Houston Refinance: Buying a Home? Might Not Be So Easy.

Houston Refinance: Buying a Home? Might Not Be So Easy.

Contact me, Frank Zhu, and let me help you find the lowest rate in Texas when it comes to mortgage. I’m bilingual in English and Chinese. Give me a call at 512-919-0154 for your mortgage needs.

If you live in Austin | Houston | Dallas please call Frank Zhu for your custom Good Faith Estimate.

Frank Zhu:  512-919-0154

frank@mylendingplace.com

There is all sorts of procedures you have to go through when you are buying a home. You have to be prequalified by the lender, have a realtor show you homes, and after you find your dream home, even you are approved. You might not be able to buy it if you are not paying cash. That’s right. When you are getting a mortgage, even if you are approved by the lender, you are not guaranteed to buy that home you wanted.

One of the biggest headaches right now is appraisal. The lender will use their own appraisal management company who picks from a random pool of appraisers they have. Depending on the appraiser and the valuation of his report, if the value of the home comes in too low, your loan will be denied. Not only will you waste time, but you will be putting a lot of money into it like inspection and appraisal without getting the benefit of owning your home. This is why you should get a knowledgeable realtor who knows about the neighborhood you are interested in so he can assist you with a preliminary valuation of the home.

Getting the right mortgage is important when you are buying a home. We offer 80-15-5 no PMI loan, where you only need 5% down payment. You will be getting equity in your home right away and you won’t have to pay mortgage insurance every month.

The current market rate for no point 30 years fixed rate is 4.875%. Adding the closing costs into it, the APR would be about 4.914%. The 2nd lien lender has an interest rate of 7.5% if you want a 15 years loan or 8.5% if you want a 30 years loan. When you buy a home, it is important to check out how much you can afford per month in mortgage payments as well as your other expenses. Let us help you find a house that is priced right in your suitable range.

We also offer “no cost” refinance. Contact me, Frank Zhu, and let me help you find the lowest rate in Texas when it comes to your mortgage. I’m bilingual in English and Chinese. Give me a call at 512-919-0154 for your mortgage needs.

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