Conventional Loans
10, 15, 20, and 30 Year Fixed Rate Purchase or Refinance
While a 30 year fixed rate purchase is most common, a 10 year fixed rate purchase offers a higher monthly payment, but the loan is paid off nearly 3 times quicker.
Why Choose a Fixed-Rate Loan?
- Fixed-rate loans are perfect for customers who do not anticipate large income changes.
- They make the most sense for someone not planning on moving soon.
- Fixed-rate loans provide security, knowing rates will only change if taxes and insurance do.
Lots of Options, What Makes the Most Sense?
Fixed-rate loans are available for 10, 12, 15, 20, or 30-year terms. What length makes the most sense for a customer’s situation? Here are some things to consider while deciding what makes the most sense:
- The total interest they want to pay over the term.
- The total cost of interest on a 30-year loan is higher than the interest cost of a shorter loan.
- With a 30-year loan, they’ll have lower monthly payments, but a higher rate.
- Their ability to make a higher monthly payment. With a shorter-term, they’ll pay the loan off faster, but they’ll need to be able to afford higher payments.
- A 10-15-20 year term will save thousands in interest over a 30-year loan.
Conventional Jumbo Purchase or Refinance
Who are Jumbo Mortgages Best Suited For?
Fannie Mae limits loans for a single-family home to $510,400. Jumbo mortgages are perfect for someone looking to purchase or refinance a home that requires a loan greater than the Fannie Mae maximum.
How Jumbo Mortgages Work
Jumbo mortgages are portfolio loans. These are not connected to any government agency or entity. Approvals for Jumbo mortgages focus on credit history, as well as a look into a customer’s income and assets.
Mortgage Program Highlights Jumbo Loans:
- Loan Amounts up to $3 Million
- Approval with a FICO score as low as 660
- 90 LTV up to $1 million with at least a 700 FICO score
- 1-4 Family Home, PUD, Condo & Co-Op
- 30 Year Fixed & ARM available
- Available for Primary Homes, Vacation Homes, Investment Properties & More.
- Single Family Homes, Condominiums and 2-Unit homes are all eligible for financing. If you are financing a 2-unit home the borrower must occupy one of the units
RefiNow From Fannie Mae
RefiNow makes it easier for eligible homeowners earning at or below 80% area median income (AMI) to refinance at a lower interest rate and reduce their monthly mortgage payments.
RefiNow helps homeowners by:
- Requiring a reduction in the homeowner’s interest rate by a minimum of 50 basis points and a savings of at least $50 in the homeowner’s monthly mortgage payment.
- Providing a $500 credit from Fannie Mae to the lender at the time the loan is purchased if an appraisal was obtained for the transaction. The lender must pass the credit to the homeowner.
- Waiving the 50 basis point up-front adverse market refinance fee that Fannie Mae otherwise charges to lenders on balances at or below $300,000.
To qualify for RefiNow, homeowners must have:
- A Fannie Mae-backed mortgage secured by a 1-unit, principal residence;
- A current income at or below 80% of the AMI (not the income as of origination of the original loan);
- Not missed a mortgage payment in the past six months and no more than one missed mortgage payment in the past 12 months; and
- A mortgage with a loan-to-value ratio up to 97%, a debt-to-income ratio of 65% or less, and a minimum 620 FICO score.
Top 10 Reasons to Use Capital Mortgage Services of Texas
- Capital Mortgage Services of Texas is a Mortgage Banking Firm, not a Broker
- Approval in Minutes
- FHA Direct Endorsement Lender
- Table Funding
- Best Service in Town
- Electronic Access to Current Market Conditions
- Home Owned and Operated
- Lowest Rates in Town
- Credit Freedom
- “We Can” Attitude
At Capital Mortgage Services, we’re happy to be a part of your American dream.
©2021 Capital Mortgage Services of Texas, all rights reserved.
Siwell, Inc. dba Capital Mortgage Services of Texas NMLS 149169
Licensed by the Department of Business Oversight under the California Residential Lending Act
MORTGAGE BANKER DISCLOSURE
Residential Mortgage Loan Originator: Siwell, Inc. dba Capital Mortgage Services of Texas
Organization NMLS ID: 149169
Residential Mortgage Loan Officer Royce Lewis NMLS ID: 151122
Residential Mortgage Loan Officer Linda Lewis NMLS ID: 151120
CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER 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 MORTGAGE BANKER 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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