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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.

BANK STATEMENTS Texas Rates

SALES PRICE: $380,000
LOAN TERM: 30 years
PRODUCT: Fixed Rate

Loan Terms

Can this amount increase after closing?

Loan Amount

$322,000

NO

Interest Rate

6.990%

NO

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

$2,146.76

NO

Does the loan have these features?

Prepayment Penalty

NO

Balloon Payment

NO

Projected Payments

Payment Calculation

Years 1 - 30

Years - 

Payment Calculation

$2,146.76

$

Mortgage Insurance

 +

__

 +

__

Estimate Escrow
Amount can increase over time

 +

$656.00

 +

Estimated Total
Monthly Payment

$2,802.72

$

Estimated Taxes, Insurance
& Assessments
Amount can increase over time

$656.00
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

$21,461

Includes $16,505 in Loan Costs + $4,956 in Other Costs – $0 in Lender Credits. See page 2 for details.

Estimated Cash to Close

$63,261

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

Closing Cost Details

Projected Payments

A. Origination Charges

$11,285

2 % of Loan Amount (Points)

$6,460

Document Review Fee

$100

Loan Origination Fee

$3,230

Underwriting Fee

$1,495



Other Costs

E. Taxes and Other Government Fees

$175

Recording Fees and Other Taxes

$175

Transfer Taxes

F. Prepaids

$2,463

Homeowner’s Insurance Premium ( 12 months)

$2,400

Mortgage Insurance Premium ( months)

Prepaid Interest ($62.72 / day for 1 days @ 6.990%)

$62.72

PropertyTaxes ( months)

B. Services You Cannot Shop For

$1,335

Appraisal Fee

$650

Contract Processing Fee

$500

Credit Report

$95

Flood Certification

$15

Tax Service Fee

$75



G. Initial Escrow Payment at Closing

$1,968

Homeowner’s Insurance $85 per month for 3 mo.

$600

Mortgage Insurance per month for 0 mo.

Property Taxes $456 per month for 3 mo.

$1,368

H. Other

$350

HOA Transfer Fees

$350

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

$4,956

C. Services You Can Shop For

$3,885

Survey Fee

$575

Title - Lender's Title Insurance

$2,685

Title - Settlement/Escrow Fee

$550

Title - Tax Certificate Fee

$75





J. TOTAL CLOSING COSTS

$21,461

D + I

$21,461

Lender Credits

Calculating Cash to Close

Total Closing Costs (J)

$21,461

Closing Costs Financed (Paid from your Loan Amount)

$0.00

Down Payment/Funds from Borrower

$57,000

Deposit

-$3,800

Funds for Borrower

$0

Seller Credits

-$11,400

Adjustments and Other Credits

$0.00

Estimated Cash to Close

$63,261

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

$16,505

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:

  • Maria Cabrera • November 27, 2021

    Thanks Mr. Joan and all your team for your amazing help. I am so happy with my new house and equally satisfied with our loan. My husband and I will refer you anyone we come across in need of a good loan officer and realtor. I also like to thank Patricia for her patience guiding us throughout the entire process.

  • Ricardo Cruz • October 23, 2015

    I would like to thank Joan for everything he did for us. He is the best in the business and is very knowledgeable. He made the home buying process very enjoyable and he was available at any time to answer any questions we had. He was easy to contact and easy to talk to. I will be referring everyone I know to Joan. Thank you.

  • Martha Idalia • November 06, 2015

    Thank you for your professionalism and quick thorough response in working with my loan. Always very clear. Great experience, thank you!

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