Why should I buy instead of rent?
Home ownership is about feeling good. It's a source of pride and personal satisfaction. But there are practical reasons why ownership is a good idea. The cost of the mortgage loan can be deducted from federal income and state taxes (in states with an income tax). Interest will comprise most of the monthly payment for more than half the years a home buyer pays on it, and the interest is deductible. Furthermore, property taxes paid by homeowners are deductible. Homeowners also may see the value of their homes increase as years go by.
How do I apply for a mortgage?
We can take your application in person or by phone. The initial application interview typically takes 30-60 minutes.
How will I know how much I can qualify for?
A Loan Officer can work with you to get you pre-approved BEFORE you look for a home. Based upon information you present to the Loan Officer at the loan application, they will determine the approximate amount of money that you will be allowed to borrow. You will be "pre-approved" for that loan amount. By allowing your Loan Officer to run your credit report and verify your assets and income, your loan application can be submitted to the underwriter for a full credit approval. We can help you obtain a complete written credit approval (subject to an appraisal) before you make an offer on a home, if you desire.
How are rates determined?
Rates are determined by the 10-Year Treasury and other financial indicators. These rates can change daily or even more than once within the same day. The changes are based on many different economic indicators in the financial markets. To obtain current interest rate information you may email us or contact us at 713-275-9387. What is the difference between APR and interest rate? The APR (annual percentage rate) reflects the cost of your mortgage loans as a yearly rate. It also incorporates the cost to obtain the loan, such as discount fees and loan origination fee. The interest rate is the actual note rate.
Can someone with bad credit or a small downpayment become a homeowner?
Yes, we do this all the time. There are federal mortgage programs designed to help such persons. Many local governments have programs, too.