Frequently Asked Questions

Generally speaking, you can purchase a home with a value of two or three time your annual household income. However, the amount that you can borrow will also depend upon your employment history, credit history, current savings and debts, and the amount of down payment you are willing to make. We can help you determine exactly how much you can afford.

When you are ready to buy a home you must consider that the monthly mortgage cost is not the only cost you will face. Maintenance costs such as appliances needing repair and utility bills will also come out of your pocket. You should also consider homeowner's insurance as well as association or condo dues depending on your location. Lastly, be sure to remember to allow for property taxes which may be rolled into your monthly payment.

With a fixed-rate mortgage, the interest rate stays the same during the life of the loan. With an adjustable-rate mortgage (ARM), the interest changes periodically, typically in relation to an index. While the monthly payments that you make with a fixed-rate mortgage are relatively stable, payments on an ARM will likely change. Brazos Valley Schools Credit Union only offers fixed rate mortgages.

The pride of home ownership can be a source of great satisfaction. You can enjoy the savings that can come when you deduct your property taxes and mortgage loan interest on your federal income taxes. Because interest payments will make up a large portion of your monthly mortgage payment, you will easily see how home ownership can save you on your taxes for many years to come. Every payment builds more equity in your house. This equity is like a savings account which you can cash in when you sell your home or use if you take on a home equity loan in the future.

There is no simple formula to determine the type of mortgage that is best for you. BVSCU only offers conventional mortgages, which typically cost less over time than an FHA loan. We do not require private mortgage insurance. This can save you hundreds of dollars on your monthly mortgage payment.

At closing, you, your agent, the seller, the seller's agent (in most cases), and the settlement agent, will sit down to go over the legal documents regarding your new home. A good settlement agent will explain what each document means. You should make sure you understand what you are signing and ask questions if you don't. After all the paperwork is signed, you will pay closing costs and down payment to the settlement agent.

If you are buying a home and you do not have a contract yet, you can leave the property address blank or input TBD (to be determined).

If you would like to apply for a home equity, HELOC, or construction loan please select "Refinancing" as the answer for the first question, and provide the loan type you would like to apply for in the "Comment" section on the "Summary" window of the application.

Fees include: Credit Report $21.38 for single and $42.76 for joint, Attorney fee of $300.00, Flood Determination fees of $10.66, Property Tax Monitoring fee of $106, Verification of Loan fee of $10.61, Verification of Tax Return Fee of $14.87.

Texas Constitution allows certain loans to be secured against the equity in your home. Such loans are commonly known as equity loans. Some important rules to remember:

• The home must be the homestead of the borrowers

• The principal loan amount at the time the loan is made must not exceed an amount, that when added to the principal balances of all other liens against your home, is not more than 80% of the Fair Market Value of your home.

• You can only have one equity loan at a time and you may not close on a new one until one year has passed from the closing date of the other loan.