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Home Loan Scenario Questions
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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.

FHA Mortgage Rates

SALES PRICE: $295,000
LOAN TERM: 30 years
PRODUCT: Fixed Rate

Loan Terms

Can this amount increase after closing?

Loan Amount

$289,656

NO

Interest Rate

4.99%

NO

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

$1,553.17

NO

Does the loan have these features?

Prepayment Penalty

NO

Balloon Payment

NO

Projected Payments

Payment Calculation

Years 1-30

Years

Payment Calculation

$1,553.17

$

Mortgage Insurance

 +

202.00

 +

Estimate Escrow
Amount can increase over time

 +

520.00

 +

Estimated Total
Monthly Payment

$2,275.17

$

Estimated Taxes, Insurance
& Assessments
Amount can increase over time

$520.00
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

$15,855

Includes $13,303 in Loan Costs + $3,807 in Other Costs – $0.00 in Lender Credits. See page 2 for details.

 
 

Estimated Cash to Close

$8,158

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

Closing Cost Details

Projected Payments

A. Origination Charges

$4,385

1.960 % Loan Origination (Points)

$4,209

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

$1,872

Homeowner’s Insurance Premium ( 12 months)

$1832

Mortgage Insurance Premium ( months)


Prepaid Interest ($40.15 / day for 1 days @ 4.99 %)

$40.15

PropertyTaxes ( months)


B. Services You Cannot Shop For

$6,276

Appraisal Fee

$670

Credit Report Fee

$50

Contract Processing Fee

$500

Flood Certification

$6

Tax Service Fee

$69

Up-Front Mortgage Insurance Premium

$4,981







G. Initial Escrow Payment at Closing

$1,560

Homeowner’s Insurance $152.67 per month for 3 mo.

$458

Mortgage Insurance per month for 0 mo.


Property Taxes $367.26 per month for 3 mo.

$1,102

H. Other

$250

HOA Transfer Fees

$250

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

$3,807

C. Services You Can Shop For

$2,642

Survey Fee

$450

Title - Lender's Title Insurance

$1676

Title - Settlement/Escrow Fee

$450

Title - Tax Certificate Fee

$66









J. TOTAL CLOSING COSTS

$15,854

D + I

$18,854

Lender Credits

Calculating Cash to Close

Total Closing Costs (J)

$15,854

Closing Costs Financed (Paid from your Loan Amount)

-$4,981

Down Payment/Funds from Borrower

$10,325

Deposit (1% of Purchase Contract)

-$2,950

Funds for Borrower

$0.00

Seller Credits

-$10,000

Adjustments and Other Credits

$0.00

Estimated Cash to Close

$8,158

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

$13,303

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:

  • Ernest Haeberli • Jule 12, 2017

    I cannot put into words how strongly we feel about your dedication to meeting OUR needs. Your professionalism, courtesy, follow through, creativeness, and ‘can do’ attitude combine to create a very special package. Thanks Joan!!!

  • James Green • February 16, 2022

    I would like to thank Joan and Patricia for the best support I have received since I submitted my request online for mortgage loan information. I have received the best service I could have asked. We close on our first house within the times my agent negotiated and with no surprises. I am so glad I chose you guys. Thanks again and I sure will use you in the future.

  • Soraya Guzman • October 04, 2018

    My experience with Joan and the clear lending team has been amazing! Joan helped us greatly, with poor credit and a job loss he was able to get us a loan! He looked out for us when choosing a home he didn’t try to push us to buy a house and always did his research. He explained every step, made sure we understood, and was there at every hour to answer any questions we had. Even after the purchase he has followed up to make sure we have no issues with our home.If you’re looking to buy a house I definitely recommend Joan and the team!

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