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Home Loans Tips, Info & FAQs
A loan to help finance the purchase of your home
Our San Antonio home loan specialists at United Texas offer home loans with a personal touch to individuals throughout Bexar, Kendall, Comal and Tarrant Counties. Enjoy competitive rates, a streamlined process, and your own home loan liaison to help you throughout the process.
Should I Buy A Home?
Whether you are a newly married couple buying your first home, an entrepreneur looking for houses to flip, or a seasoned home buyer, this may be your time to look into a home loan.
There are many advantages when it comes to home ownership. Here are just a few:
A house is an asset. This means that you own something that has initial value, and that value increases over time. Having a home is a great way to increase your net worth.
Investment in Future
Instead of paying rent that is flushed away each month, you can now have a foundation to build on that belongs to you.
One of the biggest perks of home ownership is the ability to refinance using a home equity loan. This gives you the power to pay off other debts or work on other investment projects.
A home of your own means freedom from landlords. This mean you have total creative ownership of renovations, styles, and conveniences. Not to mention, you have much more privacy than the alternative.
Pride of Ownership
One of the greatest benefits of home ownership is the peace of permanence. This is property that is exclusively yours, and that is something to take pride in.
Types of Home Loans
Sometimes, home loans get lumped into one big category. However, there are actually several different types of home loans. What does that mean for you? Depending on your financial situation, there is bound to be a loan that maximizes your priorities and budget. Keep reading to find out the different types of home loans.
Fixed Rate Loan
This loan is just as it sounds; it is a fixed rate. This means that you pay a set amount for your loan for a certain amount of time until the loan is paid off. In other words, even if interest rates rise, you still pay the same amount.
An adjustable-rate mortgage is subject to change depending on current interest rates. This means that if interest rates are high when you initially take out your home loan, you have the chances of getting a lower rate the following year.
This loan is perfect for those whose financial situations do not allow them to pay a higher down payment for their home. Because these loans are government-backed, it is possible to make a smaller initial payment.
This loan is exclusively for United States military veterans. As a qualifier, you are able to take a loan that does not require a down payment or other typical mortgage requirements.
If you find yourself drawn to living in rural areas, this just might be the perfect loan for you. This allows you to find your dream home in the great outdoors without having to worry about a down payment. There are also typically lower interest rates associated with USDA loans.
A bridge loan is a great option for those who are buying a new home while in the process of selling their current residence. Rather than juggle different mortgage payments, this loan allows them all to consolidate to make refinancing possible.
The “make-or-break” for your experience in getting your San Antonio home loan is making sure you get the one that’s right for you. That means it is our job, here at United Texas Credit Union, to get you both the lowest interest rates and best payment option that will fit your budget. We know the stress of buying a home and have helped countless people get started on the process; let us guide you in this exciting next step!
From our Blog
Is a home loan with United Texas right for me?
Whether you’re a Texan who is purchasing or refinancing, our San Antonio home loan specialists are certain you’ll find we are a lender with your best interests in mind.
It’s best to have a pre-qualification in hand before you hunt for your house. It gives you buying power, helps you search for what you can afford, and shows that you are a serious buyer.
Please complete our application and we’ll issue an approval for a home loan now with no obligation.
With my current finances, what type of loan best suits my needs?
Your financial preparedness will determine what you’re qualified to purchase and what type of home loan fits your budget. Our personal home loan liaison in the greater San Antonio area can help you figure this out.
What is an escrow account?
An escrow account is set up by your home loan lender to pay certain property-related expenses on your behalf, such as property taxes and homeowners insurance.
What are closing costs?
Most home loan professionals will define closings costs as only third-party costs that are NOT associated with the mortgage company. However, the question most consumers are asking is, “what are my out of pocket expenses?” There are four things to consider:
(1.) Down payment. The percentage of the sales price you will be required or willing to put down to purchase your home.
(2.) Prepaid Items. If you have an escrow account, prepaid items will account for the amount of funds to set up the escrow account.
(3.) Third-party fees. These include title company fees, appraisals, inspections, and other fees that are not related directly to the mortgage company.
(4.) The mortgage company’s fees. These include underwriting, processing, origination, discount points and other fees that the company may charge for services to close your home loan.
What are discount points or origination fees?
Discount points or origination fees are costs associated with purchasing a lower interest rate. Typically a 1% discount point/origination fee equals 1% of the loan amount and will lower an interest rate by 0.125%.
How much of a down payment is required to purchase a home? Is there down payment assistance?
The program you are eligible for will determine the amount of down payment required. For example, an FHA loan requires a minimum of 3.5% down payment, whereas a VA loan does not require a down payment. Different programs have different down payment requirements. Down payment assistance is offered through third-party entities outside of the mortgage company. Mortgage companies may or may not participate with certain down payment programs. Check with your home loan representative to see which down payment programs your mortgage company participates with.
