Our Home Loan Programs
When it comes to Texas home loans there is no ‘one size fits all’ mortgage loan. What makes a mortgage loan right for you will depend on a number of factors, including how long you plan on owning the home, the amount of equity you will have in the property, and whether your priority is paying off the loan quickly or maintaining a lower monthly payment.
If you’re not quite sure what your homeownership priorities are, consider contacting The Decker Group for a personalized mortgage consultation. One of our lending experts can help you consider the options and weigh the pros and cons for different mortgage loans.
A Few Popular Loan Options:
Great options for everyone from a first time home buyer to a repeat real estate investor. Choose from fixed rate or adjustable, and terms of 30, 20, or 15 years. If your priority is to build equity quickly and pay off the loan sooner, a 20 or 15 year loan could be ideal. If you’re more payment conscious, then the conventional 30 year fixed rate option could be your best bet.
Refinance for a lower monthly payment, to pay off your loan sooner, to take cash out, or to consolidate debt. With interest rates changing constantly, you may be able to reduce your mortgage payment. You could also switch from a 30 year loan to a 15 year loan, which would likely increase your monthly payment but it would save you a lot of money in interest.
Ask about our FHA Streamline Refi, which could be a great option for those with an existing FHA loan and perfect payment histories.
Jumbo loans are used for financing larger loan amounts – those that exceed the current conforming limits for the area. Jumbo loans are often used for expensive homes in exclusive communities, high-dollar historic properties or million dollar estates. To find out what the conforming limits are in your area, you can ask your real estate agent or give us a call at (972) 591-3097.
Backed by an agency of the federal government, these loans are great for Texas home owners looking for a low down payment option. FHA loans also offer low mortgage rates and can be easier to qualify for.
VA loans are guaranteed by the U.S. Department of Veterans Affairs. They are available to active duty members, reservists and veterans of the armed forces. The VA determines eligibility and issues a Certificate of Eligibility to those who meet the requirements of the program.
VA loans are popular among service men and women, as they offer low or no down payment and do not require monthly mortgage insurance. VA loans can be used for purchase or refinance.
Eligible law enforcement officers, firefighters, paramedics and EMTs may qualify for a discount on closing costs. Be sure to ask your mortgage consultant for details if you are in civil service.
This program rewards educators and other school employees for their service to the community. A discount will be applied to the qualifying employee’s closing costs. Be sure to talk to your mortgage consultant for further information.
Examples of mortgage products and scenarios listed on TXMortgageGroup.com
*30-Year Fixed-Rate Mortgage – The payment on a $200,000 30-year Fixed-Rate Loan at 5.00% and 70% loan-to-value (LTV) is $1073.64. The Annual Percentage Rate (APR) is 5.170%. Payment does not include taxes and insurance premiums.
*15-Year Fixed-Rate Mortgage – The payment on a $200,000 15-year Fixed-Rate Loan at 4.50% and 70% loan-to-value (LTV) is $1529.99. The Annual Percentage Rate (APR) is 4.787%. Payment does not include taxes and insurance premiums.
*FHA Loan – Rate is fixed. The payment on a $204,250, 30-year fixed rate loan at 5.00% and 90% loan-to-value (LTV) is $1248.79. Payment includes a one time upfront mortgage insurance premium (MIP) at 1.0% of the base loan amount and a monthly MIP calculated at 0.90% of the base loan amount. The 0.90% monthly MIP will be paid until the loan reaches 78% LTV, provided the MIP has been paid for a minimum of 5 years. Thereafter, the monthly loan payment will consist of equal monthly principal and interest payments until the end of the loan. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. The Annual Percentage Rate (APR) is 5.756%.
*30-year Fixed-Rate VA Loan – Rate is fixed. The payment on a $200,000 30-year fixed-rate loan at 5.00% and 90% loan-to-value (LTV) is $1100.65. The Annual Percentage Rate (APR) is 5.169%. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. VA loans do not require PMI. The VA loan is a benefit of military service and only offered to veterans, surviving spouses and active duty military.
*Adjustable-Rate Mortgage – The payment on a 30-year $200,000 5-year Adjustable-Rate Loan at 4.50% and 70% loan-to-value (LTV) is $1013.37. After 5 years, the principal and interest will increase or decrease based upon the value of the predetermined index. Payment does not include taxes and insurance premiums. The Annual Percentage Rate (APR) is 7.625%. Rate is variable.