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Interest Rates - CLICK HERE - Rates are subject to change without notice

*For detailed Loan Estimate Rates Terms and Conditions advertised here please navigate this page from a desktop version. Thanks.

FHA Mortgage Rates

SALES PRICE: $295,000
LOAN TERM: 30 years
PRODUCT: Fixed Rate

Loan Terms

Can this amount increase after closing?

Loan Amount

$289,656

NO

Interest Rate

5.750%

NO

Monthly Principal & Interest
See Projected Payments below for your Estimated Total Monthly Payment

$1,690.35

NO

Does the loan have these features?

Prepayment Penalty

NO

Balloon Payment

NO

Projected Payments

Payment Calculation

Years 1-30

Years

Payment Calculation

$1,690.35

$

Mortgage Insurance

 +

202.00

 +

Estimate Escrow
Amount can increase over time

 +

520.00

 +

Estimated Total
Monthly Payment

$2,412.35

$

Estimated Taxes, Insurance
& Assessments
Amount can increase over time

$520.00
month

This estimate includes

In escrow?

Property Taxes

YES

Homeowner’s Insurance

YES

Other:

See Section G on page 2 for escrowed property costs. You must pay for other property costs separately.

Costs at Closing

Estimated Closing Costs

$18,583

Includes $14,770 in Loan Costs + $3,813 in Other Costs – $0.00 in Lender Credits. See page 2 for details.

 
 

Estimated Cash to Close

$10,977

Includes Closing Costs. See Calculating Cash to Close on page 2 for details.

Closing Cost Details

Projected Payments

A. Origination Charges

$5,852

1.960 % Loan Origination (Points)

$5,677

Lender Document Attorney Preparation Fee

$175













Other Costs

E. Taxes and Other Government Fees

$125

Recording Fees and Other Taxes

$125

Transfer Taxes




F. Prepaids

$1,878

Homeowner’s Insurance Premium ( 12 months)

$1832

Mortgage Insurance Premium ( months)


Prepaid Interest ($46.26 / day for 1 days @ 5.75 %)

$46.26

PropertyTaxes ( months)


B. Services You Cannot Shop For

$6,276

Appraisal Fee

$670

Credit Report Fee

$50

Contract Processing Fee

$500

Flood Certification

$6

Tax Service Fee

$69

Up-Front Mortgage Insurance Premium

$4,981







G. Initial Escrow Payment at Closing

$1,560

Homeowner’s Insurance $152.67 per month for 3 mo.

$458

Mortgage Insurance per month for 0 mo.


Property Taxes $367.26 per month for 3 mo.

$1,102

H. Other

$250

HOA Transfer Fees

$250

I. TOTAL OTHER COSTS(E+F+G+H)

$3,813

C. Services You Can Shop For

$2,642

Survey Fee

$450

Title - Lender's Title Insurance

$1676

Title - Settlement/Escrow Fee

$450

Title - Tax Certificate Fee

$66









J. TOTAL CLOSING COSTS

$18,583

D + I

$18,583

Lender Credits

Calculating Cash to Close

Total Closing Costs (J)

$18,585

Closing Costs Financed (Paid from your Loan Amount)

-$4,981

Down Payment/Funds from Borrower

$10,325

Deposit (1% of Purchase Contract)

-$2,950

Funds for Borrower

$0.00

Seller Credits

-$10,000

Adjustments and Other Credits

$0.00

Estimated Cash to Close

$10,979

D. TOTAL LOAN COSTS (A + B + C)

$14,770

How to find and compare home mortgage loan interest rates...

 

The process of searching for the best interest rates in Houston is in many occasions a complicated full-time work.

Buying a house involves many complex decisions and besides finding the right house, it would be fair to say the most important is the mortgage loan interest rate. Making sure we will not be paying more interest than we would otherwise with a lower interest rate over a 15- or 30-year term is extremely important.

Consider the following hypothetical scenario which in no way is an offer or extension for credit at 2 different possible interest rates assuming $0 closing costs and no mortgage insurance. We offered $325,000 for the perfect house and seller has accepted. Therefore, the following numbers,

Purchase price: $325,000
Down Payment: $16,250 (5%)
Loan Amount: $308,750
Option 1 at 4.875% - Monthly payment: $1,633.93
Option 2 at 4.625% - Monthly payment: $1,587.41

If we were going to close the purchase of such house at the higher interest rate of 4.875% and a payment of $1,633.93, the opportunity cost of not closing at the lower rate of 4.625% would be $34,299.30. Why? Because if we were to choose higher interest rate and thus higher monthly payment if applied to lower rate on a 30-year mortgage, we would accelerate the term of our loan by 21 payments at $1,633.93 would equals the $34,299.30. And any other effort to pay more would equally accelerate faster the repayment of the note.

But finding the best interest rates in Houston not only depends on finding the cheapest bank but also finding the best partnership to complete the home purchase. Clear Lending offers the best interest rates in Houston by setting up Realtor-Loan Officer partnerships where better rates can be obtained than most competitors without the need to waste time searching for dozens of banks and lenders.

Simply apply now and we will start your home loan approval with all your options to compare.

 

Customers Reviews:

  • Samecia Lawrence • February 23, 2019

    FROM GOOGLE: We were first time buyers and did not know how much work it was when purchasing a new home but Joan went above and beyond to get us into our dream home. He educated us on the process, kept us up to date with our account, made himself available day or night if we had questions and was very patient with us. He made an experience that can be tiresome as smooth as possible. Our family is forever grateful for all his hard work and we will definitely refer him and this company to our friends looking to purchase a new home.

  • Blanca Perez • August 21, 2020

    Nuestra experiencia con Clear Lending fue sin duda una de las mejores. Al principio pensamos que era imposible comprar casa pero con la ayuda de Joan y su equipo nuestro sueño se hizo realidad. Si tienes duda llama ellos siempre estan disponibles. Incluso una amiga quien estuvo en mi caso ya obtuvo su primer casa. MIL GRACIAS!!!

  • Fernando & Araceli • January 14, 2016

    Dear Joan,

     

    I am writing you to say Thank You for making our dream come true. My family and I appreciate all the time and effort that you gave on this journey of helping us towards acquiring our dream house. We thank you for all the phone calls that you made including those at late hours, the letters that you wrote, for helping us with our credit, for all the updates, for taking the time on the negotiation to get the price to a fair point, and for going above and beyond in this process. We will definitely recommend you to anybody that is seeking help in buying their own new home. I am grateful that you were the one by our side during every step of the way.

     

    Many thanks from Fernando and Araceli.

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