Address: 3608 Preston Rd #200 Plano, TX 75093
See information on the Loan Programs that we can provide
Loan programs provide a range of options tailored to specific borrowing needs. They include conventional loans, government-backed loans like FHA and VA, as well as specialized programs like jumbo and USDA loans. