11 Kasım 2007 Pazar

Texas Mortgage

The market for mortgages in texas has grown very fast and has acted as a positive indicator for the state's economy. Neither the continuous increasing interest rate nor the global rising energy prices have succeeded in barring the market. According to the statistics, total 269,000 homes were sold by Texas Multiple Listing Services in 2005.
Texas Mortgage TypesDifferent loan types in the state include conventional and Governmental. The Conventional types of a loan are of conforming and non-conforming in nature. Conforming Loans Majority of the peoples in US use such types of loan. In case of such loans, the lender go through the guidelines like maximum loan amounts, respective down payment, both credit and income requirements etc.
Non-Conforming LoansSimply the loans not obeying the guidelines for the conforming loans are of non-conforming types. Here we use the Jumbo loan types, which is greater than the conforming loans.
Government LoansIn contrast to the conventional loan, the Government loan needs different qualifying criterion and loan limits. Both FHA and VA are the two popular types of loans.

Texas Mortgage Rates The rates on mortgages depend upon the types of the same. The following table clearly represents the rates on different mortgage types.
Fixed (Years)
10 Year Fixed
15 Year Fixed
20 Year Fixed
30 Year Fixed
1/1 Adjustable
3/1 Adjustable
5/1 Adjustable
7/1 Adjustable
10/1 Adjustable

Texas Association of Mortgage Brokers The organization tries to increase the mortgage broker profession in the country by promoting education, ethics and consumer fairness. The mortgage brokers are the best persons in guiding for a perfect loan. They own a better hold in the field of:
Residential real estate finance
Mortgage lending process
Types of loan products
Knowledge upon variety of mortgages

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