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A blog to help homeowners and those who want to live in Memorial


 Finance Options


The home lending industry is an enormous field with many loan options. Connecting with a knowledgeable, informative Loan Officer is a great step in helping you know what type of loan or loans will be in your best interest. 

While obtaining your pre-qualification, you will gain additional knowledge about what category of loans you can choose from. Often certain credit scores are needed for particular loan options. Since pre-qualifying is so essential, this is just another reason to start this process soon.  


Fixed-Rate Mortgage

This is the easiest type loan to understand. It is just as it sounds, fixed!  The rates will not vary during the life of loan. Options here would be the number of years you wish to finance your home and interest rate you agree to pay. The interest rate you pay can vary depending upon your paying for a lower rate through origination fees, etc.

ARMS or Adjustable-Rate Mortgage

This type of loan usually starts at a lower beginning rate than the fixed. Chances are, however, it will end up a higher rate before the life of the loan is over. Arms are written for a shorter period of time, usually less than 10 years. Questions to ask if interested in this type of loan would be:

(1) How high an interest rate can be ultimately charged on this loan (called the CAP).

(2) Is there a pre-payment penalty if the loan is paid off earlier than the planned time?

If that is the case, find out what the charge would be.  These loans can also carry convertible options which would allow the borrower to convert from the ARM to a fixed. Each lender will have different guidelines for this conversion so be sure and get the facts.


These loans are especially attractive where funds are limited and down payment money may be scarce. They also deal with lower credit scores and certain credit situations.  These loans charge the borrow MIP (Mortgage Insurance Premium) which guarantees the lender that if you do not pay, they are insured against such an event. As with any mortgage, be sure to check on the current guidelines.


VA loans are similar to FHA loans but cannot be obtained unless one of the borrowers is a veteran of the armed services. Usually VA loans have a lower interest rate than conventional loans and little or no down payment money is required.


There are many additional loans besides the ones mentioned above. Some of these are called: Interest Only Loans, Home Equity Loans, etc.

To discuss these and other loan options in depth or to obtain a quick pre-approval, please contact:

David Richards  (713) 213-3900

or email:


Information About Broker Services

AlphaMax Realty, Inc.

10333 Harwin Dr #415   Houston TX 77036

Direct Phone: 713-465-0524           Mobile: 713-208-5599
        Fax: 713-465-4040



By submitting personal information such as name, address, phone number, email address and/or additional data, the real estate client/prospect consents that Joni Richards or her authorized representative may contact client/prospect by phone, U.S. Postal System, or e-mail whether or not client/prospect is participating in a state or federal or other "do not contact" program of any type

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