Types of Property to be Financed

The property must be a single family, owner occupied residence located in the state of Texas.  Urban or rural homestead property is eligible. Rural property with an agricultural use/exemption is not eligible under this program.  Manufactured homes and mobile homes are also ineligible.

Example of Potential Closing Costs on Home Equity Loan

Description Amount
Loan Processing Fee $200.00
Title Company Report - Taylor County $140.73
Title Company Report - other Texas county varies
Flood Certification Fee $ 16.00
Tax Service Fee $109.00
Hazard Insurance Service Fee $ 55.00
Flood Insurance Service Fee $ 27.50
Recording Fees for Your County  
     Texas Home Equity Security Document $ 66.00
     Release of Lien $ 30.00
Electronic Filing Fee $  8.00
Valuation Fee $ 25.52
Total $677.75**

 

 

 

 

 

 

 

 

**An appraisal and/or survey fee may also be charged. If applicable, those fees will be estimated on the Loan Estimate Disclosure which will be mailed to you after your completed application has been processed. Appraisal fees will be collected prior to placing the order for the appraisal report.

Process to Obtain a Home Equity Loan

Complete and submit the Uniform Residential Loan Application that can be obtained from a Mortgage Loan officer. Include the information shown on the checklist below. We will process the application and obtain an updated credit report. You will be notified when the application has been tentatively approved by the Loan Review Committee. A title opinion will then be ordered. Upon final approval, loan documents will be prepared for signature. You will be notified when the paperwork is ready to be signed by you and your spouse. All closings take place in our branch located at 3849 Antilley Road in Abilene, Texas. After the state required 3 day waiting period, the loan proceeds will be available.

Please be advised that all property taxes and assessments due and payable for the current year and subsequent years must be paid in full by the funding date.

Check List of Documents Needed for Home Equity Loan

  1. Fully completed Uniform Residential Loan Application. Please write your email address and preferred contact  number of the bottom of the first page. 
  2. Signed Borrower's Certification
  3. Signed Notice Concerning the Extensions of Credit
  4. Most recent pay stub(s) that include year-to-date gross income
  5. Copy of W-2 forms for the past two years
  6. If Social Security, disability or retirement income is to be used, provide 1099 Benefits Statements or other documentation for the past two years
  7. If self employed, provide all pages of signed tax returns for the past two years and a profit and loss statement for the current year.
  8. Copy of Warranty Deed or Deed of  Trust on current mortgage
  9. The most current monthly statement showing balance and loan number on your existing mortgage loan. If your home is paid for, please provide the release of lien.
  10. Color photos of the exterior of the house - one of the front and one of the back
  11. Notice of Appraised Value (tax value) from the appropriate central appraisal office or tax district
  12. A copy of the declarations page of your current homeowner's insurance policy and flood insurance policy, if applicable
  13. A copy of an official survey of the property. (This is a drawing of the property showing property lines and the location of the house on the property.) If you do not have an existing survey, please do not order a new one until your loan officer has advised you of tentative approval.  
  14. A copy of your divorce decree, if applicable
  15. A letter of explanation of explanation regarding any credit issues you are aware of. This includes Chapter 7 or 13 bankruptcy, foreclosure, repossession, etc.

 

Abilene Teachers FCU - NMLS# 494022.