With the help of a knowledgeable loan officer, you will find the mortgage, refinance loan, or home equity loan that fits your current situation in Keller, Texas. Our loan officers will guide you through the selection process, advise you on what documentation is needed, answer your questions, and provide a smooth transition from loan application to closing.
Selecting a Mortgage
There are many mortgage types available in Keller, Texas. These include the two most common types of fixed rate and adjustable rate but also balloon, interest only, reverse, and graduated. Your loan officer will explain these to you in a clear and concise manner. After asking you questions regarding the home you want to purchase and assessing the information you provide, your loan officer will be able to assist you in finding the appropriate loan for you.
Required Documentation
During the first meeting with your loan officer, you will be asked to fill out a loan application. This form requires that you disclose a lot of personal and financial information. To be prepared to fill out this form, you will need information regarding your employment history, tax records, bank statements, pay stubs, housing expenses, and credit history. A verification of employment form will be sent to your employer and a verification of deposit form will be sent to your banks. All of this information will be gathered and assessed to determine whether you are a good risk to receive a loan.
Questions That You May Have
During the loan process, many questions will come up that will require you to contact your loan officer. It is important for you to understand all the aspects of the loan process, so do not hesitate to get your questions answered. Common questions are: “What is the current interest rate?” “What fees are my responsibilities?” “What legal issues are there?” “How long will the loan process take?” Your loan officer will be available to help you with these and any other questions you might have.
Closing
After you have been approved for your loan, your loan officer will schedule closing. At this meeting you will be asked to sign the documents that allow you to purchase your new home. Make sure you understand what you are signing. This is also the time you will pay your down payment and closing costs. This amount will be available to you a few days in advance so that you can get a certified check. At the end of this meeting, you will be the proud owner of a new home.
Refinance Loans
A refinance loan is a loan that you obtain to pay off the loan you already have. The advantage of this is that you can change things about your existing loan that you do not like, such as lowering your interest rate or changing from an adjustable rate to a fixed rate mortgage. Of course, your goal is to change things in a way that your mortgage payment is lowered. This will free up cash you can use to help pay off your bills, remodel your home, or plan a family vacation.
Home Equity Loans
Equity is the difference between what you owe on your house and the value of your house. The longer you have lived in your house, the more equity you have earned. You can borrow money on this equity. Home equity loans usually have terms of 10 or 15 years. You have the choice of receiving this loan either as a line of credit or a lump sum. This money is available when you need it and you pay interest only on the amount you borrow. You may choose to purchase a new car or help your children attend college.
To get information on refinance, mortgage and home equity loans in Keller, Texas, fill out the form below. One of our experienced loan officers will be able to assist you.
