Home Equity Calculator

To qualify for a conventional mortgage you should have a 620 FICO credit score. This is the minimum credit score required. At a 740+ FICO credit score, you would have access to the best available interest rates on the market.

The best way to get a quote on your potential mortgage interest rate, is to speak with one of our licensed mortgage consultants. Once they have an understanding of your specific mortgage goals, they can provide you with a loan estimate that will include your best mortgage options. There are several key factors that affect your mortgage rate such as: your credit score, location of the property, loan to value, amount of your down payment, the term of your loan and the type of loan you require. A licensed mortgage consultant can help customize the best loan available that fits your specific needs.

It’s FREE to get a full pre-approval with TexasLending.com. We do not charge upfront fees or application fees to get pre-approved like some other lenders.

After reviewing your initial loan estimate, you can lock in your quoted interest rate by speaking with your TexasLending.com mortgage consultant. After your rate is "locked-in" your rate is guaranteed to not go up for a 35 day lock period.

Texas Lending usually closes loans in 30-days or less after rate lock. There are a number of steps in the loan process and staying in communication with your mortgage consultant can play an important role in keeping the timing of your loan on track.

Equity, simply put, is the difference between the value of your home and the amount owed on the loan. An appraisal can determine the fair market value of your home, so that you can calculate the amount of equity you hold.

Improving your credit score can involve a number of variables that are unique to your personal credit history. These are a few basic steps to building stronger credit history and improving your score:

• Utilize different types of credit
• Make all payments on time
• Pay down revolving credit lines to below 30% of the credit limit
• Don’t close older credit accounts, even if you aren’t using them
• Avoid co-signing on loan or lease agreements for other people if possible
• Budget your spending so that you don’t over extend your credit

Texas Lending does consistently offer some of the lowest rates available on the market. Our company is focused on navigating the mortgage process with efficiency, so that we can pass the savings onto our customers. You are always welcome to shop around for the mortgage company that best fits your needs. Time and time again our customers tell us that we have the lowest interest rates and faster closing times, which saves you money and time.

The minimum down payment on a home pcan range from 0% to 5% of the total purchase price of the home. These are the minimum down payment requirements for different loan programs:

• Conventional Mortgage: 5% down payment
• FHA Mortgage: 3.5% down payment
• First Time Home Buyer Conventional Mortgage: 3% down payment
• USDA Mortgage: 0% down payment
• VA Mortgage: 0% down payment

You will need to speak with one of our licensed mortgage consultants about your specific home buying goals and complete a pre-approval application. Once your pre-approval application has been reviewed and approved by an underwriter (usually in less than 48 hours) your Mortgage consultant can provide you with an official pre-approval letter for the approved loan amount.

We offer these conventional and federally backed residential mortgage loans listed below. Home Purchase Loans:

• Conventional Mortgage
• First Time Home Buyer Conventional Mortgage
• FHA Mortgage
• USDA Mortgage
• VA Mortgage
• Jumbo Mortgage

Mortgage Refinance Loans:

• Conventional Rate & Term Refinance
• Home Equity Refinance or "Texas Cash-Out" Refinance
• FHA Streamline Refinance
• USDA Streamline Refinance
• VA IRRRL
• Jumbo Refinance

A loan estimate containing the details of your loan will be sent to you shortly after completing an application with one of our licensed mortgage consultants. The loan estimate will show the estimated terms, interest rate, closing costs, and all financial aspects pertaining to your specific loan. We encourage you to ask your mortgage consultant any questions you may have about your loan estimate.

A licensed appraiser provides an assessment of the fair market value of the property and provides a detailed report to the mortgage company. Appraisals are required for all purchase loans and many refinance loan programs. Having a current appraisal protects both the borrower and lender in a real estate transaction by confirming the value of the property.

Escrow accounts are required on all government backed mortgages including FHA, USDA, and VA loans. Escrow accounts are not required for conventional mortgages that have more than 20% equity in the loan to value ratio. There are advantages to having an escrow account as a part of your mortgage. A large majority of Texas home owners keep the escrow account as a part of their mortgage structure, but a few choose to waive escrow.

Your mortgage payment is applied to paying back the principal balance of the loan, the interest, and the monthly contribution to the escrow account. Use our mortgage payment calculators to see your estimated monthly mortgage payment:

• Home Purchase Mortgage Payment Calculator https://www.texaslending.com/purchase-calculator/
• Refinance Mortgage Payment Calculator https://www.texaslending.com/refinance-calculator/
• "Cash Out" Mortgage Payment Calculator https://www.texaslending.com/cash-out-calculator/