| What kind of mortgage programs does GECU offer?
GECU offers a variety of mortgage programs. Check out our Loan Programs section for a detailed listing of available mortgage programs.
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| What are escrow accounts and how much do I need in my escrow account?
Escrows are payments made by a mortgagor to a mortgagee for the purpose of paying the mortgagor’s taxes, insurance, and other payments associated with home ownership. The mortgagee is responsible for the timely disbursement of escrow funds to pay the mortgagor’s bills as they come due.
Usually, a mortgage company collects funds for placement into the mortgagor’s escrow account with the mortgagor’s periodic payment for principal and interest. An escrow account has sufficient funds if there is enough to pay all bills when they come due.
It is common practice for mortgage companies to hold an escrow cushion for a mortgagor. 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 bills as they come due.
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| What is equity?
Equity is the difference between your home's appraised/market value and the amount of any outstanding liens.
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| How much equity can I borrow?
In Texas, you can borrow up to 80% of the equity in your home.
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| How often can I borrow a Home Equity Loan?
If you have a good credit record, Texas law allows qualified homeowners to obtain one (1) Home Equity Loan every 12 months.
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| What if I want to request a Home Equity Loan for my property in New Mexico?
GECU has been making Home Equity Loans for southern New Mexico residents for many years, however different rules apply.
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| In what states does GECU offer mortgage loans to?
If your property is located in the United States, we currently have a lending area of 150 miles that covers El Paso County and southern New Mexico.
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