Tag Archives: lenders

In and Around Victoria #27 – 2013 Home Product Show

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home show

The 2013 Home Product Show is this next weekend March 23 and 24 at the Victoria Community Center. The show starts Saturday, March 23 and runs from 10 AM-5 Pm and again on Sunday from 12 PM-5 PM. Tickets cost $5 for adults and $3 for students. Check out the list of vendors. You’ll find more information at the Builder Association of Victoria website.

In and Around Victoria highlights places to go, things to see, and local area restaurants. The posts are in no particular order or ranking. Let us know if you have a local area attraction that you’d like to see highlighted in the blog. Post a comment or give us a call 361-433-0520.

If you would like Rick and Sharon to meet with you to discuss buying or selling a home please call 361-433-0520. Or email rick@gcrtx.com or sharon@gcrtx.com. Ask about our Educator Incentive Program. Try our Property Search to find houses with up-to-date information. Like us on Facebook!

Credit Score

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Your credit score is mainly based on the credit report information from the three main credit bureaus: Experian, TransUnion, and Equifax. A credit score is a number based on data from a person’s credit history and signifies the creditworthiness of that person. Lenders use credit scores to decide who qualifies for a loan. The credit score also is a determining factor in what interest rate is offered by the lender.

You are entitled to one free credit report each 12-month period from each of the three credit bureaus. However, your credit score is usually obtained for a fee.

If you would like Rick and Sharon to meet with you to discuss buying or selling a home please call 361-433-0520. Or email rick@gcrtx.com or sharon@gcrtx.com. Ask about our Educator Incentive Program. Try our Property Search to find houses with up-to-date information. Like us on Facebook!

Mortgage Escrow Account

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A mortgage escrow account concerns the homeowner and the lender. Part of the mortgage loan agreement is for the homeowner to pay their property taxes on time and to purchase homeowners insurance. Your monthly mortgage payment includes principal, interest, taxes and insurance. Each month you are setting aside, or escrowing, the funds your lender will use to pay your yearly taxes and home insurance when due. An escrow account gives added assurance to your lender that your taxes and insurance will be paid on time. As the homeowner, an escrow account provides a way for you to set aside a little each month, as part of your mortgage payment, instead of having to come up with a large amount of money when taxes and insurance are due.

If you would like Rick and Sharon to meet with you to discuss buying or selling a home please call 361-433-0520. Or email rick@gcrtx.com or sharon@gcrtx.com. Ask about our Educator Incentive Program. Try our Property Search to find houses with up-to-date information.

Closing Costs

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Closing costs are the fees required to set up your loan and to legally process your home purchase and are part of your costs at closing in addition to your down payment. Closing costs average 3-4% of the price of your home. Closing costs include but might not be limited to:

  • Costs to originate your loan and process your file
  • Lender fees to underwrite your loan
  • Title company fees
  • Property tax and homeowner’s insurance for escrow
  • Appraisal fee
  • County fees to record the deed
  • Other miscellaneous fees

You should talk with your lender and ask for a ‘good faith estimate’ and then you’ll have a clearer idea of your total closing costs.

If you would like Rick and Sharon to meet with you to discuss buying or selling a home please call 361-433-0520. Or email rick@gcrtx.com or sharon@gcrtx.com. Ask about our Educator Incentive Program. Try our Property Search to find houses with up-to-date information.

Debt to Income Ratio

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Your lender will look at what’s called the ‘debt to income’ ratio when deciding on whether or not you qualify for a mortgage. A debt to income ratio is the percentage of your monthly income that you spend on your debt. Your debt includes credit cards, car payments, student loans, installment payments, and your monthly housing costs including the principal, interest taxes and insurance.

Your debt does influence your purchase price and your lender will have its own guidelines as to what it believes you can afford. So, if you want to buy a house and you want to buy a car, wait! Make sure you can qualify for your home loan, then buy your house, and then buy your car!

If you would like Rick and Sharon to meet with you to discuss buying or selling a home please call 361-433-0520. Or email rick@gcrtx.com or sharon@gcrtx.com. Ask about our Educator Incentive Program. Try our Property Search with up-to-date information.