"...we won't purchase again without you." -Eric D. Experience the personal difference today!
Products & Services
Home
Learning Center
Tools
Apply Now
Office Locations
Our Partners
About TLP
Get Started:
By Phone:
Office Locations
Online:
Employee Login
Learning Center
Getting a mortgage is not only mentally taxing but can be very emotional as well. You want to cover all your bases but you’re committing to a property and a loan that you have to live with for some time. We are here to make your journey easier. You are welcome to learn at your convenience from all of our online reading materials but don’t forget that we are available to answer any question that you have about your mortgage search.
You can reach us anytime by clicking the send message button at the top.
There is more to your mortgage payment than just interest.
P – Principal
- The original amount of the money borrowed from a lender.
I – Interest
- A fee charged for borrowing money.
T – Taxes
- Property taxes paid to your local government.
I – Insurance
- Home owners insurance on your property.
Check out our Payment Calculator , and see how much your "Real" payments would be.
These are your standard mortgage types:
Fixed
- Fixed mortgages have a fixed term (like 15 or 30 years) and a fixed interest rate. The interest rate and term are fixed over the course of the mortgage and your monthly payment for the payment of principal and interest will not change during the term of the mortgage. Taxes and insurance can change so this may affect your total payment during the life of your loan.
Adjustable
- An ARM (Adjustable Rate Mortgage) has an interest rate that will be adjusted up or down according to current interest rate levels. The monthly amount for your principal and interest payment will go up or down based on these interest rate changes.
The single most asked question we get is "How much do I need to put down?"
Many people believe that they need to put down 10 percent or even 20 percent for their down payment and that’s no longer true. There are many lenders that have loan programs that require 5 percent or less, including zero down. Way back when, the only zero down loans were from the Veterans Administration but fortunately those days are gone. If you think that you have to pay rent until you save up a 10 or 20 percent down payment, check with us. You’ll be pleasantly surprised.
It's nice knowing how much home you can get before you start looking.
You will want to get pre-qualified during your mortgage search. Prequalification isn’t binding but rather it gives you a ballpark idea of what you can afford. The lender analyzes your income, debt and credit history to estimate your maximum loan amount. Combine that with the money you have for a down payment and you have your maximum home price.
Peace of mind and the leverage needed when negotiating.
Knowing exactly what you can borrow. You will have an accurate commitment from your lender for the amount you can borrow. Credit problem solving. You will know now, instead of while your offer is being evaluated by the buyer if you have any credit issues to be dealt with. Stronger negotiating position. Sellers love preapproved buyers. They know your offer will not fall through and will treat you like the proverbial bird in the hand. This can help you negotiate a better price.
Home | Learning Center | Tools | Apply Now | Office Locations | Our Partners | About TLP
Equal Housing Lender. © 2008 The Lending Partners, LTD. Trade/service marks are the property of The Lending Partners, LTD. or their respective affiliates and/or its subsidiaries. All rights reserved. Products and services are only available in Texas. This is not a commitment to lend. Restrictions apply. The Lending Partners, LTD. is licensed mortgage banker (License # MB-44699) by the Texas Department of Savings and Mortgage Lending.