Pre-Qualify

Eagle Home Loans will gladly provide qualified applicants with a pre-qualification or pre-approval letter to share with your realtor.


Why?

In today’s competetive market, a pre-qualification letter that accompanies your purchase contract provides an additional layer of confidence to the seller that you are a solid buyer.

Types of Loans

Conventional Loan
This is the most commonly used type and usually has the best rates.  You’ll typically need at least 5% for a down payment and good credit. First time buyers are eligible for 3% down. Common terms are for 15 or 30 years. Ask us about other terms available.
FHA Loan
Thought of as the first time home loan program but actually available to anyone. Not all lenders can offer them. The down payment is only 3.5% and is more forgiving of lower credit scores. The interest rates are not as attractive as Conventional, but qualifying for the loan isn’t as tough either.
USDA Rural Housing Loan
Zero down payment loan for qualified applicants. This USDA Mortgage Loan can only be used in designated areas & towns, but their definition of rural may be more flexible than you think.
VA Loan
Zero down payment loan, but you must be a veteran.  No PMI.

PMI or Mortgage Insurance

Alright, this isn’t a loan type, but you need to know about it! if you put less than 20% down on a home, mortgage insurance protects your lender in case you quit making payments. The cost varies by type of loan. Together, we will discuss the difference in cost as this may help determine the best loan type for your needs. Mortgage insurance may be a tax write-off depending on your income level, due to a recent change in the tax laws. Also, once you believe you have at least 20% equity, you should contact your lender to find out about getting rid of Mortage Insurance, also known as PMI.

Fixed Vs. Adjustable Rate

As a borrower, one of your first choices is whether you want a fixed-rate or an adjustable-rate mortgage loan. All loans fit into one of these two categories, or a combination “hybrid” category. Here’s the primary difference between the two types:

Fixed Rate
Fixed-rate mortgage loans have the same interest rate for the entire repayment term. Because of this, the size of your monthly payment will stay the same, month after month, and year after year. It will never change. This is true even for long-term financing options, such as the 30-year fixed-rate loan. It has the same interest rate, and the same monthly payment, for the entire term.
Adjustable-Rate
Adjustable-rate mortgage loans (ARMs) have an interest rate that will change or “adjust” from time to time. Typically, the rate on an ARM will change every year after an initial period of remaining fixed. It is therefore referred to as a “hybrid” product. A hybrid ARM loan is one that starts off with a fixed or unchanging interest rate, before switching over to an adjustable rate. For instance, the 5/1 ARM loan carries a fixed rate of interest for the first five years, after which it begins to adjust every one year, or annually. That’s what the 5 and the 1 signify in the name.
Adjustable Rate Mortgage (ARM)

What is an ARM or Adjustable Rate Mortgage? These have rates that start out lower than the current rates, but can change after one, three, or five years – usually upward! Contact us, we will discuss if this type of a loan is the right fit for you.

What is a 5/1 ARM?
A popular “hybrid” ARM is the 5/1 ARM, which carries a fixed rate for five years, then adjusts annually for the life of the loan.

What is a 5/5 ARM?
In the case of a 5/5 ARM, the rate is fixed for the first five years, and can change down or up only once every five years thereafter until the end of the loan.

What is a 3/3 ARM?
A 3/3 ARM has a fixed rate for the first three years and then adjusts every three years.

As you might imagine, both of these types of mortgages have certain pros and cons associated with them. Here they are in a nutshell: The ARM loan starts off with a lower rate than the fixed type of loan, but it has the uncertainty of adjustments later on. With an adjustable mortgage product, the rate and monthly payments can rise over time. The primary benefit of a fixed loan is that the rate and monthly payments never change. But you will pay for that stability through higher interest charges, when compared to the initial rate of an ARM. 

New Construction

Apply Now with Eagle Home Loans for your construction loan

and when it’s complete, we can do your permanent mortgage too. 

APPLY NOW

UNIQUE

We believe this is a unique combination and are not aware of another mortgage broker that offers both in-house construction financing and permanent financing.
Start the Process

TODAY!

Contact Jon Jacobs
Email

Company NMLS #1596089

Texas Recovery Fund Notice – Figure 7 TAC §80.200(b)

“CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.”