Mortgage Refinance

The timing of disbursed funds depends on the type of the loan.  Purchase loans and non owner occupied refinances often fund the same day as closing, while primary residence refinances and home equity loans have a 3 day waiting period prior to disbursement. 

A pre-qualification can be completed in as little as an hour depending on the complexity of your situation.

United Heritage requires collateralized loans maintain appropriate insurance coverage. Please contact us to review your loan. In most cases, you will need to provide the updated insurance on your property.

Home equity line of credit, or HELOC, programs allow borrowers to access funds on established lines of credit as needed, facilitating the ability to better manage funds and minimize interest costs. The HELOC option also allows for flexible repayment options, which means more affordable payments for the home equity borrower. Home Equity Line of Credit, or HELOC, program draw period (or initial period) requires interest only payments on the amount advanced on the line reducing the minimum monthly payment and interest paid compared to interest on the full available line. Increased access to funds and repayment options, combined with the lower interest rates and potential tax savings associated with all home equity options, make the HELOC program an attractive option to borrowing for many Texas homeowners.

If United Heritage is the mortgage servicer on your property, we are the named mortgagee on your insurance proceeds check. The interest that we hold in the property allows us to oversee the repairs and disburse the insurance funds accordingly. In most instances the funds will be disbursed to you in 1/3 increments to cover the cost of the repairs as they are completed.

For larger damage claims, a property inspection may be required to ensure proper and complete reconstruction of the property. The inspections are obtained for our purposes only. When you contact United Heritage, we will need to review the insurance company's damage assessment/claim documentation and a detailed estimate from the contractor to review the scope of the work. We will also need a copy of the check from the insurance company.
 
If your insurance check exceeds your current outstanding balance, you have the option to pay off the loan. Please submit your written request to pay off your loan along with the fully endorsed check to us. If you have any questions or concerns, give us a call at 512.435.4545, 903.597.7484 or 800.531.2328.

 

Expect a competitive interest rate at United Heritage. Loans are computed using simple interest (members only pay interest on the daily unpaid balance). There is never a pre-payment penalty or an application fee.

Homestead properties, including single-family residences; townhouses; condos; and some owner-occupied, two-unit residences, qualify. Mobile or manufactured homes, unimproved properties or timeshares do not qualify as collateral.

Texas law mandates Home Equity/HELOC loans cannot close earlier than 12 days after the notice of extension of credit is provided. Loans that are not Home Equity/HELOC cannot close within 7 business days of receipt of the loan estimate. A closed end loan (Non HELOCs) can close 3 business days after the receipt of the Closing Disclosure.

In order to see a full listing of rates for our products and services, please refer to our Rates & Fee Schedule. For information on our loan rates, please contact a loan specialist at 512.435.4444.