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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.

CONVENTIONAL Mortgage Rates

SALES PRICE: $600,000
LOAN TERM: 30 years
PRODUCT: Fixed Rate

Loan Terms

Can this amount increase after closing?

Loan Amount

$582,000

NO

Interest Rate

6.250%

NO

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

$3,583.47

NO

Does the loan have these features?

Prepayment Penalty

NO

Balloon Payment

NO

Projected Payments

Payment Calculation

Years 1-30

Years

Payment Calculation

$3,583.47

$__

Mortgage Insurance

 +

160.05

 +

__

Estimate Escrow
Amount can increase over time

 +

993

 +

__

Estimated Total
Monthly Payment

$4,736.52

$__

Estimated Taxes, Insurance
& Assessments
Amount can increase over time

$933
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

$17,277.81   

Includes $11,317.81 in Loan Costs + $5,973 in Other Costs – $0 in Lender Credits. See page 2 for details.

Estimated Cash to Close

$19,290.81

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

Closing Cost Details

Projected Payments

A. Origination Charges

$6,188.81

1.0333% of Loan Amount (Discount Points)

$6,013.81

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

$2,799

Homeowner’s Insurance Premium ( 12 months)

$2,700

Mortgage Insurance Premium ( months)

Prepaid Interest ( $99.66 / day for 1 days @ 6.250%)

$99.66

PropertyTaxes ( months)

B. Services You Cannot Shop For

$1,238

Appraisal Fee

$600

Contract Processing Fee

$500

Credit Report

$56

Flood Certification

$7

Tax Service Fee

$75


G. Initial Escrow Payment at Closing

$2,799

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

$675

Mortgage Insurance per month for 0 mo.

Property Taxes $708 per month for 3 mo.

$2,124

H. Other

$250

HOA Transfer Fees

$250

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

$5,973

C. Services You Can Shop For

$3,891

Survey Fee

$475

Title - Abstract/Title Search Fee

$100

Title - Lender's Title Insurance

$2,755

Title - Settlement/Escrow Fee

$495

Title - Tax Certificate Fee

$66



J. TOTAL CLOSING COSTS

$17,290.81

D + I

$17,290.81

Lender Credits

Calculating Cash to Close

Total Closing Costs (J)

$17,290.81

Closing Costs Financed (Paid from your Loan Amount)

$0.00

Down Payment/Funds from Borrower

$18,000

Deposit

-$6,000

Funds for Borrower

$0

Seller Credits

-$10,000

Adjustments and Other Credits

$0.00

Estimated Cash to Close

$19,290.81

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

$11,317.81

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:

  • Amelie Guzman • October 10, 2021

    Thanks Joan, Patricia and Jorge for helping us to buy our first home. You all are kind, knowledgeable and very professional. Even thgough we were referred to you guys and so we were told you were amazing, my husband and I are happy to confirm you are everything our friends already told us about working with Clear Lending. We will use you again for an investment house we have soon in mind. Thanks again for your hard work.

  • Gerardo & Brenda Olivares • May 07, 2014

    Joan,

    Thank you SO much for all of your help! You were very patient with us and made sure we understood every step of the way. We never thought we would be able to find our perfect home this soon! We are still in shock how fast you’ve worked and how you were looking out for OUR best interests and not the other way around.

    Thank you for caring in what you do, it really makes a difference when you’re working with someone that really cares and enjoys what they do. Thanks again! We will definitely make sure to send anyone looking into a home your way!

    Gerardo & Brenda Olivares

  • Brandon Saavedra • Jule 06, 2023

    Joan Gallardo and his team have been great help in the home buying process. They go above and beyond to ensure all questions are answered and all due dates are met. I would highly recommend clear lending to any future home buyer.

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