.

If you have a mortgage financed at AMOCO, we require that you maintain a coverage for the term of your loan per the loan agreement.

Homeowners Insurance Declaration showing the following:

Mortgage Representatives

Contact Our Experienced Team Today.

Let our experienced mortgage representatives assist you with your Mortgage Loan needs. Our mortgage team includes:

Loan Originators

Lisa Bradford - NMLS #1205463

Lisa Bradford

NMLS #1205463

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Michael Hedrick - NMLS #1430019

Michael Hedrick

NMLS #1430019

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James McWhirter - NMLS #653766

James McWhirter

NMLS #653766

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Jessica Flores - NMLS #2145127

Jessica Flores

NMLS #2145127

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Carrie Pontikas - NMLS #712150

Carrie Pontikas

NMLS #712150

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Gina Ryan - NMLS #2060421

Gina
Ryan

NMLS #2060421

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Eryn Sherman - NMLS #1892201

Eryn Sherman

NMLS #1892201

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Loan Originator Assistants

Jennifer Vo

NMLS #2300030

Loan Servicing

For questions regarding your current mortgage loan, email us at mortgageloanservicing@amocofcu.org or call us at 409.941.8659.

AMOCO Federal Credit Union NMLS ID: 408167

Contact Our Mortgage Team

Enter your name and contact information below, to get assistance from our mortgage team.  

Mortgage Loans FAQs

The first step is to review all of your credit reports in forensic detail and to boost your credit score. Click here to read the full MoneyEdu article.

Below are the basic documents we would need for your Mortgage Loan. However, we may need other documents and will ask you for them.

• W2 Forms – from the past two years
• Paystubs – most recent 30 days
• Financial Account Statements – for the past 3 months
• Lines of Credit – anything that was opened at another financial institution
• Information about vehicles you own – make, model, and resale value
• Auto-loan account information – account numbers and statements
• Credit card account information – numbers and types of cards, balances, and minimum payments
• Other loan account information – students loans, personal loans, etc.
• Gifts – if any money for your down payment was given to you as a gift

A down payment on a home is simply the portion of the purchase price the buyer pays up front, along with closing costs. The remainder of the purchase price is covered by the mortgage and repaid monthly.

A down payment is sometimes a flat amount, but is more often expressed as a percentage of the purchase price—generally ranging from 3% to 20%. The higher the down payment, the lower the monthly mortgage payments and, often, the lower the interest rate. While that sounds great, be mindful not to deplete your savings. Afterall, a new home means new expenses—like utility costs, furnishings, maintenance, and home emergencies.
So, let’s say you’re making a 15% down payment on a $300,000 home. The down payment amount is $45,000, which the lender will likely require via certified check, cashier’s check, or wire transfer.

Overall, a down payment should depend on your individual financial situation and the specific requirements of your home loan. “
“PMI stands for Private Mortgage Insurance. PMI is a policy that protects the lender against any losses if the borrower stops making payments or fails to repay their conventional loan. Borrower’s who purchase a home with less than 20% down are typically required to pay for mortgage insurance.

Source: ©Copyright Zillow.com, Zillow. All Rights Reserved

PMI stands for Private Mortgage Insurance. PMI is a policy that protects the lender against any losses if the borrower stops making payments or fails to repay their conventional loan.  Borrower’s who purchase a home with less than 20% down are typically required to pay for mortgage insurance.

Source: ©Copyright Zillow.com, Zillow. All Rights Reserved

While you might be tempted to borrow to your limit, that’s not always an optimal course of action. A basic rule of thumb says you shouldn’t spend more than 36% of your income on debts. Additionally, your mortgage should not exceed 28% of that figure. 

Click here to read the full MoneyEdu article.

Mortgage rates depend on several different factors. Your credit score, finances, and loan amount are just a few.  To receive your detailed quote, click here

The most common mortgage length is a 30-year or 15-year term but there are 10-, 20- and 25-year options.

Yes, you can pay extra on the principal with no early payment penalty fees. When you pay extra, make sure to write a check and in the memo detail that the payment is for ‘Principal Only.’ 

Step 1: Get pre-qualified 
Step 2: Find a realtor 

For most people, buying a home is an exciting and challenging endeavor, which is why we encourage our members to plan ahead. If you’re considering homeownership, now is the time to start saving, review your finances, and complete a financial education course. For just $50 per course, eHome America’s signature Homebuyer Education online courses are open to anyone. 

Expected Cost: 

1. Down Payment.  Varies depending on the loan type.
2. Closing Costs.  Closing costs can consist of origination fees, admin fees, appraisal fees, credit report fees and title company fees, to name a few.

Ask us about our $0 down payment product and reduced closing cost option.

On a Purchase Mortgage Loan you will be required to pay the closing costs out of pocket. On a refinance or cash out the closing costs can come from the proceeds if there is enough equity available.

The process is fairly straightforward. First, you’ll need adequate credit. Borrowers with FICO scores of 760 or higher generally qualify for the best rates. On the other hand, if your score is below 620, you may not qualify for a conventional mortgage. It’s important to remember that while your credit score is extremely important, it’s not the only consideration. 
 
Your income and assets will also be placed under scrutiny. You’ll need to provide your lender with W2 tax forms, paycheck stubs and other documented proof of income. Be prepared for the lender to verify that all of the information is current, sometimes with a phone call. You’ll also need to come armed with bank statements proving you have the ability to cover the down payment and closing costs involved with the sale.

Finally, you’ll need to bring basic identification such as an unexpired driver’s license and a Social Security card. 

There are a variety of benefits to seeking mortgage pre-approval. First and foremost, it allows you to make a firm determination regarding your price range. Once you know how much money you have to spend, you can narrow your options and pursue a purchase with absolute confidence.  
 
Pre-approval also provides you with a great opportunity to spend some time with your lender. This allows you to review the various loan options available and choose the option that works best for you. 
 
From a practical standpoint, securing pre-approval should also help you negotiate a deal with a seller, as they no longer have to worry about you qualifying for a loan. 
 
Finally, pre-approval eliminates some of the stress involved with the home buying process. You don’t have to worry about finding your dream home, only to watch the funding fall through. You can search for homes with financial peace of mind. 

Click here to read the full MoneyEdu article.

Yes, qualified applicants may apply for refinancing. 

No, there’s no cost or obligation at all for completing the online application. 

After you submit all of the required paperwork and documents to us, it typically takes up to 30 days to close on your Mortgage. However, closing times vary based on many factors, so check with your AMOCO Mortgage Advisor early in the process to better understand when you can expect to close. 

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 rise, talk to our Mortgage team to see how we can use your equity to turn your home into your dream home.

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 Improvement Loans or a 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 rise, talk to our Mortgage team to see how we can use your equity to turn your home into your dream home.

Mortgage Refinancing: Refinancing your mortgage at a lower interest rate can free up cash for renovations. If your mortgage interest rate is higher than current rates, use an online calculator to estimate potential monthly savings. 
 
Tapping Home Equity:  Using the equity in your home is a smart way to borrow. The interest you pay on your loan is often tax deductible (consult with your tax advisor for details). Use the funds from your home equity loan just like cash to pay for home improvements, wedding expenses, a vehicle, boat and more.

AMOCO offers a great Pool Loan option to turn 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.