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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.

CONVENTIONAL Texas 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

5.625%

NO

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

$3,350.82

NO

Does the loan have these features?

Prepayment Penalty

NO

Balloon Payment

NO

Projected Payments

Payment Calculation

Years 1-30

Years

Payment Calculation

$3,350.82

$__

Mortgage Insurance

 +

$189.15

 +

__

Estimate Escrow
Amount can increase over time

 +

$1,623

 +

__

Estimated Total
Monthly Payment

$5,162.97

$__

Estimated Taxes, Insurance
& Assessments
Amount can increase over time

$1,623
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

$22,919

Includes $12,656 in Loan Costs + $10,263 in Other Costs – $0 in Lender Credits. See page 2 for details.

Estimated Cash to Close

$24,919

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

Closing Cost Details

Projected Payments

A. Origination Charges

$5,995

1.0333% of Loan Amount (Discount Points)

$5,820

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

$4,889

Homeowner’s Insurance Premium ( 12 months)

$4,800

Mortgage Insurance Premium ( months)

Prepaid Interest ( $89.65 / day for 1 days @ 5.625%)

$89.95

PropertyTaxes ( months)

B. Services You Cannot Shop For

$1,295

Appraisal Fee

$600

Contract Processing Fee

$500

Credit Report

$95

Flood Certification

$15

Tax Service Fee

$85


G. Initial Escrow Payment at Closing

$4,899

Homeowner’s Insurance $400 per month for 3 mo.

$1,200

Mortgage Insurance per month for 0 mo.

Property Taxes $1,233 per month for 3 mo.

$3,699

H. Other

$350

HOA Transfer Fees

$350

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

$10,263

C. Services You Can Shop For

$5,366

Survey Fee

$575

Title - Abstract/Title Search Fee

$100

Title - Lender's Title Insurance

$4,056

Title - Settlement/Escrow Fee

$550

Title - Tax Certificate Fee

$85



J. TOTAL CLOSING COSTS

$22,919

D + I

$22,919

Lender Credits

Calculating Cash to Close

Total Closing Costs (J)

$22,919

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

$24,919

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

$12,656

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:

  • Jeff Cokenour • October 19, 2018

    FROM GOOGLE: Joan was incredible and helped me get my VA jumbo loan to purchase my property. From finding the right property to walking me through every step of the loan and closing process, Joan provided superior service. I highly recommend him!!!

  • Jaelyn Jackson • April 04, 2021

    Initially, I left a bad review for this mortgage company. However, I can honestly say I’m absolutely amazed at the customer service at this company. Shortly after leaving some negative feedback the company owner personally contacted me to correct the mistake and address my concerns. I guess I had spoken with a relatively new person (completely understandable) who wasn’t 100% sure about the way things worked. The company owner politely informed me of this and worked very hard to go out of his way to come up with a solution for me. My review has been updated accordingly. I am VERY impressed with this company and looking forward to potentially working with them. Would recommend!

  • Denita Hawkins • Jule 19, 2017

    Thank you Joan! You TRANSFORMED a Nightmare into a DREAM!

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