The process of getting a mortgage is not only mentally taxing but can be very emotional as well. You want to cover all your bases but you’re committing to a property and a loan that you have to live with for some time. We are here to make your journey easier. You are welcome to learn at your convenience from all of our online reading materials but don’t forget that we are available to answer any question that you have about your mortgage search. You can reach us anytime via email.

Our Motto - to ensure that we provide an unparalleled level of service in the mortgage industry. Our loan officers will take the time to listen to your needs and help you decide the best option for you and your family. At Texas Home Loan Resource we want to do more than simply offer you a great rate, we want to earn your business for life, we are in this for the long haul and plan to turn the industry back in to a respectable, reliable, honest business with integrity. Our mission is to make sure all our clients are completely satisfied and receive the best deal possible!

We’ve put together this collection  to help explain everything from the basics to some interesting and advanced topics.

The Anatomy of a Mortgage
A mortgage payment consists of PITI
P – Principal - The original amount of the money borrowed from a lender.
I – Interest - A fee charged for borrowing money.
T – Taxes - Property taxes paid to your local government. (can be paid seperetely or escrowed and added into the mortgage payment, depending on the program)
I – Insurance – Home owners insurance on your property. ((can be paid seperately or escrowed and added into the mortgage payment, depending on the program)

Mortgages Choices

Fixed – Fixed mortgages have a fixed term (like 15 or 30 years) and a fixed interest rate. The interest rate and term are fixed over the course of the mortgage and your monthly payment for the payment of principal and interest will not change during the term of the mortgage. Taxes and insurance can change so this may affect your total payment during the life of your loan.

Adjustable – An ARM (Adjustable Rate Mortgage) has an interest rate that will be adjusted up or down according to current interest rate levels. The monthly amount for your principal and interest payment will go up or down based on these interest rate changes. These can be very dangerous, we usually do not recommend the ARM unless you plan to keep the property short term.

Interest Only - Interest only loans allow you to keep your monthly payments low by only requiring the repayment of interest over a predetermined period of time. During this initial period, finances that would go towards paying down the principal on your loan are freed up to be put to use elsewhere. Many people choose these products for paying off debts with higher interest rates, reallocating money to alternative investment vehicles or simply to allow the purchase of a higher priced home. These types of loans are also very popular in areas where real estate prices are on the rise and homeowners are gaining equity without having to pay down principal. There are a wide range of interest only home loan products to choose from.

Stated Income and No Doc Loan's -Texas Home Loan Resource has teamed up with its investors to offer some of the best stated income mortgage and no documentation home loan products for Texas. These loans are ideal for self employed borrowers and those who do not want to deal with the paperwork associated with full documentation loan programs. These creative products are now being offered at highly competitive rates so you do not have to sacrifice great rates for the added convenience of low documentation.The beauty of stated income products is that you simply “state” your income and lenders place added weight on your credit scores. This added emphasis does not mean that you have to have perfect credit. Texas Home Loan Resource works with lenders that offer stated income products to customers with scores down to the upper 500s (640 minimum for 100% financing).We have access to hundreds of great no doc mortgage and stated products so you can count on us to help you find the perfect program for you and your family. From Flexible ARM financing to traditional fixed rate products, we have what you are looking for. Contact Texas Home Loan Resource now to speak with a loan advisor and explore your options.

Home Mortgage Refinance - If you are considering refinancing your property, then look no further than Texas Home Laon Resource. We are a true discount broker that offers great low mortgage rates coupled with an exceptional level of customer service. Whether you are shopping for a fixed rate mortgage, an interest only loan, a flexible adjustable rate mortgage, or a jumbo loan product, Texas Home Loan Resource has the program to meet your mortgage refinancing needs. We are passionate about always putting the customer first and you can count on us to deliver some of the best home mortgage refinance rates on the market. Don't just take our word for it, call your local bank and then call us. We prefer you to shop around and compare, just be weary, some banks will give you a good faith estimate and then it will all change the day of closing. If it souunds too good to be true it probably is. Get a quote from us. It will be fair, honest, and we will stick to it to the end!

The Down Payment

Many people believe that they need to put down 10 percent or even 20 percent for their down payment and that's no longer true.  There are many lenders that have loan programs that require very little down, 5 percent or less, including zero down. If you think that you have to pay rent until you save up a 10 or 20 percent down payment, check with us. You'll be pleasantly  surprised. You can do the application online in just minutes with no obligation!

Prequalification

You will want to get pre-qualified during your mortgage search. Prequalification  isn't binding but rather it gives you a ballpark idea of what you can afford. We will analyze your income, debt and credit history to estimate your maximum loan amount. Combine that with the money you have for down paayment and you have your maximum home price.

The next step is pre-approval which verifies your income, debt and credit. Pre-approval gives you the following benefits:

• Knowing exactly what you can borrow. You will have an accurate commitment from your lender for the amount you can borrow.
• Credit problem solving. You will know now, instead of while your offer is being evaluated by the buyer if you have any credit issues to be dealt with.
• Stronger negotiating position. sellers love pre-approved buyers. They know your offer will not fall through and will treat you like the  proverbial bird ib the hand. This can help you negotiate a better price. Sellers will look at all their offers to see which one is the strongest and has the fastest closing. Your pre-approval letter will put you at the top of the list! Get an experienced Realtor to represent you. Someone who knows hoe to negotiate and find the best deals. They will look out for your best interests and best of all it doesn't cost you anything! Click here to get a REALTOR!