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

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/BPMI Conv 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!