Mortgage Loans in Texas: Important Assumptions
The fact that mortgage loans in Texas are available year-in-year-out does not mean that they remain the same, nor do they carry similar terms. The easiest of these is the USDA Guarantee and Direct programs, which notably have unique features. Features in particular connote the following assumptions that one should know before applying for the Mortgage Loans in Texas:
- The rates (APR) can alter on a day-to-day basis.
- Not all states have all loan programs.
- Payments are determined at an individual level, in terms of amount and rates.
- Certain Jumbo offers are not accessible to first-time applicants.
- Not all regions attract lenders.
- Certain requirements may define whether one is qualified or not qualified for Mortgage Loans in Texas.
Other than the above, it is also an assumption, based on current facts, that closing costs on loans in Texas are upfront. Thus, where the credit-to-earnings margin is below 30 percent and FICO is 720, then the borrower is only required to add upfront fees, property levies and premiums, to close the deal. FICO will often fluctuate depending on market conditions. It currently stands at 740 for various Jumbo offers.
Current market conditions show that the credit-to-value margin is 70 percent, indicating the extent to which one will finance the mortgage without counting the interest. When the credit-to-value margin is 80 percent, then Private Mortgage Insurance will be an additional feature in the 30-day installments. The only program that escapes premiums is the VA loan. However, USDA attracts lower premium rates.
Before committing to calculating the actual figures of mortgage loans in Texas, going by the above assumptions, it is essential to offer a disclaimer that this is not on a personal, but general basis. You can always get better calculation statistics that are unique to your personal needs with the help of a mortgage expert on our website or through our hotlines. Here is an example of the current rates on a mortgage worth $100,000.
|Amortization Period=30 years.|
|Rate=Fixed at 3.875 percent\|
|Credit to Value =70 percent with $940.48 as closing figures.|
|Fees=Property levy, home insurance and other charges that are not part of the loan itself.|
The above table gives just an indication of the current mortgage loans in Texas, and how they would fare for an applicant.
Should one Borrow Now?
Yes this is the perfect time to borrow because mortgage loans in Texas are now attracting extremely low rates. Even as the housing market crumbles elsewhere, they are more affordable than they have ever been in the past.
You can choose to go for the 30 year plan or the 15 year plan. The interest rates are permanent for both options. Other worthy alternatives include FHA and VA loans.
Finally, the application procedure has become historically easy because of the automated application form, thanks to the e-Sign technology. You equally have the option of using the good old phone means by dialing our hotline to speak to a home loan specialist who has all information about mortgage loans in Texas.