What is a rate lock, and how do I lock my rate?
A rate lock is a means for the borrower to lock in the lender’s current interest rate. Typically, a rate lock will last 15, 30, 40, or 60 days. You may lock in at the time of application, or you may choose to wait until later in the process as long as you are either refinancing your home, or you have an executed contract with the seller. Your loan officer will discuss the best lock period option for you.
What is the maximum percentage of my home's value that I can borrow?
The maximum percentage of your home’s value depends on the purpose of your loan, how you use the property, and the loan type you choose. For this reason, the best way to determine what loan amount we can offer is to complete our online application.
Is financing for manufactured homes available?
We define manufactured housing as housing units that are factory built with a steel undercarriage that remains as a structural component and limits the structure to a single story. These types of manufactured homes are sometimes known as mobile homes.
We do not consider other factory-built housing (not built on a permanent chassis), such as modular, prefabricated, panelized, or sectional housing, to be manufactured housing. If your home is one of these types, please complete the application indicating that your home is a single family home.
Should I enter in a purchase contract before I'm qualified?
It is highly advisable that you DO NOT enter a purchase contract until a home loan professional has had a chance to review your credit report and supporting documentation (i.e. income documents & assets).
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Home Loans Rates & Calculator
Information and interactive calculators are made available to you as self-help tools for your independent use. We cannot and do not guarantee their accuracy or their applicability to your circumstances. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
Home Loans (Texas only)
|Due to frequent market changes, please contact us for rate quotes.|
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Home Loans Why United Texas
- Fast pre-approvals
- No prepayment penalties
- Terms up to 30 years
- Competitive interest rates
- Personal home loan liaison
Went in today looking to get advice for mortgage loans and home buying. This was the first time me and my fiancé have ever attempted to purchase a home, so we were a bit nervous on what kind of information we’d receive. I was surprised at the wonderful customer service we were given and we left with an amazing amount of information. Jesus Castillo, the Financial Services Officer, helped us tremendously. He was very knowledgeable and seemed to actually care about his customers. We thank you for your help and guidance. Also let it be known that I am a customer of three years with United Texas and so far this is the best bank I have ever banked with. I have never had any issues, they are quick to answer questions and I have had two instances where there were fraudulent charges on my account and they actually notified me before I caught it, of course they acted immediately. Thank you!RamLightning
I had the pleasure of working with Lisa Rakus at United Texas and appreciate her quick and efficient responses to all the questions I had on acquiring my home loan. We were able to close sooner than expected and everything went smoothly. I highly recommend reaching out to Lisa for any loan needs. Thank you so much Lisa for all you do! Appreciate you!
Carmen, we sincerely appreciate your five-star review of the service you received from Lisa at our Medical Center Branch. Thanks for your choice to be a United Texas Credit Union member. We look forward to serving your financial needs for years to come! -Karla :)
Jesus is a wonderful asset to the credit union. He explained the process and managed expectations for time to complete the loan process. He developed a relationship with us for the home loan so when it came time for the auto loan we immediately considered the credit union and will continue to do so for all of our financial needs.
I’ve been banking with United Texas Credit Union for several years and have had a great experience. I am a recent first time homeowner and worked with Jesus C who guided me through the mortgage process. He was very helpful, transparent and made what I thought would be a painful process really straightforward and painless!
Hi Valeria - Thanks for letting us know about your five-star home loan experience with Jesus! We’re so glad that we were able to make this process easier for you. We appreciate your loyalty and your choice to finance your home with us. Enjoy your new place! - Karla :)
Jesus Castillo was an amazing loan officer. He helped me get my first home. As a first time buyer, I was nervous and heard many things from other loan officers that I needed so much down. With him it was a small down payment, easy, and fast. Thank you, Jesus!
Hi Veronica - Thanks so much for letting us know about your recent five-star home loan experience with Jesus. We appreciate your choice to obtain your mortgage with United Texas Credit Union! Enjoy your new place! -Karla :)
I have been a member for 49 years and they have always provided superb service. They financed my very first vehicle, a new 1970 Ford Maverick back in 1969 and they are still taking care of my financial needs including the mortgage on my present house. Thank you for always being there!
Rosa - thanks so much for your feedback. We sincerely appreciate your choice to be a United Texas member and we'll continue to be here for you and your family! Have a great day! - Karla
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Home Loans How it Works
Starting your home owning process with us is fast and easy:
Become a member of United Texas. All you need to do is open savings account with a minimum deposit of $5.
Apply online to get prequalified.
One of our knowledgeable home loan officers will reach out to you to walk you through the rest of the process.
We’ll contact you to coordinate your closing date.
If you have any questions in the meantime, please contact us.
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United Texas CU is a lender licensed under the National Mortgage Licensing System and Registry under registration number 516820.