Updated March 8, 2022
Perhaps you're most familiar with banks but have not gotten to know Texas United Mortgage, one of the best mortgage companies in Houston. Mortgage companies specialize in lending and financing to give homebuyers excellent rates, transparent terms, and fast closings on a new home.
First-time homebuyers miss out when they don't consider the differences between mortgage companies are and what the right one can do for you. Read more here to make sure you understand the benefits of the personal approach when choosing the best mortgage team!
Understanding a Mortgage Company
Mortgage companies are focused on home loan origination and underwriting. At Texas United Mortgage, we know loan processes, both for first-time loans and refinances. Mortgage companies have specific requirements for offering a loan product to a customer, but we don't offer other conventional banking services, like checking accounts or loans, for purposes other than buying or refinancing a home.
Because mortgage companies focus on loan products for home purchases, they can work with you through the options you have available, including conventional loans, FHA loans (from the Federal Housing Administration), VA loans, USDA loans, or even a reverse mortgage. In addition, the right lenders can work to originate a Jumbo mortgage if that is what buyers need for a Texas home purchase.
Unlike banks, we're not also trying to get you a checking account, savings account, or investment products. Instead, we're focused on the mortgage loan and evaluating creditworthiness and ability to repay. For that reason, mortgage companies are the place to go when you need financing options to buy your first (or next) home!
How We Help You Find the Right FHA Loan or Other Financing
When you're ready to shop for a home, it's time to make an appointment to talk with a loan officer at Texas United or another mortgage company. With information like your credit score, your income, debts, and a few other details, an FHA-approved lender can help you understand what you qualify to receive in a given loan product. If you choose to move forward, you can also get a pre-approval letter to use as part of the home purchase offer process.
When buyers qualify for special government-guaranteed loans, we can also help you choose the right product for your needs. With rural properties and certain income levels, a USDA loan may be the right fit. For veterans and qualifying members of their families, a VA loan can provide an opportunity for homeownership with very little or even no down payment. An FHA loan can help you stop renting and get into a home of your own even if you are a low or middle-income earner since there are income qualifications for FHA loans.
We understand that some of the terminologies, details about mortgage insurance, or FHA loan requirements can be a challenge when applying for financing. It can also be challenging to understand the different costs and fees of the homebuying process. As an FHA lender, from term length to interest rates, we're here to help you understand the ins and outs of the loans you qualify for. If you cannot be approved for a particular kind of loan right now, the right lenders can help you understand why and what could change that in the future, whether some work to improve your credit score is the right approach or saving for a larger down payment.
We know that shopping for a home can be complex with a financial institution like a bank, so we want to make the loan application part of it as easy and stress-free as possible.
Mortgage Companies Can Help You Refinance Too!
Perhaps you got your mortgage loan a few years ago when interest rates were higher. Another possibility is that your finances have changed, and your original loan created a monthly payment that you now find to be a little too high for comfort. You might even want to switch from one kind of loan to another, gaining the benefits of a new kind of loan, such as a lower interest rate.
Whatever your goals, the right mortgage broker can evaluate your financial situation and underwrite a refinancing loan to help reduce your monthly mortgage payments. These mortgages close your original mortgage and create a new loan, often with favorable terms that help you move toward your goals. Talking with mortgage lenders about refinance options can help you see how a new loan could reduce your payment, help you pay less interest, or achieve another financial goal.
Texas United Mortage Is Here for You
At Texas United Mortgage, we work to be one of the best FHA-approved lenders and mortgage companies in Houston and throughout Texas. We want to make sure our customers understand the best financing options and budget appropriately for a new home. So whether you have questions about a lower-than-average credit score or income qualifications for FHA loans, you'll find personalized, friendly answers from the team at Texas United Mortgage! We know that finding and purchasing your first home (or your second, or your third!) can be a lengthy process, and we want you to have all details about the best loan options at your fingertips.
Ready to get to know us more? Download our free resource, the "First Time Homebuyers Guide."