Thursday, November 20, 2014

Am I Really Ready To Buy?

Buying a home offers many advantages, one of the most significant being that it allows you to build equity (ownership) when you pay your mortgage each month. A common myth is that monthly mortgage payments are more expensive than rent. But, in many cases, mortgage payments can be even less than rent. When considering home ownership for the first time, you need to decide whether buying makes financial and practical sense for you right now or if you are better off renting. Consider both the advantages and disadvantages to renting as well as buying, and weigh the pros and cons for your particular situation.Become informed and understand what to look for so you will know when the best time to buy real estate is. When rates are low, you’ll pay less. When rates are high, your payment will be higher. Economic factors such as inflation, cost of living and market conditions, affect interest rates. Buying real estate in volatile economic times, a bad market or the wrong time frame could cost you everything. Not only are seasons important to consider when buying real estate, but seller circumstances and motivation are also significant factors.  If you are anxious to get moving, be patient. You have a few things to do first:
  • Go to open houses – get the lay of the land
  • Talk to Wright Mortgage to get pre-approved
  • Interview agents (You may want to find an agent at the same time as you look for a mortgage broker – a good agent can recommend reputable brokers and help you make sense of the terms of the loan)
  • Review credit report and scores with mortgage broker to determine if any repairs are needed
Wright Mortgage is a locally owned and operated mortgage company. We know that each customer has specific needs, so we strive to meet those needs with a wide array of services. Wright Mortgage is a professional and dependable company who takes getting your clients Approved and on time closing a priority. Communication is always the foundation to any relationship. Communication is key to preparing your customer of possible delays or issues that may arise during the loan process. Properly informing real estate agents and clients throughout the loan process should allow all parties to properly prepare for unexpected issues that may arise.

Mortgage Pearland Texas

Mortgage Pearland Texas

Approval Without Contract | Pearland Home Loan

Approval Without Contract | Pearland Home Loan

Thursday, November 6, 2014

New Fannie Mae Product‏

New Fannie Mae Product‏

A Better Option
The Fannie Mae My Community Mortgage is great for those who wanting a low down payment, less than perfect credit score but are still looking for that opportunity to buy a home. The My Community Mortgage Program is a conventional product that offers underwriting flexibilities to qualified borrowers who meet specific income criteria or properties that meet geographic criteria. The changes in FHA-backed financing have many homebuyers seeking an alternative and the Fannie Mae’s My Community Mortgage Program is the answer. FNMA is also flexible on the source of down payment. It can be the borrower’s cash on hand, gift from a relative, or even from the employer. However, the one and primary restriction with the My Community program is that it does carry income limits, meaning that buyers must fall within these limits in order to be eligible and qualify for this program. The chart below shows the difference in the monthly mortgage insurance between the three mortgage loan products and the monthly mortgage payment.

Example: 30 Years Fixed, $200,000 loan amount, 95% LTV, 650-699 FICO
 
 MCM w/BPMIConv w/ BPMI FHA
Rate/APR:4.125%/4.265%4.375% / 4.516%3.75% / 5.635%
P&I:$965.98$994.94$954.83
Taxes (1.5%):$250.00$250.00$250.00
Insurance (.5%):$83.33$83.33$83.33
Monthly M.I.:$123.33$191.66$225.00
Total payment:$1,426.77$1,524.31$1,513.16



Your FHA Alternative
  • As little as 5% down payment, however their will be a 3% down payment option before the year ends.
  • Credit scores as low as 640
  • Owner occupied 1-4 Units, Condos, and PUDs
  • For single family residences, there is no minimum borrower funds contribution (all gift funds are acceptable)
  • No Up Front MI compared to FHA, saving borrowers thousands of dollars
  • Cheaper monthly MI premiums compared to FHA
  • Income limits apply. Brazoria, Fort Bend and Harris counties are $66,600.00
    https://www.fanniemae.com/content/tool/ami-master-data-file.xls
  • Homeownership education course is required for first time home buyers
Why choose Wright Mortgage for your client mortgage needs? Our customers would say that we are fair, transparent, reputable, and a responsible mortgage company who knows how to help people navigate through the mortgage process. Realtors and Wright Mortgage work together without a hitch, and both parties business improves from the process. Website

Pearland Home Loan | Family Owned* Locally Operated* We Close The WRIGHT Loans!

Pearland Home Loan | Family Owned* Locally Operated* We Close The WRIGHT Loans!

