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.

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Mortgage Q&A Video Transcript

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?

Our Executive Vice President of Lending, Eddie Bonilla, is here to help you with the home buying process and find the perfect Mortgage Loan for your unique needs.

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 home buying process, from start to close.

Financing options include:

Conventional Purchase
FHA
VA
Investment
Second Home
Options for Condos, Manufactured Homes, and Duplexes
Reduced closing cost options
Preferred Realtor Program

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 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:

Minimum refi amount of $100,000
Conventional Purchase
FHA
VA
Investment
Second Home
Options for Condos, Manufactured Homes, and Duplexes

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.

Construction Mortgage Loan Features:

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

Do I have to have a specific credit score to qualify?

Applicants must have a minimum credit score of 680.

What terms are available?

We offer 15, 20, and 30 year amortization term options.

Is there a maximum construction term?

Yes, there is a maximum construction term of 12 months.

Does the construction loan permit build outside of Texas?

No, the property must be located in Texas.

Are there builder restrictions?

A licensed builder is required and is subject to approval by Underwriter.

Is there a limit to how many draws during the construction process?

We allow up to 5 draws during construction period.

Can I use a Construction Loan to pay off my current land loan?

Yes, new land can be acquired, or a current land loan can be paid off at closing.

What type of properties are eligible for a Construction Loan?

Single family homes that will be occupied as primary or secondary residence. Multi-unit, condominiums, and manufactured home property types are not eligible.

Will my payments consist of principal and interest?

No, during the construction period, you are only responsible for interest-only payments.

Will I have to pay closing costs upon Construction Loan approval and again upon construction completion?

No, the construction financing process requires only one approval process, one closing and one set of closing costs. After the home construction and a certificate of occupancy are completed, your construction loan will be modified to permanent financing.

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 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.