Mortgages & Home Loans
Is Now the Time to Buy?
Owning a home may seem challenging with today’s rates, but here’s the good news: buying now allows you to start building equity right away. That equity can help offset the impact of a higher rate and set you on the path to long-term financial growth.
Opportunity to save $1500
To make your homeownership journey smoother, we’re offering an opportunity to save: if rates drop within the next three years, we’ll make refinancing easy and help you lower your payments. Plus, you’ll receive a $1,500 closing cost discount when you refinance, allowing you to take advantage of better rates with less out-of-pocket expense.¹
As a member of 1st University Credit Union, you’ll enjoy:
A $1,500 closing cost discount on your refinanced mortgage if rates improve and you refinance with us within three years of your original loan.¹
Fast, hassle-free processing to get you in your home quickly.
Personalized guidance from our mortgage loan officer, who brings over 50 years of experience to the table.
Whether you’re exploring FHA, VA, USDA or Conventional loan options, we’re committed to making your dream of homeownership a reality.
The complete Managing the Ups & Downs of Homebuying webinar is available here.
Mortgage Loans
Your Future is in your Home.
Most likely, your home will be the single largest investment you'll ever make, and you need the right lender. So, when you're buying a new home, refinancing your current home, or remodeling, call the real estate lending experts at 1st UCU Home Mortgage. Our full-service mortgage loan department is ready to assist you.
Why 1st UCU As Your Mortgage Lender in Waco?
At 1st University Credit Union, there is a difference when you choose us as your mortgage lender:
FREE credit approval and pre-qualification
Fast, convenient loan approval
Answers and lock-ins without delay
We offer the following types of Home Loans:
Conventional
A mortgage that is not backed by the government, offering competitive rates and flexible terms. It’s a great option for members with solid credit and a down payment of at least 3%.
Government Backed
A home loan insured by a federal agency like the FHA, VA, or USDA. These loans offer lower down payment options and more flexible credit requirements—ideal for first-time buyers or those who may not qualify for a conventional loan.
Home Equity
Lets you borrow against the value of your home and receive funds as a lump sum. It’s a smart way to access cash for major expenses like home improvements, debt consolidation, or other large purchases—using your home’s equity to your advantage.
New Construction
A short-term loan that covers the cost of building a home from the ground up. It provides funds in stages as construction progresses and can be converted to a permanent mortgage once the home is complete.
Get Pre-Qualified for Your Mortgage
Before you head out with your real estate agent, it is wise to know how much house you can afford. Getting pre-qualified starts with our mortgage experts assessing your current credit and income situation. Next, we crunch the numbers and determine how much you can borrow.
Equipped with this knowledge, you can shop for your dream house. Once you have found it, you can present your Pre-Qualification Letter with your bid, giving your sellers a high level of confidence in your ability to complete the purchase.
Contact us to start the pre-qualification process by completing a mortgage loan application or click here for a mortgage calculator.
FHA Loan: Flexible Mortgage Solution
Are you browsing the housing market, going over your options for mortgage financing? Consider a Federal Housing Administration (FHA) loan at 1st University Credit Union.
FHA loan advantages:
Only requires a 3.5% down payment
Loan terms can be either 15 years or 30 years
Mortgage is funded by an approved lender — that would be us — and then insured by HUD (the US Department of Housing and Development)
FHA loan requirements:
Borrower must have a credit score of 620 or higher
Private Mortgage Insurance is included in your mortgage
Home Equity and Cash Out Refinance Loans
Capitalize on the value you've built up in your property
You’ve owned your home for a while and discover there’s “equity” built up in your property, and you realize that you would like to tap into that source of money to make renovations to your home, help your kids pay for college, take a long-awaited vacation, or — well, the list of possibilities goes on! So how do you get the cash out of your home? With a Home Equity Loan or a Cash Out Refinance.
For both types of loans, how much you can borrow depends on three factors:
the current market value of your home
the balance on your existing mortgage
the amount of any other liens (more than likely, you won’t have any of these)
Once you know the current market value of your home, multiply it by 80%. From that number, subtract the payoff amount for your existing mortgage and other liens. For instance:
Market Value = $400,000
80% = $320,000
Mortgage = $100,000
Other Liens = $0
$320,00 - $100,00 = $220,000. This is the maximum amount you may be able to finance.
Now it’s decision time. Which solution is right for you?
Home Equity Loan: if you choose a Home Equity Loan, your original mortgage loan stays in place, and you now have two loans: your mortgage and your Home Equity Loan.
Cash Out Refinance: if you choose a Cash Out Refinance, your original mortgage is paid off, and you now have only one loan: your Cash Out Refinance.
Whether you’re considering remodeling, a new car, a bucket-list trip, or something else, 1st UCU Mortgage Services can help you turn your home’s equity into cash.
Please contact us to start the pre-qualification process, click here for a mortgage loan application or click here for a mortgage calculator.
Mortgage Rates You Can Count On — Just Not Published Here
Because mortgage rates can change daily — sometimes even more than once a day — we don’t publish them on our website. We prefer to give you the most accurate and personalized rate information based on your unique situation.
Let’s talk!
Give us a quick call at (254) 752-2797 or (877) 377-2797 or email at mortgageservices@culink.net to get in touch. We’ll provide today’s rates and help you explore the best options for your home financing needs.
Take the first step. Call or apply for a mortgage loan today.
Looking to buy, refinance, or tap into your home’s equity? At 1st University Credit Union, we offer competitive mortgage rates, an easy pre-qualification process, and loan options for every stage of homeownership — including FHA, VA, USDA, conventional, home equity, and cash-out refinance loans. You’ll get personalized guidance and quick answers from a team that knows the Central Texas market. Based in Waco, we proudly serve McLennan, Erath, and Bosque counties.
Helping You Do Life — one home at a time.
Texas Mortgage Complaint Notice
At 1st University Credit Union, we strive to meet your expectations in every way. If you have any concerns, we encourage you to contact our CEO to discuss your issue. We are committed to resolving matters promptly and fairly.
1st University Credit Union
24 La Salle Ave Unit C
Waco, TX 76706
(254) 752-2797
If your issue is not resolved to your satisfaction, Texas residents may file a complaint against a mortgage company or residential mortgage loan originator licensed in Texas by submitting a completed complaint form to the Department of Savings and Mortgage Lending (SML):
📍 Address: 2601 N. Lamar Blvd., Suite 201, Austin, Texas 78705
📞 Phone: 1-877-276-5550
🌐 Website: SML.Texas.gov
Complaint forms and additional information are available on the SML website.
TEXAS RESIDENTS: CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE COMPANY OR RESIDENTIAL MORTGAGE LOAN ORIGINATOR LICENSED IN TEXAS SHOULD SEND A COMPLETED COMPLAINT FORM TO THE DEPARTMENT OF SAVINGS AND MORTGAGE LENDING (SML): 2601 N. LAMAR BLVD., SUITE 201, AUSTIN, TEXAS 78705; TEL: 1-877-276-5550. INFORMATION AND FORMS ARE AVAILABLE ON SML'S WEBSITE: SML.TEXAS.GOV.