How To Get A Mortgage In Armarillo
Your local Amarillo mortgage company is here to help you get the home of your dreams.
How to Get a Mortgage in Amarillo, Texas
Are you looking to get a mortgage in Amarillo?
Before you take on a big financial commitment like a mortgage, there is some important information you must know, and several key steps you must take, to get approved for the loan.
Understanding the different types of mortgages and the requirements for each will make it easier for you to apply and be approved.
Here’s what you need to know before you meet with a mortgage lender.
How to Get a Mortgage in Amarillo, Texas
Life in Amarillo, Texas
Located in the state’s panhandle, Amarillo offers a traditional Texas experience.
Desert parks, delicious barbecue, and historic monuments are a few of the city’s highlights. You’ll also find plenty of art galleries, museums, and breweries to enjoy as an Amarillo resident.
The most notable attraction in Amarillo is The Cadillac Ranch, an art installation that invites visitors to look back on the city’s Route 66 history.
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Call us today at (888) 505-1718
Reef Merhi
NMLS 878539 Branch ManagerReef Merhi
The most exciting and enjoyable part of a real estate transaction for Reef has always been financing. Today Reef enjoys managing Texas United Mortgage where he works and mentors borrowers, realtors, his team of loan officers, and staff! When not exceeding clients' expectations, Reef enjoys spending time with his wife Valerie and his two daughters. Reef’s hobbies include golf and tennis!
Prior to Reef’s Mortgage/Real Estate career, Reef graduated at Texas A&M University. After graduation, Reef took a teaching/coaching position at The Woodlands High School, located in The Woodlands, Texas.
Scott Foster
NMLS 1591277 Operations ManagerScott Foster
Scott attended college in his home state of Indiana while playing tennis in college. Wanting to start a new life after school in a new state he moved to Texas 13 years ago. When moving to Houston, he worked as a tennis coach teaching younger children. Alongside working with Reef, Scott also began to invest in real estate and flip houses.
After finishing his career in tennis he moved on to being a loan officer, where he now works at Texas United Mortgage, as a producing loan originator and the operations manager assisting Reef Merhi, Kristy Taylor and Team! He is very passionate about what he does and loves helping people. People know Scott as being a family man. He enjoys spending time with his wife and three children – Case, Cali & Crew. Scott’s hobbies include woodworking, golfing, fishing and playing tennis.
Claudia Seybold
Transaction CoordinatorClaudia Seybold
Fifth Generation Texan and resident of The Woodlands since 2004, Claudia has been in The Real Estate Industry since 2001. Over the years, Claudia has been instrumental in closing a wide range of transactions and has produced countless contracts in accordance with specified agreements and conditions.
Today, Claudia coordinates the borrowers paperwork assisting the team to ensure every deadline is met, and to exceed all parties expectations. Claudia is excited to work with such an amazing team as their Loan Coordinator. When not exceeding client expectations, Claudia enjoys spending time with her husband Travis, sons Ethan (22), and James Roy (7). Claudia is a member of Faith Bible Church and she is passionate about serving in the preschool department at Church. Claudia’s hobbies are boating/fishing, being outdoors, and working out.
David Webber
Business Development ManagerDavid Webber
with over 10 years of experience in the real estate industry, helping all throughout the transaction. Book some time with David and get service that you can count on.
281-724-8004
Daniel Ganoe
NMLS# 1646757Mortgage Broker
Daniel Ganoe
Mortgage Broker
Joy McClellan
Loan ProcessorJoy McClellan
Getting a Mortgage Loan in Amarillo
If living in Amarillo sounds like your cup of tea, you can purchase a home for approximately $140,000.
Before you apply for the mortgage, there are a few things you need to do to become financially stable. Specific requirements vary based on the type of mortgage you apply for, but there are a few general rules you must follow.
First, you must have a low debt-to-income ratio.
If you’re swimming in student loans or credit card debt, you need to cut it down before you apply for a mortgage.
Next, you must raise your credit score. If you have abused credit in the past, it can be hard to get your credit score in the green.
By making all your payments on time and reducing your credit utilization ratio, your score will begin to rise.
It’s also important to have a stable income before you apply for a mortgage. With steady income coming in each month, you’ll be able to save up for a down payment and determine how much you can afford to spend on your home.
Once you are financially ready to apply for a mortgage, you will have to gather all the required documentation for your lender.
You will be required to verify your identity, employment, income, credit history, and assets.
Your lender will ask for your photo ID, social security number, tax returns, pay stubs, bank account statements, and renting history.
They may also request other documents depending on your specific situation.
Your Houston Mortgage Lenders
Long Experience
With over 30 years of experience, we’ve seen it all. Through ups and downs, economic crises and last minute loan technicalities, we know how to make home buying in Houston pain free.
Lower costs
We’re all about your bottom line. We work to find the best and lowest rates for you, and tailor the mortgage product to fit your budget. We’re a McKinney mortgage company that cares.
On time closing
Getting the paperwork and mortgage approvals can feel like a headache. We make sure the process go fast and smooth and ensure you’ll close on time.
Start by Getting Pre-Approved
Getting pre-approved is an important first step in the homebuying process.
When you are making offers to sellers, a letter of pre-approval will make it more likely that the sellers will want to work with you.
Some sellers won’t contact buyers if they don’t have a letter of pre-approval. Being pre-approved lets sellers know you are financially qualified to purchase their home.
If you don’t bother getting pre-approved, it will be a lot harder to work with sellers, and you may miss out on a great bargain.
Be aware that getting pre-qualified is not the same as getting pre-approved.
When you get pre-approved, your lender will take an in-depth look at your finances to determine whether or not they can lend to you. Pre-qualification is based on self-reported information that may be inaccurate.
To get pre-approved, you’ll have to provide the same information required to apply for the mortgage.
Once you’ve been pre-approved, your letter is valid for two or three months.
Choose Your Home Loan: Conventional, FHA, and VA Loans
You can choose a home loan that best suits your financial situation.
While conventional loans usually cost less over time, some borrowers can not meet the stringent requirements needed to get this type of loan.
Conventional loans require a 620-credit score. Buyers with low credit can apply for a Federal Housing Agency loan if they have a credit score of at least 580.
Interest rates and private mortgage insurance premiums can skyrocket the lifetime cost of FHA loans.
It’s best to refinance to a conventional loan when your financial situation improves.
Veterans can apply for a VA loan with no down payment and no private mortgage insurance. However, you will have to pay a funding fee, and this type of mortgage can only be used to purchase your first home.