Mortgage & Home Loan
FAQs

Start an application online or call a loan officer. Your loan officer reviews your income, assets and credit, and if you qualify you receive a pre-approval letter, subject to final underwriting and program guidelines.

A pre-approval usually includes a hard credit inquiry, which may lower your score slightly for a short time. Credit scoring models generally count several mortgage inquiries made within a short shopping window as one inquiry.

Pre-approval letters expire, usually after a few months, because the lender needs current credit, income and asset information. If yours lapses, your loan officer can update it with fresh documents.

It depends on your income, monthly debts, down payment, interest rate, property taxes and insurance. Lenders look closely at your debt-to-income ratio, and a mortgage calculator can give you a starting estimate.

We help borrowers compare conventional, FHA, VA, USDA and jumbo loans, plus refinance, reverse mortgage, renovation and home equity options. Your loan officer can explain which programs fit your situation.

FHA loans allow 3.5% down with a 580+ credit score and carry upfront and annual mortgage insurance premiums. Conventional loans allow as little as 3% down for qualified buyers, and their private mortgage insurance can be removed once you build enough equity.

Eligible veterans, active-duty service members and certain surviving spouses may qualify with a Certificate of Eligibility (COE). VA loans usually require no down payment and no PMI, though a VA funding fee usually applies unless you are exempt.

A USDA loan is backed by USDA Rural Development for primary residences in eligible areas, with household income limits. It has upfront and annual guarantee fees.

A jumbo loan is a mortgage above the conforming loan limit set each year by FHFA. Jumbo loans often have stricter credit, reserve and down payment requirements.

A fixed-rate mortgage keeps the same interest rate for the life of the loan, while an adjustable-rate mortgage (ARM) can change after an initial fixed period. Fixed rates suit buyers who want a predictable payment; an ARM may suit buyers who expect to sell or refinance sooner.

It depends on the program: eligible VA and USDA borrowers may put nothing down, conventional loans start at 3% for qualified buyers, and FHA loans start at 3.5% with a 580+ score. Putting 20% down on a conventional loan avoids PMI.

Closing costs are the fees and prepaid items due at closing, such as lender and appraisal fees, title insurance, recording fees and initial escrow deposits for taxes and insurance. Your Loan Estimate lists them within three business days of your application.

Possibly. Texas has state and local down payment assistance programs, and each has its own income limits, eligible areas and rules.

Often, yes. Most loan programs allow seller concessions toward closing costs, up to limits set by each program, and they are negotiated in your purchase contract.

It depends on the loan program. FHA guidelines allow 3.5% down with a 580+ score and 10% down with scores from 500 to 579, while conventional and jumbo loans generally require higher scores. Lenders may also set their own minimums.

Possibly. Programs such as FHA loans are often more flexible about past credit issues, and a loan officer can suggest steps to strengthen your application.

Avoid opening new credit, making large purchases on credit, changing jobs or moving large unexplained deposits until after closing. Any of these can change your approval.

Refinancing may make sense if it lowers your rate or payment, changes your loan term, removes mortgage insurance or lets you tap home equity. Compare the closing costs with your expected savings before you decide.

Your break-even point is how long it takes for monthly savings to repay the refinance closing costs. Divide total closing costs by monthly savings to estimate the number of months.

A Texas cash-out refinance on a homestead falls under Section 50(a)(6) of the Texas Constitution. It is limited to 80% combined loan-to-value, requires a 12-day notice before closing, and you can generally have only one Texas home equity loan closed every 12 months.

A bank offers its own loan products, while a mortgage broker compares programs from several wholesale lenders on your behalf. With HomyLoan you work with one dedicated licensed loan officer from application to closing.

A broker is paid either by the lender or by the borrower, not both, under federal loan originator compensation rules. The compensation is disclosed on your Loan Estimate and Closing Disclosure.

Yes. HomyLoan, LLC is a licensed mortgage broker, Company NMLS 2783307. You can verify any company or loan officer license on NMLS Consumer Access.

No. HomyLoan is a broker and does not service loans, so your payment goes to the loan servicer named on your monthly statement.

Most borrowers need a photo ID, recent pay stubs, W-2s or tax returns, and recent bank statements. Self-employed borrowers usually also provide business tax returns or profit-and-loss statements.

Both are federal disclosures under the TRID rule. You receive a Loan Estimate within three business days of applying and a Closing Disclosure at least three business days before closing, so you can compare your final terms and costs.

The lender's underwriter verifies your income, assets, credit and the appraisal against the loan program's guidelines. If more information is needed, you get a list of conditions to clear before final approval.

An appraisal is an independent estimate of the home's value that confirms the property supports the loan amount. Some programs, such as FHA and VA, also check that the home meets minimum property standards.