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

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USDA Mortgage Rates

SALES PRICE: $343,750
LOAN TERM: 30 years
PRODUCT: Fixed Rate - Rates are subject to change without notice.

Loan Terms

Can this amount increase after closing?

Loan Amount

$347,222

NO

Interest Rate

5.990%

NO

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

$2,079.54

NO

Does the loan have these features?

Prepayment Penalty

NO

Balloon Payment

NO

Projected Payments

Payment Calculation

Years 1-7

Years 8-30

Payment Calculation

$2,079.54

$2,079.54

Mortgage Insurance

 +

100.46

 +

4

Estimate Escrow
Amount can increase over time

 +

670

 +

670

Estimated Total
Monthly Payment

$2,850.00

$2,753.54

Estimated Taxes, Insurance
& Assessments
Amount can increase over time

$670
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

$14,946

Includes $12,024 in Loan Costs + $2,922 in Other Costs – $0.00 in Lender Credits. See page 2 for details.

 
 

Estimated Cash to Close

$2,074

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

Closing Cost Details

Projected Payments

A. Origination Charges

$4,240

0.125 % of Loan Amount (Points)

$1,965

Loan Origination Fee

$1,000

Transaction Fee

$575

Warehouse Fee

$700










Other Costs

E. Taxes and Other Government Fees

$125

Recording Fees and Other Taxes

$125

Transfer Taxes




F. Prepaids

$1,187

Homeowner’s Insurance Premium ( 12 months)

$1,140

Mortgage Insurance Premium ( months)


Prepaid Interest ($54.70 / day for 1 days @ 4.875%)

$47

PropertyTaxes ( months)


B. Services You Cannot Shop For

$4,922

Appraisal Fee

$525

Contract Processing Fee

$500

Credit Report

$50

Document Preparation Fee

$300

Flood Certification

$6

Tax Service Fee

$69

USDA Guarantee Fee

$3472









G. Initial Escrow Payment at Closing

$1,435

Homeowner’s Insurance $95.00 per month for 3 mo.

$285

Mortgage Insurance per month for 0 mo.


Property Taxes $575.00 per month for 2 mo.

$1,150



H. Other

$175

HOA Transfer Fees

$175

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

$2,922

C. Services You Can Shop For

$2,862

Survey Fee

$406

Title - Lender's Title Insurance

$2,040

Title - Settlement/Escrow Fee

$350

Title - Tax Certificate Fee

$66










J. TOTAL CLOSING COSTS

$14,946

D + I

$14,946

Lender Credits


Calculating Cash to Close

Total Closing Costs (J)

$14,946

Closing Costs Financed (Paid from your Loan Amount)

-$3,472

Down Payment/Funds from Borrower

$0.00

Deposit

-$3,400

Funds for Borrower

$0.00

Seller Credits

-$6,000

Adjustments and Other Credits

$0.00

Estimated Cash to Close

$2,074

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

$12,024

How to get best interest rates in Houston...

 

When purchasing a home 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 task is the best mortgage loan interest rate and of course your credit report will play an important role. Whether we seek for a Conventional Loan, VA Loan or FHA Loan, making sure we will not be paying more interest than we should otherwise with a better interest rate over a 15- or 30-year term is extremely important. Remember even with poor credit scores, home loans for bad credit do exist and thus this is a job we must go thru to find the right mortgage lender towards home ownership. It is wise for first time homebuyers to ask Loan Officer minimum credit score requirements for each loan program we may be interested in to buy a home.

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

 

Customers Reviews:

  • Sue Ann Lee • Jule 03, 2024

    They have great customer service skills being available at all times. Joan advised me to go with an FHA loan program as the best option for first time buyers. I got a really good deal and smooth transaction. I truly recommend them. 

  • Carolyn De Leon • December 22, 2016

    Good afternoon Joan, thank you so much for all your hard work and patience during this journey. I know it was not easy but we made it. I hope God continues to use you to help make other people's dreams come true. You and your team have been a blessing to my family. Have a Merry Christmas and a most wonderful and prosperous New Year!!!!! Once again, Thank you and Best Regards Carolyn De Leon

  • Marianne Balton • August 20, 2018

    Joan Gallardo and his team are an exceptional group who are devoted to helping others realize their goal of home ownership. Compassionate and conscientious business people are a rare find. As first time home buyer and new to Texas I had no map of the territory. Joan was a reassuring presence through the entire experience and I will always remember and endorse his company for excellence.

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