How To Get A Mortgage In Midland
Your local Midland mortgage company is here to help you get the home of your dreams.
How to Get a Mortgage in Midland, Texas
If you’re planning on moving to Texas, there are a few important things you need to know about how to get a mortgage in Midland.
Buying a home requires a lot of research and financial preparation. Fortunately, proper planning will make it easier to get approved for the mortgage and find your dream home.
Here’s what you can expect when you apply for a mortgage in Midland, Texas.
All About Midland, Texas
Midland is located in western Texas and has its roots in the oil industry.
The city is part of the Permian Basin where President George W. Bush lived as a child.The Permian Basin Petroleum Museum and the George W. Bush Childhood Home are popular attractions in Midland, and sports are a major part of life in this Texas city.
Art and nature are beautifully woven into Midland’s culture, making it one of the best places to settle down in Texas.
Customers love our people
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
How to Get a Mortgage in Midland
The process of getting approved for a mortgage in Midland starts long before you ever meet with a lender. Financial preparation is key if you want to be approved.
Financial Preperation
First, you must have a stable source of income.
Lenders want to see that you are bringing in a consistent income that will allow you to make monthly mortgage payments. You must also save up for a down payment.
Next, you must reduce your debt. Credit cards, auto loans, and student loans are the most common types of debt, and they can tie up your finances when you are trying to purchase a home.
It’s best to eliminate these debts and their monthly payments before taking on a mortgage.
Conventional mortgages require a debt-to-income ratio of less than 50%.
Once you start eliminating debt, your credit score should start to rise. Borrowers with higher credit scores can negotiate better interest rates.
Keep making your monthly payments on time and wait until your credit score is in the green before you apply for a mortgage.
Applying with the Lender
Now that you’re financially prepared, you can start collecting the documents needed to apply for the mortgage. All lenders ask for the same pieces of information.
The application process is rigorous, and you should be prepared to provide information about your identity, income, employment, savings, rental history, and credit history.
Your lender will ask to see your photo ID, social security number, bank account statements, renting and credit history, tax returns, and pay stubs.
This information will help them determine if you qualify for a mortgage and how much they can lend you.
How to Get a Mortgage in Midland
The process of getting approved for a mortgage in Midland starts long before you ever meet with a lender. Financial preparation is key if you want to be approved.
Financial Preperation
First, you must have a stable source of income.
Lenders want to see that you are bringing in a consistent income that will allow you to make monthly mortgage payments. You must also save up for a down payment.
Next, you must reduce your debt. Credit cards, auto loans, and student loans are the most common types of debt, and they can tie up your finances when you are trying to purchase a home.
It’s best to eliminate these debts and their monthly payments before taking on a mortgage.
Conventional mortgages require a debt-to-income ratio of less than 50%.
Once you start eliminating debt, your credit score should start to rise. Borrowers with higher credit scores can negotiate better interest rates.
Keep making your monthly payments on time and wait until your credit score is in the green before you apply for a mortgage.
Applying with the Lender
Now that you’re financially prepared, you can start collecting the documents needed to apply for the mortgage. All lenders ask for the same pieces of information.
The application process is rigorous, and you should be prepared to provide information about your identity, income, employment, savings, rental history, and credit history.
Your lender will ask to see your photo ID, social security number, bank account statements, renting and credit history, tax returns, and pay stubs. This information will help them determine if you qualify for a mortgage and how much they can lend you.
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.
Want to Get Pre-Approved for a Mortgage in Midland? Here’s How
Before you apply for a mortgage, you can ask your lender to pre-approve you.
Getting a letter of pre-approval is important because it shows sellers that you are a qualified buyer. When you shop with a letter of pre-approval in hand, sellers will pay attention to your offers.
Getting pre-approved requires you to submit the same paperwork needed to apply for a mortgage.
Your lender will take a close look at all aspects of your finances to determine how much they can pre-approve you for.
Once you get pre-approved, your letter is valid for two or three months.
If you don’t find a home within that timeframe, you will have to go through the process again.
Be careful not to confuse pre-approval with pre-qualification. While pre-approval is an official process, pre-qualification is tentative and unofficial.
Sellers care more about pre-approval, so be sure not to skip this important step.
Keep in mind, pre-approval is not a guarantee that you will get the home loan.
Choosing the Best Type of Home Loan
Conventional, FHA, and VA home loans are a few of the most common types of mortgages.
While conventional loans come with stricter requirements, they offer lower rates than government-backed loans. On a conventional loan, you won’t be required to pay mortgage insurance if your down payment is at least 20%.
If you can’t meet conventional loan requirements, you can apply for a loan through the Federal Housing Agency.
However, you will be required to pay private mortgage insurance.
Refinancing to a conventional loan when your financial situation improves can help you save money.
VA loans are for veterans, and they require no down payment for first-time homebuyers.