Thursday, October 9, 2014

The Best Interest Rates in Town

Wright Mortgage is a locally owned and operated mortgage company. We know that each customer has specific needs, so we strive to meet those needs with a wide array of services. Wright Mortgage specializes in acquiring low interest rates and closing costs possible for each client. The biggest advantage of using Wright Mortgage is that we give your clients more options; we will review your client's financial situation (credit rating, income, debt) and will quickly find the best interest rate and loan term for your client. Wright Mortgage has regular contacts with a wide variety of lenders. We pride ourselves to give your clients the best interest rates and providing them with credit to help play for some of your client's closing cost. Neither Banks nor Mortgage Bankers will do that for your clients!
Relationships
image two
Relationships are at the core of our business. Realtors and Wright Mortgage work together without a hitch, and both parties business improves from the process. Wright Mortgage is a professional and dependable company who takes getting your clients Approved and on time closing a priority. Communication is always the foundation to any relationship. Communication is key to preparing your customer of possible delays or issues that may arise during the loan process. Properly informing real estate agents and clients throughout the loan process should allow all parties to properly prepare for unexpected issues that may arise.


Why choose Wright Mortgage for your client mortgage needs? Our customers would say that we are fair, transparent, reputable, and a responsible mortgage company who knows how to help people navigate through the mortgage process.


Pearland Home Loan | Family Owned* Locally Operated* We Close The WRIGHT Loans!

Pearland Home Loan | Family Owned* Locally Operated* We Close The WRIGHT Loans!

Tuesday, August 19, 2014

Missouri City Real Estate - Missouri City, TX Homes for Sale - realtor.com®

Missouri City Real Estate - Missouri City, TX Homes for Sale - realtor.com®

Missouri City, TX - Official Website

Missouri City, TX - Official Website

Wright Mortgage Services

Wright Mortgage Services

Why choose Wright Mortgage for your client mortgage needs? Our customers would say that we are fair, transparent, reputable, and a responsible mortgage company who knows how to help people navigate through the mortgage process. I have been in the mortgage industry more than 15 years we are efficient, knowledgeable and have the best interest rates. We just make it the Wright Way. Here are just a few of our mortgage products:


New Down Payment Assistance Program!

Wright Mortgage has a new program that provides up to 3% in down payment assistance, in the form of a non-repayable grant for FHA, VA and USDA 30-year fixed mortgage only. There is no repayment associated with this down payment assistance program. The grant program may be applied against the borrower's down payment, closing costs and prepaids. This is a regular FHA mortgage but a new down payment assistance program. The mortgage must be an owner-occupied home and the borrower must not own any rental property.

TBD Approvals

Wright Mortgage offers an innovative new mortgage program to homebuyers before they find their home! With TBD Approvals, buyers have the confidence that they have already been approved for their mortgage which means their buying power is improved. Sellers know the mortgage process has been completed so there is no worry that the sale won't close. Buyers can negotiate a good purchase price because they know they can close quicker than with a traditional process and they can offer the seller an assured closing

FHA

Borrowers will now be required to have a minimum FICO rating of 580 to qualify for FHA's 3.5% down payment program. Borrowers with less than a 580 FICO rating will be required to put down at least 10%.

- 1 FICO credit rating ok
- Credit Rating of 500-579- max 90%LTV
- No trade-line requirements.
- The down payment can be a gift from a relative

Missouri City, TX Homes for Sale & Real Estate | Homes.com

Missouri City, TX Homes for Sale & Real Estate | Homes.com

Missouri City TX Homes For Sale & Missouri City Real Estate - Zillow

Missouri City TX Homes For Sale & Missouri City Real Estate - Zillow

Monday, July 28, 2014

Wright Mortgage or A Bank?

Wright Mortgage or A Bank?

