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HOME / INTERES RATES

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 Texas 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

5.125%

NO

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

$1,577.14

NO

Does the loan have these features?

Prepayment Penalty

NO

Balloon Payment

NO

Projected Payments

Payment Calculation

Years 1-30

Years

Payment Calculation

$1,577.14

$

Mortgage Insurance

 +

201.64

 +

Estimate Escrow
Amount can increase over time

 +

$692.26

 +

Estimated Total
Monthly Payment

$2,471.04

$

Estimated Taxes, Insurance
& Assessments
Amount can increase over time

$692.26
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

$20,483

Includes $15,188 in Loan Costs + $5,295 in Other Costs – $0.00 in Lender Credits. See page 2 for details.

 
 

Estimated Cash to Close

$12,876

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

Closing Cost Details

Projected Payments

A. Origination Charges

$5,445

1.811 % Loan Origination (Points)

$5,245

Lender Document Attorney Preparation Fee

$200













Other Costs

E. Taxes and Other Government Fees

$125

Recording Fees and Other Taxes

$125

Transfer Taxes




F. Prepaids

$2,743

Homeowner’s Insurance Premium ( 12 months)

$2,700

Mortgage Insurance Premium ( months)


Prepaid Interest ($43.25 / day for 1 days @ 5.125 %)

$43.25

PropertyTaxes ( months)


B. Services You Cannot Shop For

$6,347

Appraisal Fee

$670

Credit Report Fee

$95

Contract Processing Fee

$500

Flood Certification

$15

Tax Service Fee

$85

Up-Front Mortgage Insurance Premium

$4,982







G. Initial Escrow Payment at Closing

$2,077

Homeowner’s Insurance $225 per month for 3 mo.

$675

Mortgage Insurance per month for 0 mo.


Property Taxes $467.26 per month for 3 mo.

$1,402

H. Other

$350

HOA Transfer Fees

$250

Owner Title Policy

$100

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

$5,295

C. Services You Can Shop For

$3,396

Survey Fee

$550

Title - Lender's Title Insurance

$2,211

Title - Settlement/Escrow Fee

$550

Title - Tax Certificate Fee

$85









J. TOTAL CLOSING COSTS

$20,483

D + I

$20,483

Lender Credits

Calculating Cash to Close

Total Closing Costs (J)

$20,483

Closing Costs Financed (Paid from your Loan Amount)

-$4,982

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

$12,876

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

$15,188

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:

  • Blanca y Esteban Martinez • January 31, 2014

    Dear Joan,

    You and your team have been a blessing for our closing. Your integrity, efficiency and expertise support during our buying process has made an excellent and pleasant experience on closing. There are many people that makes good business, but you are doing GOOD, while doing business. God bless you and thank you so much!!

    Blessings,

    Blanca

  • Erica Proo • March 26, 2018

    Joan is a phenomenal person who took the time to explain in detail the entire loan process and what to expect! His knowledge and dedication made me feel comfortable as a first-time home buyer with a teacher salary. He was there from beginning to closing and even after! Without hesitation, I would seek him again for his services. Highly regarded and HIGHLY RECOMMENDED.

  • Jorge Tovar • June 02, 2019

    FROM GOOGLE: Clear Lending, con Joan y su equipo, excedió mis expectativas. Desde la rapidez del proceso al ser un solo punto de contacto como realtor y lender, el conocimiento y el nivel de negociación, es una experiencia profesional y que da certeza. En todo momento Joan estuvo para contestar dudas, la comunicación es directa y al grano y sus técnicas de negociación muestran la experience que tiene en la industria. Al final, terminamos con la propiedad que tiene todo lo que buscábamos y, no solo eso, la propiedad está evaluada en $40,000 más del precio que pagamos ($40,000 in equity right from the start!). Comprar casa no es cosa sencilla y puede ser estresante, especialmente si tienes DACA; Joan lo hizo posible. Te agradezco Joan.

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