Get Ready For A Texas Home Loan With These 10 Useful Tips
6. Financing The Home Purchase
You will need to do some homework on the types of financing available to you, 30 or 15 years, fixed or adjustable mortgage, when looking to purchase a new home before choosing one that best suits your situation. A mortgage with a fixed rate is your best option if you want a guarantee and security that payments will remain the same over the life of the mortgage. A mortgage with an adjustable-rate, on the other hand, is a better fit for those who think that rates will fluctuate over the course of the mortgage and desire some wiggle room.
7. Your Options Increase As Your Down Payment Grows
While still being realistic as highlighted above, it is important to point out that the terms of the deal you get improve as you increase your down payment. As the years go by, in the world of mortgages, zero down payment offers are disappearing. You can be assured of making lower monthly payments if you start by making a higher deposit.
8. Penalties For Pre-payment
Some lenders may penalize borrowers for paying off their mortgage early; be sure to find out this first before taking up a mortgage. When borrowers receive a huge amount of money, it is common for them to increase their mortgage payments to ensure that the mortgage is paid up earlier. However, you should first find out whether paying your mortgage earlier will actually come with a penalty.
9. Make Mortgage Applications In A Strategic Way
Your credit rating is temporarily lowered by the hard inquiry made by lenders whenever you make a loan or mortgage application. You might end up lowering your credit score significantly by making numerous applications to a variety of lenders over an extended period. However, making a number of applications over a two week period is only treated as one inquiry; and thus won’t do much harm to your credit score.
10. You Might Have To Wait Longer To Own Your Own Home
While the prevailing rates may appear to be a once in a lifetime occurrence, it just might not be possible for everyone to get a mortgage at this time. However, you should not abandon your dreams just because you fall into this group. You should remember that the mortgage crisis came about as a result of borrowers biting off more than they can chew, and as the economy is still fluctuating, things could still change in your favor. The importance of proper timing cannot be further emphasized when it comes to huge investments such as buying a home.
Meet The Texas Mortgage Pros
Committed to offering all clients the best level of service when it comes to all their mortgage requirements, the team at Texas Mortgage Pros is made up of mortgage professionals distributed all over the state of Texas. From Houston, Dallas, Tomball, Spring, and Austin to The Woodlands, San Antonio, and Dallas, Texas we also offer numerous loan programs and the lowest rates. To ensure that you get a mortgage that is perfectly suited to your situation, meeting your specific expectations, our seasoned mortgage professionals will work closely with you. Our team of experts has what it takes to help you find the right loan at the best possible rate, whether you are refinancing an existing loan, or buying your first or dream home.
To ensure that we continue serving our customers for the foreseeable future, we aim to cultivate a long-lasting relationship with each one. We maintain the privacy of your information; a promise that the larger service providers cannot keep. Across the lending arena, our brand is widely trusted.
You can use any of the interactive features on our website or call us anytime to speak to a seasoned mortgage expert directly. We hope to work with you soon! Click here to go to the first article in this series.