Financing

TYPES OF MORTGAGE LOANS

Here are brief explanations of the many mortgage options available to homebuyers.

ADJUSTABLE RATE MORTGAGES (ARM)
An ARM is a mortgage loan that allows the lender to adjust the interest rate periodically to reflect changes in market conditions. Your mortgage payments may adjust up or down as the interest rate changes, in accordance with a stated index and with pre-determined limits (or caps). (ARMs are also known as Variable Rate Mortgages.

FIXED RATE MORTGAGES
A fixed rate mortgage allows you to lock in your interest rate with a fixed monthly payment for the entire term of the loan.

AFFORDABLE HOME PROGRAMS
Various programs are available for affordable home loans, including fixed and adjustable rate programs with low down payment options. First-time homebuyer, FHA and MHFA programs are also available.

JUMBO RESIDENTIAL LOANS
These are fixed-rate loans, which are intended for primary and secondary residences with various down payment and point options.

HOW MUCH CAN YOU AFFORD?

You’ll find lots of mortgage calculators on the web, so we've narrowed it down to the three we consider the best:

Affordability Analyzer – find out what kind of home you can afford.
True Cost Calculator — figure out what your monthly payments would be.
Probable Qualifier — helps you estimate a loan amount you can qualify for

CHECK YOUR CREDIT REPORT
It’s a good idea to check your credit report regularly. Here are some links to help you do that.

EQUIFAX, EXPERIAN AND TRANSUNION

OUR PREFERRED PERMANENT LENDERS

Cornerstone Home Lending

Ellen Schular, Mortgage Consultant
Phone - (210) 340-4994

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Gold Financial

Andria Cardwell, Loan Originator
Phone - (210)-360-9594

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OUR PREFERRED INTERIM LENDERS – CONSTRUCTION

Cornerstone Home Lending

Ellen Schular, Mortgage Consultant
Phone - (210) 340-4994