We specialized in first-time homebuyers, second homes, investments, and other loan products. My two decades of experience will ease your worries. Inquire about the best home loan programs in Texas that we can offer.
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Fixed-rate conventional mortgages
ITIN, Non-QM Loans
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Whatever the case may be, it's best that you inquire and talk to me. Let's see how I can help you and explore your options.
Inquire for the best loan options that you can get.
FHA home loans are mortgages which are insured by the Federal Housing Administration (FHA), allowing borrowers to get low mortgage rates with a minimal down payment.
The VA Loan provides veterans with a federally guaranteed home loan which requires no down payment. This program was designed to provide housing and assistance for veterans and their families.
If you're looking to buy a home in a rural or suburban area with no down payment and minimal investment, you might consider the USDA Rural Development Loan.
Jumbo Loans are used to finance properties that are too expensive for a conventional conforming loan. There's maximum amount for a conforming loan as determined by the Federal Housing Finance Agency (FHFA).
As an experienced loan officer in Texas, you can count on me to guide you through the mortgage process. Whether you are a first-time homebuyer, a current homeowner wanting to refinance an existing mortgage or add an investment property to your rental portfolio, my focus is on providing a five-star customer experience. Texans Mortgage Group - powered by Barrett Financial offers competitive interest rates and a wide range of loan products from fixed-rate conventional mortgages to FHA, VA, Jumbo loans as well as down-payment assistance programs.
NMLS# 262973 Co. NMLS #181106
No-hassle loan applications
Step-by-step guide in closing your loans
The first step in obtaining a loan is to determine how much money you can borrow. In case of buying a home, you should determine how much home you can afford even before you begin looking. By answering a few simple questions, we will calculate your buying power, based on standard lender guidelines.
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Home loans come in many shapes and sizes. Deciding which loan makes the most sense for your financial situation and goals means understanding the benefits of each.
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After figuring out which loans is the most beneficial for you. You can go ahead and start the application process.
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Although lenders conform to standards set by government agencies, loan approval guidelines vary depending on the terms of each loan.
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After your loan is approved, you are ready to sign the final loan documents. You must review the documents prior to signing and make sure that the interest rate and loan terms are what you were promised.
Read our guides and more -- check out our blogs!
“Private Mortgage Insurance may add to your monthly costs, but it can also open the door to homeownership when you don't have a large down payment.”
- Anonymous
Introduction:
When exploring mortgage options, Texas homebuyers often encounter Private Mortgage Insurance (PMI). PMI is a type of insurance that protects lenders if a borrower defaults on their mortgage. Understanding how PMI works, when it’s required, and how it affects your overall mortgage costs is crucial for making informed decisions. In this blog, we’ll break down everything you need to know about PMI and how it fits into your homebuying journey.
What is Private Mortgage Insurance (PMI)?
PMI is an insurance policy that protects lenders against the risk of a borrower defaulting on their mortgage. It’s typically required when a borrower makes a down payment of less than 20% of the home’s purchase price.
The cost of PMI is added to your monthly mortgage payment until you reach 20% equity in your home.
When is PMI Required?
PMI is commonly required for conventional loans with a down payment of less than 20%.
Understanding when PMI is necessary can help you plan your down payment and monthly budget accordingly.
How PMI Affects Your Mortgage Payments:
PMI increases your monthly mortgage payments, as the insurance premium is included in your payment.
Learn how PMI costs are calculated and how they can vary based on factors such as loan amount, down payment, and credit score.
How to Avoid PMI:
Making a down payment of at least 20% is the most straightforward way to avoid PMI.
Explore other mortgage options, such as lender-paid PMI, piggyback loans, or government-backed loans like FHA, which have different requirements.
How to Cancel PMI:
Once you reach 20% equity in your home, you can request PMI cancellation.
Understand the steps to cancel PMI and how to monitor your equity to avoid paying unnecessary premiums.
Comparing Mortgage Options with and Without PMI:
Compare the overall costs of loans with and without PMI to determine which option best fits your financial situation.
Consider the long-term implications of PMI on your mortgage and homeownership costs.
Impact of PMI on Refinancing:
If you plan to refinance your mortgage, understand how PMI may be affected, especially if your home’s value has increased.
Learn whether refinancing can help you eliminate PMI or reduce your overall mortgage costs.
Tips for Managing PMI Costs:
Discover strategies for managing PMI costs effectively, such as making extra payments to build equity faster or exploring refinancing options as your financial situation improves.
Conclusion:
Private Mortgage Insurance (PMI) plays a significant role in the mortgage options available to Texas homebuyers, especially those who cannot make a 20% down payment. By understanding how PMI works, when it’s required, and how you can manage or avoid its costs, you’ll be better prepared to choose the right mortgage option for your financial situation. As you explore your mortgage options, consider the role of PMI and make informed decisions that support your path to homeownership.
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Reviews were imported from Google & Facebook
The best trio! I had the pleasure of working with Patricia and she has been of great assistance throughout the entire process. Even after we closed on our home she is there to answer any questions. Highly recommended, the best. Rudy and Team, thank you!!!
Rudy and the staff are so nice you get the good vibe when you walk in very sweet front desk girl I’m very blessed to have friends like Rudy se los recomiendo *5
Rudy and the rest of the staff are so helpful and welcoming. They make you feel like family even after the whole process is over. Everyone knows that the home buying process is not a walk in the park, it’s stressful, it’s frustrating at times but with Texas Mortgage Lender you never feel that way. They help you every step of the way, best decision I ever made. I have been in my home since 2017.
Best customer service at this location
Address: 16821 Buccaneer Lane, Suite 200, Houston, TX 77058
COMPANY NMLS: 181106
RUDY ZARATE | NMLS #262973 | Barrett Financial Group, L.L.C. | NMLS #181106
View complaint policy at www.barrettfinancial.com/texas-complaint
This is not a commitment to lend. All loans are subject to credit approval.
Our Houston, TX Office:
(281) 747-6699
Our McAllen, TX Office:
(956) 255-0454
Operating Hours:
Mon 08:30 am – 05:30 pm
Tue 07:30 am – 04:30 pm
Wed 07:30 am – 04:30 pm
Thu 08:30 am – 05:30 pm
Fri 07:30 am – 04:30 pm
Weekends Closed