Loan Programs
There are many loan programs available - too numerous to cover them all, we've highlighted the programs more commonly offered today. Characteristics of each loan program are unique, so consult your mortgage professional for more information and to become familiar with the details of the programs available to you.
To help determine the best loan program for you, consider the following:
- How important is payment certainty? If knowing that your payment will be the same every month is important, consider a fixed-rate mortgage.
- How important is rapid equity buildup? If rapid equity buildup is a factor, consider a shorter amortization period, such as a 15-year, fixed-rate mortgage.
- Do you anticipate increasing or stable income? If income growth is anticipated, you could take advantage of a lower start rate on an ARM or a temporary buydown.
- Other factors to consider include:
- ability to qualify at market rates for loan amount selected
- anticipated term of occupancy
- possibility of significant rate changes
- existence of up-front costs
| Loan Programs |
Characteristics |
| 15- and 30-Year Fixed-Rate Mortgages |
- Interest rate does not change.
- Principal and interest (P & I) does not change.
- Fixed-rate mortgages fully amortize over a defined period of time and are paid in-full at the end of the loan term.
- Different loan terms are available (15- and 30-year terms are most popular).
- The shorter the term, the faster equity is built and the loan is paid off.
|
| Fixed-Rate Balloons |
- P & I payment and interest rate do not change.
- Regular monthly P & I payments are based on 30-year amortization, while the unpaid balance (balloon) is due at the end of a shorter, predetermined term, typically 5, 7 or 10 years.
- Interest rate is typically less than fixed-rate loans.
- Most borrowers anticipate refinancing or selling prior to the end of the balloon term.
|
| Fixed-Rate with Temporary Buydown |
- Borrowers or the seller may pay to temporarily "buy down," or lower, the interest rate.
- Decreased interest rate reduces the monthly payment.
- Lower interest rate may help borrowers qualify more easily; qualifying factors may vary.
- Interest rate/payment is typically reduced for 1, 2 or 3 years
|
| Interest-Only Mortgages |
- There are no reductions to the principal amount.
- There is no provision for negative amortization.
- Payments may increase up to an amortized amount, but the loan balance itself does not increase.
- Generally, interest-only payments are limited to the first 5, 10 or 15 years of the loan.
- After that, the loan is amortized for the remainder of its term
|
| Adjustable-Rate Mortgages (ARMs) |
- There is potential for the interest rate/ payment to fluctuate.
- ARMs transfer to borrowers a portion of the risk associated with a changing economy.
- In exchange for sharing the risk, ARMs offer borrowers initial interest rates that are substantially lower than fixed-rate mortgages.
- The lower interest rate may help borrowers qualify more easily; qualifying factors may vary.
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 Texas Mortgage Company - 6860 North Dallas Parkway, Suite 200 - Plano, TX 75024 Office Phone: 972)867-0056 ext. 234 Fax: (214) 227-3888 Toll Free Phone: (877) 690-2200 ext. 234 Email: steven@texasmortgage.com
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We lend in the following states: Texas -TMBL 241 - NMLS 273767
15 year simple fixed rate loan with 20% down payment required on a $100,000 value - effective 10/24/04 - offer may terminate at any time without notice - rate and annual percentage rate (APR) calculated on a 365 day year with typical/normal closing costs - Rates/APRs subject to change with changes in closing costs - properties and applicants must qualify - other restrictions may apply.
Interest Rate, Points and Programs cannot be guaranteed and are subject to change without notice.
This is not an advertisement for credit as defined by paragraph 226.24 of regulation Z.
All interest rates are subject to DU/LP Findings and adjustments.
Interest Rates Are For Purchase Only
Refinance Interest Rates Are Higher - Please Call Or Email For Quote
The maximum loan amount for a conforming loan is $417,000 and the Jumbo loan starts at $417,000 to $650,000. Interest Rates and APR's are based on loan amounts of $350,000 >cs740 for Conforming and $600,000 cs>740 for Jumbo loans and $180,000 cs>680 for VA loans. Points/Fees/Rates may vary for different loan amounts. TEXAS CASH-OUT has additional adjustments based on loan amount.
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