How To Get A Mortgage in Katy

How To Get A Mortgage In Katy Texas

Exploring your options for a mortgage in Katy, Texas is an essential step in your journey to homeownership.

Whether you’re an experienced home buyer or a first time homeowner, there are a few steps to keep in mind before starting the application process.

Get Your Finances in Order

Your ability to get a mortgage is directly related to your current finances and your overall financial history displayed in your credit report.

All mortgage companies will comb through this history to determine not only if you qualify for a mortgage but at what interest rate and with what level of down payment.

You can give yourself the best odds by getting everything in order before you apply.

First, pull your credit report and score.

You can pull this information directly from the credit bureaus. Various services now offer free access to your report and an estimated score as well. These services include many banking institutions and credit card companies.

Look through your report and look for incorrect information or potential identity theft issues and contest any information that is not yours. This process can take 30 or more days, so plan ahead.

Take a close look at your budget and determine how much home you can afford.

Keep in mind that you’ll not only be paying for the cost of the house but also insurance and taxes. These can increase your monthly payment significantly.

Many lenders offer affordability calculators to help estimate how much home you can afford.

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Reef Merhi

NMLS 878539 | Branch Manager | Sr. Loan Officer

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Scott Foster

NMLS 1591277 Operations Manager | Sr. Loan Officer

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Claudia Seybold

Executive Administrative Assistant | Coordinator

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Claudia Seybold

Executive Administrative Assistant | Coordinator

Claudia, a fifth-generation Texan and resident of The Woodlands since 2004, has been a dedicated professional in the Texas real estate industry since 2001. Throughout her career, she has played a pivotal role in successfully closing a diverse array of transactions, consistently delivering contracts that meet specified agreements and conditions.

Currently, Claudia is with Texas United Mortgage, where she serves as an executive assistant, working closely with Reef and the team to ensure that all deadlines are met and expectations are consistently exceeded. Her responsibilities include managing schedules, coordinating communication, preparing reports, organizing meetings, and handling a variety of administrative tasks essential to the team's smooth operation. Claudia's attention to detail and proactive approach contribute significantly to the team's success. In addition to her role at Texas United Mortgage, Claudia continues to practice as a Texas Realtor, further showcasing her commitment to the real estate industry.

Outside of her professional life, Claudia values time with her husband, Travis, and sons, Ethan and James Roy. She is an active member of Faith Bible Church, where she is passionate about serving the community. In her leisure time, Claudia enjoys RVing with her family, exploring the outdoors, and maintaining an active lifestyle through regular workouts.

Richard Haskell

NML 347730 | Sr. Loan Officer | Manager

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Joy McClellan

Sr. Loan Processor

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Nichole Walker

NMLS 2114509 | Loan Officer

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David Webber

Loan Officer

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See if You Qualify for Low Down Payment Options For A Mortgage In Katy

If you’re a first time homebuyer, you may be eligible for programs that offer low or even no down payment first time home buyer programs.

For example, a government-backed FHA loan from the Federal Housing Administration can have down payments as little as 3%.

FHA loans also have lower credit limit requirements than conventional loans from direct lenders like banks and credit unions.

If you’re a veteran or active service member, you may also qualify for a VA loan from the US Department of Veterans Affairs.

These loans also have low or no down payment options if you qualify.

To determine if you meet the eligibility requirements for these loans, you will need to get a certificate of eligibility (COE) based on your duty status and service history.

You will also still need to meet the credit and income requirements of the lender offering the VA-backed loan.

Investigate Companies offering Mortgages in Katy

A quick search for “mortgage companies near me” will most likely result in an overwhelming number of results for Katy, Texas.

As such, you might want to consider employing a mortgage broker to help you through the process.

A mortgage broker acts as the middle person between you and potential lenders. They will compare options and get you the best deal in exchange for a percentage back from either you or the lender.

If you prefer to keep all your accounts under one roof, you can also look at local banks or credit unions.

These options do not require a mortgage broker as the entire lending process traditionally happens in house.

Not all banks or credit unions offer government-backed loan options, and their credit and income requirements may be more stringent than other options.

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.

Pre-Qualify For A Mortgage In Katy

Now it’s time to narrow down your housing search and get a pre-approval or certification from your lender.

Utilize the information from your budget calculator to get a range of affordability for home prices.

This information will allow you to compare your budget to desired neighborhoods and see how much money you need to qualify for to put in an offer on homes in these areas.

Once you have your budget set, talk to your lender about getting a pre-approval.

During this process, the lender will look at your credit score and finances to determine an amount you are likely to be approved for.

This approval tells realtors and sellers that you are serious about the offers you put in.

Take the pre-approval a step further and consider getting certified if your lender offers the service.

With certification, your information is placed in front of an underwriter who can give a more concrete guarantee of approval.

This step can put you ahead in situations where you’re bidding with other buyers on a property.

Look for Tax Credits

When calculating the overall costs of your mortgage, if you’re a first-time homeowner, check to see if you qualify for a first-time home buyer credit.

These credits vary by state. You may be able to take part in programs that offer help with down payments and closing costs as well.