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Interest Rates - CLICK HERE - Rates are subject to change without notice

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USDA Mortgage Rates

SALES PRICE: $343,750
LOAN TERM: 30 years
PRODUCT: Fixed Rate

Loan Terms

Can this amount increase after closing?

Loan Amount

$347,222

NO

Interest Rate

5.125%

NO

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

$1,890.58

NO

Does the loan have these features?

Prepayment Penalty

NO

Balloon Payment

NO

Projected Payments

Payment Calculation

Years 1-7

Years 8-30

Payment Calculation

$1,890.58

$1,890.58

Mortgage Insurance

+

100.46

+

4

Estimate Escrow
Amount can increase over time

+

670

+

670

Estimated Total
Monthly Payment

$2,661

$2,564

Estimated Taxes, Insurance
& Assessments

Amount can increase over time

$670
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

$14,947

Includes $12,024 in Loan Costs + $2,923 in Other Costs – $0.00 in Lender Credits. See page 2 for details.

 
 

Estimated Cash to Close

$2,075

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

Closing Cost Details

Projected Payments

A. Origination Charges

$4,240

0.125 % of Loan Amount (Points)

$1,965

Loan Origination Fee

$1,000

Transaction Fee

$575

Warehouse Fee

$700










Other Costs

E. Taxes and Other Government Fees

$125

Recording Fees and Other Taxes

$125

Transfer Taxes




F. Prepaids

$1,188

Homeowner’s Insurance Premium ( 12 months)

$1,140

Mortgage Insurance Premium ( months)


Prepaid Interest ($48.75 / day for 1 days @ 5.125%)

$48

PropertyTaxes ( months)


B. Services You Cannot Shop For

$4,922

Appraisal Fee

$525

Contract Processing Fee

$500

Credit Report

$50

Document Preparation Fee

$300

Flood Certification

$6

Tax Service Fee

$69

USDA Guarantee Fee

$3472









G. Initial Escrow Payment at Closing

$1,435

Homeowner’s Insurance $95.00 per month for 3 mo.

$285

Mortgage Insurance per month for 0 mo.


Property Taxes $575.00 per month for 2 mo.

$1,150



H. Other

$175

HOA Transfer Fees

$175

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

$2,923

C. Services You Can Shop For

$2,862

Survey Fee

$406

Title - Lender's Title Insurance

$2,040

Title - Settlement/Escrow Fee

$350

Title - Tax Certificate Fee

$66










J. TOTAL CLOSING COSTS

$14,946

D + I

$14,946

Lender Credits


Calculating Cash to Close

Total Closing Costs (J)

$14,947

Closing Costs Financed (Paid from your Loan Amount)

-$3,472

Down Payment/Funds from Borrower

$0.00

Deposit

-$3,400

Funds for Borrower

$0.00

Seller Credits

-$6,000

Adjustments and Other Credits

$0.00

Estimated Cash to Close

$2,075

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

$12,024

How to get best interest rates in Houston...

 

When purchasing a home 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 task is the best mortgage loan interest rate and of course your credit report will play an important role. Whether we seek for a Conventional Loan, VA Loan or FHA Loan, making sure we will not be paying more interest than we should otherwise with a better interest rate over a 15- or 30-year term is extremely important. Remember even with poor credit scores, home loans for bad credit do exist and thus this is a job we must go thru to find the right mortgage lender towards home ownership. It is wise for first time homebuyers to ask Loan Officer minimum credit score requirements for each loan program we may be interested in to buy a home.

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 and we will start your home loan approval with all your options to compare.

 

Customers Reviews:

  • Sharon Franco • January 21, 2016

    July 28th.... A very important day for someone at age 44. A huge change that was much needed but none the less, very difficult. After living in my previous home for 15 years and being with someone for 25 years, I found myself back at my Mom’s house and starting over. After wallowing in my sadness for a while, I decided to start looking for a new home for my young adult children, dogs and myself. Thankfully, a cousin had given me a number to a realtor that led me to Joan with Clear Lending. With all the difficult changes I also was in for a fight when it came to applying for a mortgage. Being naive to the process, Joan was very patient and helpful. Even when I felt hopeless, he reminded me constantly it would be okay and it was part of the process, I'm not sure but I think maybe a part of him was starting to see the difficulty I was facing. But one night, I received the best phone call in the world!! I was clear to move forward and close on my home. I thank God every day for putting the right people in my path to help in my new chapter of life. Thank you Joan and Clear Lending for working so hard on my approval for my mortgage.

     

    God Bless

  • Raul Orta • May 26, 2018

    After being denied by two other loan officers we decided to contact Joan. Not only was Joan able to get us a quick approval but we closed with less than the amount needed. He is dedicated and consistent. Thank you for making our dreams come true. We will forever be grateful!

  • Migdia Uribe • March 04, 2019

    FROM GOOGLE: We are first time home owners, thanks to Joan and his team at Clear Lending. I may add his assistant Patricia A. was very pleasant to work with and very attentive. Our house hunting journey was painless, smooth, and actually quick. How quick… in 29 days we went from looking at 10 houses (in one day), we were serious about buying a house. Joan provided potential houses for us in the area we wanted and we did our homework in reviewing and narrowing it down to 10. From looking at different houses to the closing date, I can stay Joan was very much hands on through the whole process. My husband dealt with Joan primarily, but I could see how Joan was there for us. When we had questions at any given time, we could asked, he was always available and responsive. As first time home buyers we had lots of questions and Joan didn’t minimize our questions. Joan is very knowledgeable in his line of work, I can honestly say that. He always kept us informed of what was going on behind the scenes, so we felt at ease. Thanks to Joan, we were able to obtain a good low mortgage rate. Obtain a HOUSE, we are happy and thankful to call our own! My husband actually found Clear Lending online and we couldn’t believe the reviews, it sounded too good to be true. Take it from us, it’s true, we have experienced ourselves. We are thankful to Joan for his dedication, sincerity, knowledge, and guidance. Joan was truly a blessing for us. We would truly recommend Joan and his team at Clear Lending. God bless you Joan. Migdia

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