FAQs

Because of the low down payment, these mortgages require you to pay private mortgage insurance (PMI). Also, historically the interest rates on FHA loans are higher than conventional loans, but that is not always the case.

Texas law says that your cash-out mortgage refinance must be limited to 80% LTV (loan-to-value). That means if your mortgage balance is 60% of your home value and you have earned 40% in home equity, the state of Texas will allow you to cash out 20% of your earned home equity.

You can use that equity for a lot of different reasons - debt consolidation, home improvements, financing a large expense and more. Talk to us about a Home Equity Line of Credit (HELOC) if you're interested in accessing your home's equity.

There is a 12-day cooling off period on all HELOCs and a three-day right of rescission after closing before the funds may be disbursed.

Since you are basically creating a whole new mortgage, you can decide the loan terms.

Before you decide, make sure you talk to us about closing costs. Keep a couple of things in mind. Sometimes a refinance will save you money in the long run but increase your payment; in other cases, you can decrease your payment and rate.

To know for certain, it's best to connect with our mortgage lending team so we can help you find the right home loan for your situation.

They typically take 30 to 45 days, but sometimes they can happen faster. A lot of it depends on how quickly you provide the required documentation to your mortgage loan processor.

You can save thousands of dollars in interest, build equity quickly, and at the end of 15 years you’re virtually free from one of the biggest life expenses. Plus, you can often get a lower interest rate for 15-year^* mortgages. On the other hand, that reduces your tax benefit if you’re eligible to deduct the interest from your mortgage. And 15-year mortgage payments are significantly more expensive every month—though not double.

For advantages, you'll typically have a lower payment option because your payments are spread out over many more years. They also give you the best tax advantage, since interest on home mortgages is often tax-deductible. The best benefit, however, comes with getting a 30-year mortgage^* from a lender like CUTX that charges no pre-payment penalty. With a 30-year loan you are obligated to a small payment, but you have the option of paying extra on your premium when you have it. This pays the loan off more quickly, rapidly builds equity, and reduces your overall interest expense. This can help with the biggest disadvantage of a 30-year mortgage, which is the accrual of more interest than with shorter-term mortgages.

The first step is getting a copy of your credit report. You might be surprised to know that many reports contain errors or old debts that have been paid but not cleared on the report. These errors can drag down your score, so it's important to get them fixed.

Check out our articles on strategies for budgeting and for coming up with a down payment. Improve your debt-to-income ratio by making extra payments to remove debts more quickly. Start a savings plan for a 20 percent down payment.

This is difficult to say without analyzing your specific situation. It depends on a title search, a loan origination fee, an underwriting fee, an appraisal and more. We'll walk you through everything and let you know what the costs are likely to be before you commit.

Along with the down payment and monthly payment, you have:

• Closing costs, which may be between 1% and 5% of the loan
• Property taxes
• Home insurance

Plus, as a homeowner, you’re responsible for upkeep and maintenance, so it’s a good idea to have extra money budgeted for those expenses.

Bring along Pay stubs or W2s for at least two years, the addresses where you’ve lived for two years, information about current loans and checking and savings accounts. Our mortgage specialists can guide you through the process of the application. You'll also have to pay for a credit check.

Secure Checking costs only $6 a month for all the extras. There are no monthly fees for students age 25 and under, veterans, or first responders.

Opening an account requires a minimum deposit of $25. Otherwise, there are no minimum balance requirements.

Just use your debit card to pay for items and services and you get an extended warranty or the extra insurance for up to a year.

You can place a stop payment on a check through Digital Banking or Telephone Teller for a $35.00 fee. If you visit a branch location or call Member Services at (214) 818-3231 the fee is $35.00.

Confidently check your balances, transfer funds, pay bills, or see your statements - anytime, anywhere with Digital Banking!

Enroll now or sign in to get started.

Secure Plus Checking is only $10 a month. There no monthly fees for veterans or first responders.

Your credit score and payment history will definitely impact your ability to qualify for a line of credit.

You must make your minimum monthly payment which includes interest and principal, as long as there is a balance on the line of credit. But you do not have to pay the entire balance off every month.

The possibilities are endless – education costs, home improvement, covering expenses during an emergency. We can help you figure out the best solution for what you need.

In most cases, we can fund your loan the same day! Either use our online personal loan application or stop by one of our branches.

Terms differ from loan to loan, too. Loan terms range from as brief as six months to as long as five years⁴. Longer loan periods have lower monthly payments but a larger overall cost with interest. Our loan experts can help you structure a loan that fits your budget and goals.

That is determined by what your needs are as well as your credit score and other factors. Contact a loan specialist to structure the personal line of credit that will work best for you.

It's our way of providing you some financial relief when you need it by allowing you to skip up to two payments on a qualified loan per year. "Qualified" means your payments must be up-to-date and you must have made at least four payments prior to skipping. Check out the details of Skip-A-Pay.

Payment Protection is a great way to protect you and your family when the unexpected happens. This voluntary protection program is designed to help you get relief from payments when you need it most after you're laid off, you become disabled, or worse. It's easy to enroll. Just call us at 972-705-4804.

Your purchase of Payment Protection is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a credit card. Certain eligibility requirements, conditions, and exclusions may apply. Please contact your loan representative, or refer to the Member Agreement for a full explanation of the terms of Payment (Debt) Protection. You may cancel the protection at any time. If you cancel protection within 30 days you will receive a full refund of any fee paid.

At CUTX we have several convenient options to assist you in transferring funds! With digital banking you can securely move funds from your internal accounts here to outside financial institutions with ease! Simply log in to Digital Banking, click on Transactions and then Transfer Money to see all the accounts you have linked to transfer to or from.

If you need funds moved quickly we also have wire services available Monday through Friday.

Digital Banking is fee free! Confidently check your balances, transfer funds, pay bills or see your statements - anytime, anywhere with Digital Banking!

Are you signed up for Digital Banking? With Bill Payer, you can conveniently pay almost any bill--from the babysitter to the cable company--right from your computer. All you need is a CUTX Secure or Secure PLUS Checking account and access to CUTX Online Banking. Bill Payer gives you the flexibility of scheduling payments a few days from now up to a year in the future.

Enroll now or sign in to pay your bills.

The Credit Union does not have a swift code. We have a routing number, 311079306. All international wires must come via a United States Bank.

Financial institutions use routing numbers in order to process payments electronically. Some examples of electronic payments that CUTX provides are bill pay, wire transfers, and direct deposits.

Using Digital Banking you are able to use all of these electronic payment methods from your home in a safe and secure environment. Enroll now!

If your account made over $10.00 in interest we will provide you with a 1099-INT. You can check your Year To Date (YTD) interest on the bottom of every statement.

If you made a withdrawal from your IRA you will receive a 1099-R. You can view and print these documents in Online Banking under the Menu, Services, and Statements.

On November 12, 2020, the Departments of Health and Human Services, Labor and the Treasury finalized the Transparency in Coverage Rule that requires health insurers and group health plans to create a member-facing price comparison tool and post publicly available machine-readable files (MRF), where all covered persons could access, that include in-network negotiated payment rates and historical out-of-network charge for covered items and services, including prescriptions drugs. Access CUTX's machine-readable files.