Improve Your Home

More ways to get started: Call 915-778-9221

IMPROVE YOUR HOME

GET STARTED

If you need to remodel or repair, add square footage, add a pool, or even landscape, we have options that can help you turn your house into your dream home. Our professional staff is ready to help you get started.

APPLY TODAY

HOW IT WORKS

APPLY FOR A LOAN (!)
APPLY FOR A LOAN (!)
CLOSE ON YOUR LOAN
CLOSE ON YOUR LOAN
START YOUR PROJECT
START YOUR PROJECT

APPLY FOR A LOAN (!)

Applying for your home equity loan is easy. GECU will let you know how much equity you have available on your home and will provide you a term that fits your needs.

CLOSE ON YOUR LOAN

You are at the finish line to close on your home equity loan. GECU will take care of setting up the closing appointment and ensure all paperwork is ready to go for your signature. Once everything is signed, you will receive funds within three business days.

START YOUR PROJECT

Now that you have the funds from your home equity loan, it’s time to begin your project! You can use the funds to renovate your kitchen, bathroom or add a pool to your backyard.

HELPFUL RESOURCES

Understanding Your Credit
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WHAT TO LOOK FOR IN A CONTRACTOR

Finding the right contractor for the job can make sprucing up your home that much better.

Ready To Buy A Home
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WHAT CAN I USE HOME EQUITY FUNDS FOR

The equity you have built in your home is an excellent resource for accomplishing your goals.

LEARN MORE

HOW MUCH EQUITY CAN I BORROW

The equity of your home can be a great tool for making improvements or renovations and even consolidating debt.

LEARN MORE

WHAT TO LOOK FOR IN A CONTRACTOR

Finding the right contractor for the job can make sprucing up your home that much better.

LEARN MORE

WHAT CAN I USE HOME EQUITY FUNDS FOR

The equity you have built in your home is an excellent resource for accomplishing your goals.

LEARN MORE

HOW MUCH EQUITY CAN I BORROW

The equity of your home can be a great tool for making improvements or renovations and even consolidating debt.

LEARN MORE

WHAT TO LOOK FOR IN A CONTRACTOR

Finding the right contractor for the job can make sprucing up your home that much better.

LEARN MORE

WHAT CAN I USE HOME EQUITY FUNDS FOR

The equity you have built in your home is an excellent resource for accomplishing your goals.

LEARN MORE

HOW MUCH EQUITY CAN I BORROW

The equity of your home can be a great tool for making improvements or renovations and even consolidating debt.

HOW MUCH CAN I AFFORD?

Use these calculators(2) to estimate rates and payments

GET STARTED NOW

YOUR LENDING OPTIONS

We have a variety of loans to fit your lifestyle.

WELCOME HOME EL PASO

Down Payment Assistance(3)

GECU is offering the opportunity of a lifetime! Welcome Home El Paso is a down payment assistance program that makes homeownership a reality by offering up to 5% of the amount of your home loan in payment assistance. 

PREQUALIFY

Why Choose GECU?

FAQs

  • I’m ready to buy my own home, how much home can I afford?
    • As a general rule, you can usually purchase a home with a value of two to three times your annual household income. Depending on the amount of your savings and debts, you may qualify to purchase a home with a higher value.
  • Which mortgage loan is best for me?

    There are several things to consider when deciding which mortgage loan is best for you:

    • Your current financial position
    • How you anticipate your finances will change
    • How long you plan to live in your home
    • How much money you have available for a down payment
    • For questions about which mortgage loan will meet your needs, contact a GECU mortgage professional at 1-915-778-9221, toll-free at 1-800-772-4328.
  • What is an escrow account and how much will I need in my account?
    • The money in an escrow account is provided by the borrower to make payments to the lender for the purpose of paying taxes, insurance, and other payments associated with home ownership. The lender is responsible for the timely disbursement of escrow funds to pay the mortgage borrower’s property insurance and tax bills as they come due.
    • It’s common practice for mortgage companies to hold an escrow cushion for the borrower. The cushion is kept by the mortgage company to assure that if the cost of any escrowed item were to increase in the future, there would be sufficient funds to pay all property insurance and tax bills as they come due.
  • What's my first step in the home buying process?

    We recommend getting prequalified for your financing at the very beginning. Once you’re prequalified, you'll know exactly what price range you can afford and qualify for, including:

    • Standard loan guidelines
    • Estimated loan amount and monthly payment
    • Estimated loan costs
    • The mortgage best suited for you
    • Additional information needed to complete your mortgage application.
  • How often can I apply for a home equity loan?

    If you have a good credit record, Texas law allows qualified homeowners to obtain one home equity loan on the anniversary of closing your first home equity loan. Other conditions may apply.

  • Beside interest rates, what should I consider when applying for a mortgage loan?

    The term of your loan is also an important consideration. The loan term affects your monthly payment and how much you'll pay in interest payments (finance charges) over the life of the mortgage.

  • Will my credit history affect my ability to get a mortgage loan?
    • Unless you've experienced serious financial setbacks that affected your ability to repay your debts on time, you probably don't need to worry. It‘s a good idea to get a copy of your credit report before you begin the mortgage application process. If there are any errors on your credit history, you should resolve them before submitting your application.
    • If you've had credit problems in the past, be prepared to explain them with your mortgage lender at your first meeting. There are legitimate reasons for credit problems (layoff from job, illness, divorce, etc.), but as long as the problem has been corrected and the lender can see improvement, you may be steps closer in achieving your mortgage goal.
    • To request a free copy of your credit report, go to www.annualcreditreport.com
  • If I want to purchase a home outside of El Paso County, will I be eligible to apply for a mortgage loan?

    GECU’s lending radius is within 150 miles of El Paso County, all of Hudspeth County up to the international border not to include Mexico.

  • What is the equity in a home equity loan?

    Equity is the difference between your home's appraised/market value and the amount of any outstanding mortgage loan balance.

  • Can I apply for a GECU Home Equity Loan for my property in New Mexico?

    GECU’s lending radius is within 150 miles of El Paso County all of Hudspeth County, up to the international border not to include Mexico.

(1)All loans subject to credit qualification and approval. The property must be located in the United States, within a 150-mile radius of El Paso County, to include Hudspeth County. Certain fees and conditions apply. Membership-eligibility requirements apply.

(2) Information and interactive calculators are made available to you as self-help tools for your independent use and are used to quickly estimate the loan amount or monthly payment that fits your budget. This information is provided for illustrative purposes only. Rates are subject to change, and your loan terms may vary based on your individual circumstances.

(3)Assistance program is brought to you by the El Paso Housing Finance Corporation and is subject to qualification, income criteria and home purchase price. The residence must be located within the El Paso city limits. Other conditions apply.

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