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Please NOTE links to TX Savings & Mortgage Dept. for COMPLAINTS and NMLS for CONSUMER INFO.

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Figure: 7 TAC §80.200(b) "CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV."

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You’ve worked hard for your credit, reap the benefits with rates reserved for the cream of the crop. You may qualify for the all new #Conquest conventional loan with 30-year fixed rates below 3%* and 15 year fixed terms with rates less than 2.625%!! Rates/Pricing apply on Conventional purchases, TX cash out and rate/term refinances. Other qualifying factors apply. 

APPLY NOW TO SEE IF YOU QUALIFY!​

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*The principal, interest and MI payment on a $330,000 30-year Fixed-Rate Loan at 2.5% and 90% loan-to-value (LTV) is $1,380.90. The Annual Percentage Rate (APR) is 2.876% with estimated finance charges of $11,000. The principal and interest payment does not include taxes and home insurance premiums, which will result in a higher actual monthly payment. Rates current as of 09/09/2020. Subject to borrower approval. Some exclusions may apply.

Factors that influence your mortgage rate

Lenders consider many factors before they calculate an interest rate. These factors can affect the interest rate you might get to buy or refinance a home or get cash from your home equity.

• Current interest rates - The Fed Funds Rate (that is, the interest rate at which depository institutions lend money to each other overnight) is set by the Federal Reserve Board. This rate has a big impact on the interest rates lenders charge. Lower rates usually mean you’ll pay less interest. Keep in mind that mortgage rates can fluctuate daily. 

• Your credit score - People with higher credit scores generally get better interest rates than people with lower credit scores. Many financial professionals recommend you look for ways to improve your credit score before you apply for a mortgage or refinance your home. A better credit score can lead to a lower interest rate and save you money over time.

• Paying for points - Points are a way to “buy” a lower interest rate. One point is equal to 1% of the loan amount. For instance, on a $200,000 mortgage, one point for that mortgage would cost $2,000. Be aware of offers that show a low interest rate but require you pay points.

• The number of years you have to pay back a mortgage is known as the loan’s “term.” A 30 year mortgage means you have 30 years to pay the loan back. Loan term can affect interest rates. Longer term loans usually have higher interest rates than mortgages with shorter terms. A shorter-term loan might lower your interest rate and save you money over the life of the loan.

• Type of loan - There are many types of loans you might get to buy a home, refinance a home, or get cash from your home equity. These loans include … FHA, VA, and USDA loans are offered by private lenders and backed by the federal government. Conventional loans are offered by private lenders without government backing. The interest rate you might get can vary by the type of loan.

• Fixed rate or adjustable rate - When loans have a fixed rate, the amount of money you pay in interest stays the same. When loans have an adjustable rate, the amount of money you pay in interest can change over time. Generally speaking, adjustable rate mortgages have lower initial interest rates than fixed rate mortgages. 

• How much money you want to borrow. The size of your loan can affect the mortgage rate. Sometimes lenders charge a higher interest rate to people who want to borrow larger amounts of money than the typical borrower. These mortgages are often called “jumbo loans.”

Your down payment can affect your mortgage rate

When you are buying a house, the amount of your down payment can influence your mortgage rate. Making a larger down payment might help you get a slightly lower interest rate. Lenders see those able to make larger down payments as less risky. Larger down payments mean less chance you’ll walk away from the house and lose the value of your down payment.

Another way to think about a down payment’s impact on your mortgage rate is to calculate a loan to value ratio (or “LTV”). You get a loan-to-value ratio by dividing your mortgage amount by the value of your home. For example, if you want to buy a $250,000 home with a $50,000 down payment and a $200,000 mortgage, then your LTV is 80%. (That is, $200,000 ÷ $250,000 = 0.80 or 80%.)

Lenders tend to see mortgages with higher loan-to-value ratios as more risky than mortgages with lower LTVs, and many charge higher interest rates as a result.

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Loan-to-value ratio can affect refinance rates

When refinancing, your LTV can affect your mortgage rate too. Lenders consider your homes fair market value to calculate your loan-to-value ratio during a refinance since your home’s value may have changed since you purchased or last refinanced.

For example, if the home you bought for $250,000 is now worth $300,000, and you owe $180,000 on the mortgage, then your LTV is 60%. ($180,000 ÷ $300,000 = 0.60 or 60%.) Lenders typically see refinance loans with lower loan-to-value ratios as less risky, and may offer a lower interest rate as a result.

Keep in mind that cash out refinances tend to increase your LTV. With a cash out refinance, you replace your current mortgage with a new mortgage for a higher amount and get the difference in cash at closing. Let’s say your house is worth $300,000, you owe $180,000 on your mortgage, and you want to borrow $30,000 with a cash out refinance. That means the amount of your new mortgage will be $210,000 and your LTV will be 70%. ($210,000 ÷ $300,000 = 0.70 or 70%.) This higher loan-to-value ratio might affect your mortgage interest rate.