Low Rates On Home Loans

A mortgage loan is a type of financing used to purchase a home or land, typically repaid over 15 to 30 years. When you take out a credit union mortgage, you agree to make monthly payments that include both principal and interest. Your home serves as collateral, meaning the lender can reclaim the property if the loan isn’t repaid.

At Velocity Credit Union, we offer competitive credit union mortgage rates and flexible options for both first-time home buyers and experienced homeowners. Our credit union home loans often require a down payment, but they come with the benefit of personalized service, lower fees, and better rates than many traditional lenders.

If you’re searching for fixed mortgage loan options and expert guidance from a trusted Texas credit union, we’re here to help. Explore our mortgage loans today and find the right financing solution for your homeownership goals. Whether you’re looking to purchase your first home, refinance an existing property, or if you just want more information on the topic, Velocity can help. We make things simple by offering a wide range of lending options to suit your individual needs, competitive rates, and a straightforward approval process.

In Texas, there is no state-level property tax. Instead, property taxes are set by local counties and fund essential services like schools, road maintenance, and public safety. If you have an escrow account set up with your mortgage lender, you’ll make a single monthly payment, and your lender will use those funds to cover your property taxes and homeowners insurance when they are due.

Many credit union mortgage options, including first-time home buyer loans and 30-year fixed mortgage loans, allow borrowers to set up escrow. However, if you choose not to escrow your mortgage loan, you’ll be responsible for making property tax and insurance payments directly.

An escrow account is a special account set up by your mortgage lender to hold funds for important homeownership expenses like hazard insurance and property taxes. When you have a credit union mortgage or any other type of home loan, lenders typically require monthly escrow payments to ensure these costs are covered on your behalf.

At Velocity, we work with homeowners to simplify mortgage loans. Whether you’re exploring first-time home buyer loans, credit union home loans, or refinancing with refinance mortgage rates, having an escrow account helps you stay on top of essential costs.

Yes, if your Loan-to-Value (LTV) ratio is 80% or less. If you have questions about your escrow account, Give us a call at (512)469-7000 in Austin, (800)933-2029 toll-free, or visit a branch.

A mortgage note, sometimes called a real estate lien note, is a signed legal document that states the signer will repay your mortgage loan, plus any interest that accrues during a specified amount of time at a predetermined interest rate. 

When you take out a credit union mortgage, you will sign both the mortgage (deed of trust) and this promissory note, which defines the terms of repayment. The deed is released to you once the loan is fully repaid.

The Truth in Lending Act (TILA) of 1968 is a United States Federal Law designed to protect consumers by ensuring transparency in mortgage loans and other forms of credit. This law requires mortgage lenders and financial institutions to clearly disclose key loan terms, costs, and fees, helping borrowers make informed financial decisions when applying for credit union home loans.

We offer a wide variety of mortgage loan programs for those who want to refinance their current mortgage. However, the specific amount it will cost you to refinance will vary. Get in touch with a Loan Originator for a free consultation to discuss your specific situation. You can use our Refinance Calculator to estimate how much you could save by refinancing at a lower interest rate. You can also get in touch with one of our Loan Originators for a free consultation on home equity financing, rates, and more.

Yes! Whether you’re a first-time home buyer or an experienced homeowner, getting pre-qualified for mortgage loans helps you determine a price range that fits your budget. 

At Velocity, we offer credit union home loans with competitive credit union mortgage rates to help you secure the best financing option. Whether you’re considering a credit union mortgage, exploring home equity financing, or comparing 30-year mortgage rates, pre-qualification gives you a head start in the home-buying process.

Yes! Proof of homeowners insurance is required for all mortgage loans and can be submitted via fax to (512) 469-7080, emailed to [email protected], or dropped off at a branch.

You can make one-time payments or set up automatic payments for your mortgage loans using our online banking system. If you prefer, you can also make a one-time payment over the phone by calling (866) 926-5639 (a $10 fee applies).

To check the status of your mortgage loan application, please call us at (512) 469-7177 or log into your mortgage application portal.

Current fixed mortgage rates and credit union mortgage rates can change daily or weekly.

To stay up-to-date on purchase and refinance mortgage rates, or Home Equity rate, please visit our rates page for the latest information. For further assistance, call us at (512) 469-7177.