Loan Services
HOME LOAN SERVICES
Start the Process of Buying Your Home
One of the first criteria for beginning the home search is to reach out to a knowledgeable, trustworthy loan specialist. A loan officer who is familiar with the many types of home loans available can help identify the mortgage that meets your needs. With the help of Sue Schmidt and a professional loan officer, you can trust that your offer will outshine the competition.
Looking for a reputable loan officer? Consider Russ Rockwell. Whether it was the double-digital inflation field rates of the 1980s, the extremely low rates of the 2000s, or the ever-changing real estate market of today, Republic State Mortgage has remained a loyal partner to Sue Schmidt’s clients.
- Russ Rockwell
- 713-416-2111 (Direct Line)
We’ll Find You The Perfect Space
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What will your monthly payment be?
Use our online mortgage calculator to estimate the monthly mortgage payment of your next home in Houston.
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The Home Loan Process
Pre-Approval – The lender gathers information about your income and obligations to determine what type of mortgage you can qualify for.
Application – Once you find a property, you will complete a mortgage application and supply all required documents. The loan officer will deliver a Good Faith Estimate (GFE) and Truth-In-Lending Disclosure (TIL) with all of the estimated costs for the mortgage loan.
Processing & Underwriting – The application with all of the necessary documents will be sent to an automated underwriting system to review credit reports, employment, debts, and payment history. The lender’s underwriter will determine whether the entire application package meets the lender’s requirements. Once approved, you will receive final approval to close the loan.
Closing – Once all of the paperwork has been signed at closing, the lender will “fund” the loan to the closing agent, who is responsible for disbursing the funds to all of the necessary parties.
What are the most common types of home loans?
Fixed-rate mortgages
These mortgage loans give borrowers a set interest rate for a set period of years, usually 15 or 30 years. These include conventional, FHA, VA, and USDA home loans.
Adjustable-rate mortgages
These home loans have a set interest rate until after a certain number of years, and then the interest rate can increase or decrease in increments over the life of the loan.
Stated or bank statement loans
A Bank Statement Loan program is a loan option for eligible self-employed borrowers to purchase or refinance a home. This program allows personal or business bank statements to calculate income without requiring tax returns. Two years of self-employment history is required.
Paperwork Needed for Loan Application
If you are preparing to apply for a mortgage loan, it’s important to gather all of the necessary documents for the application.
Required paperwork often includes:
- Social Security numbers for both you and any co-borrowers
- Checking and savings account statements for the past two months
- Evidence of any other assets such as bonds, stocks, or money saved in retirement programs (i.e. 401k or 403b program)
- Recent paycheck stubs
- W-2 withholding forms, or income tax returns for the past two years to verify your income and proof of employment
- Residence history for the past two years
- Sales contract for the purchase of a new home
- Homeowner’s association contact information if the property is a condo or part of a homeowner’s association