Wright Mortgage is a locally owned and operated mortgage company. We know that each customer has specific needs, so we strive to meet those needs with a wide array of services. Why should your client use Wright Mortgage than a bank?
A bank has only one set of underwriting guidelines and not many mortgage programs. With a bank you are accepted, declined or counter-offered on your client’s mortgage application. Wright Mortgage will send your loan to different lenders, if your client is turned down or declined. Wright Mortgage has regular contacts with a wide variety of lenders. As a mortgage broker, we communicate to several lenders, who have different mortgage programs. One of these programs could be the perfect fit for your client’s financial situation.
Neighborhood retail banks usually offer only a few loan programs. Many lenders may not have a perfect loan program for a client with a particular situation, rather than sending the client to another bank with the right mortgage program, bank loan officers would sell the next best loan that the bank has to offer which may not be a good loan for the client at all. This is the primary advantage of working with Wright Mortgage, you always have choices. You’ll have more mortgagee options and programs to choose from and will be able to choose from a pool of lenders —sometimes dozens of them. Another advantage of using a mortgage broker is that they often specialize in “niche” products and programs such as FHA and VA loans that can be accepted with low credit rating.
One other major difference is that mortgage brokers must disclose all of their compensation to their borrowers. This includes any monies paid to them by the investor. Banks do not have this requirement.
Pros of Working with Wright Mortgage
  • Wright Mortgage does all the legwork for you, working on your client behalf with the lender.
  • Wholesale interest rates are lower than retail (bank) interest rates.
  • Your client gets more loan options because Wright Mortgage works with numerous banks and lenders.
  • Wright Mortgage can finance tricky deals because of their knowledge and various lending partners.
  • Are typically easier to get in contact with Wright Mortgage, less bureaucratic.
  • Lender Credit to help with your Client’s Closing Cost.

Tuesday, July 22, 2014

Wednesday, July 9, 2014

Homes for Sale Missouri City TX | Missouri City Real Estate | Homes & Land®

Homes for Sale Missouri City TX | Missouri City Real Estate | Homes & Land®

New Homes Missouri City, Search for Missouri City New Houses | NewHomeSource

New Homes Missouri City, Search for Missouri City New Houses | NewHomeSource

Missouri City TX Mortgage Rates - Find the Best Home Loan | Zillow

Missouri City TX Mortgage Rates - Find the Best Home Loan | Zillow

Missouri City Mortgage Web

http://www.missouricitymortgage.web-loans.com/

Missouri City Real Estate - Missouri City, TX Homes for Sale - realtor.com®

Missouri City Real Estate - Missouri City, TX Homes for Sale - realtor.com®

Missouri City Homes For Sale :: Missouri City, TX Real Estate :: Homesnap

Missouri City Homes For Sale :: Missouri City, TX Real Estate :: Homesnap

Missouri City, TX real estate overview - Trulia.com

Missouri City, TX real estate overview - Trulia.com

PearlandHomeLoan

PearlandHomeLoan

Saturday, July 5, 2014

Down Payment Assistance Program

~Wright Mortgage is a locally owned and operated mortgage company. We know that each customer has specific needs, so we strive to meet those needs with a wide array of services. Wright Mortgage has a new program that provides up to 3% in down payment assistance, in the form of a non-repayable grant for FHA, VA and USDA 30-year fixed mortgage loan only. The interest rate for this program is always 4.875%, and it is a 30 year fixed loan. The buyer take a home buying seminar class online after being approved, also there are no strings attached to this program. This is a great program! The buyer only pays 0.5% and the 3% comes from a down payment assistance program. There are no concerns if the down payment will be there or if the funds are out. The lender send their own money when we receive the clear-to-close for your client. The borrower must have good credit, a owner occupied property and the household cannot make more than $76,400.00 a year in Harris and Fort Bend Counties.
Program Highlights
  • Minimum 0.50% from the borrowers own funds cannot be gifted.
  • Minimum 640 FICO .
  • DTI not to exceed 45%.
  • Income limits restrictions
  • Not limited to first time home buyers.
  • Home price cannot exceed $250,200
Family Owned* Locally Operated* We Close The WRIGHT Loans!

The Best Interest Rates in Town

Wright Mortgage is a locally owned and operated mortgage company. We know that each customer has specific needs, so we strive to meet those needs with a wide array of services. Wright Mortgage specializes in acquiring low interest rates and closing costs possible for each clients. The biggest advantage of using Wright Mortgage is that we give your clients more options, we will review your client’s financial situation(credit rating, income, debt) and will quickly find the best interest rate and loan term for your client. Wright Mortgage has regular contacts with a wide variety of lenders. As a mortgage broker, we communicate to several lenders, who have different mortgage programs. One of these programs could be the perfect fit for your client’s financial situation.
Wholesale or Retail rates?
image two
If your client goes to a bank or credit union, they would recieve a retail interest rate which is often higher than the wholesale rate from a mortgage broker. Also, your client has the availability to receive lender credit(extra money) to pay for their closing cost if you use a mortgage broker.Wright Mortgage offers competitive mortgage rates and closing costs for each client
Our website is the quick and easy place to get your client started toward qualifying and applying for a home loan.