• 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.

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.

• 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.

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.

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.

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.

• 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

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.

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

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.