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

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USDA Mortgage Rates

SALE 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

4.375%

NO

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

$1733.63

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

$1,733.63

$1,733.63

Mortgage Insurance

+

100.46

+

4

Estimate Escrow
Amount can increase over time

+

670

+

670

Estimated Total
Monthly Payment

$2,504.09

$2,407.63

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

$13,630

Includes $10,138 in Loan Costs + $3,492 in Other Costs – $0 in Lender Credits. See page 2 for details.

Estimated Cash to Close

$4,986

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

Closing Cost Details

Projected Payments

A. Origination Charges

$2,360

0 % of Loan Amount (Points)

$0.00

Doc Preparation Fee

$85

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

$1,182

Homeowner’s Insurance Premium ( 12 months)

$1,140

Mortgage Insurance Premium ( months)


Prepaid Interest ( $41.62 per day for 1 days @ 4.375%)

$42

PropertyTaxes ( months)


B. Services You Cannot Shop For

$4,916

Appraisal Fee

$525

Contract Processing Fee

$500

Credit Report

$44

Document Preparation Fee

$300

Flood Certification

$6

Tax Service Fee

$69

USDA Guarantee Fee

$3472









G. Initial Escrow Payment at Closing

$2,010

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 3 mo.

$1,725



H. Other

$175

HOA Transfer Fees

$175

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

$3,492

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

$13,630

D + I

$13,630

Lender Credits


Calculating Cash to Close

Total Closing Costs (J)

$13,630

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

-$1,772

Adjustments and Other Credits

$0.00

Estimated Cash to Close

$4,986

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

$10,138

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:

  • Rodolfo Garcia • July 25, 2018

    Joan and the rest of staff at Clear Lending did an amazing job. Taking the time to explain all the details and taking all the right steps on getting me into a home. I recommend anyone in the home buying market to contact him. He will take care of you.

  • Adrian Olivares • November 02, 2015

    Excellent Loan Officer!!! Joan Gallardo works fast and gives his best effort to his clients. A very polite man that always answers your questions. I Really Recommend him to anyone. God Bless You.

  • Oscar y Yecenia Rangel • January 31, 2014

    Estimado JOAN:

    Por medio de la presente, queremos enfatizar nuestro agradecimiento por tu trabajo, colaboración, profesionalismo y dedicación a nuestra petición de crédito para la compra de nuestra casa, créelo y lo enfatizo que estamos tan agradecidos por tu ayuda. Que dios te llene de bendiciones siempre, y que sigas ayudando a las personas como nosotros, mil gracias.

    Atte. Oscar y Yecenia Rangel.

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