The professionals financial advisors at Texas Lending understand that buying a home is a daunting and exciting process. Here, the Texas-based mortgage provider offers information on loan types for the first time buyer.
Q: Are all home loans the same?
Texas Lending: Absolutely not! Home loans are as different as the properties they are meant to help purchase. There are more than half a dozen different types of loan, each with pros and cons. Our agents specialize in helping each client determine which loan is right for their situation.
Q: What is the difference between a conventional loan and a government-sponsored loan?
Texas Lending: A conventional loan is an excellent product for buyers with nearly flawless credit. Conventional loans are typically processed faster than Federal Housing Authority (FHA) loans, which allow lower credit scores. Both types of loans require a hefty down payment though FHA loans are a more accessible product for buyers with a high debt-to-income ratio.
Q: How can a buyer determine which is the right type of loan to apply for?
Texas Lending: At Texas Lending, or mortgage agents are experienced in offering personalized service and take the time to understand each client’s unique needs. We will look at credit score and any special circumstances, such as current or former military service. Certain homes may be eligible for special loans, so we take the property itself consideration, too.
Q: What is the best way to lock in a favorable rate?
Texas Lending: Call us today and let us take a look at your situation. We will compare and contrast different types of loan and walk you through calculating which tax savings and other financial benefits are right for you. Our experts can help you determine if you qualify for a conventional loan, which may offer a lower interest rate than a conventional. Interest rates change every day, so there is no better time to lock in your low rate than right now.
4100 Alpha Rd
Dallas, TX 75244