Skip to main content
 
Buy or Sell a Memorial Home
Buying Your Houston Area Home
  
Search The Houston MLS
Finance Options
Tax Information
Personal & Related Referrals
Selling Your Houston Area Home
Joni Richards Memorial's Neighborhood Expert
Client Testimonials for Joni Richards
About Memorial
Local Information for Memorial and West Houston
Memorial Schools
Contact Joni Richards Today
Privacy Policy
A blog to help homeowners and those who want to live in Memorial

 

 Finance Options

FINDING THE RIGHT MORTGAGE OPTION FOR YOU

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.  

TYPES OF LOANS

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.

FHA LOANS

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

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.

ADDITIONAL LOANS

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
http://www.homelendingoftexas.com/  (713) 213-3900

or email:
David@HomeLendingOfTexas.com

 

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

Email: Joni@MemorialHomeSpecialist.com


CONTACT POLICY

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

Site Powered By
    prostepmarketing.com
    Online web site design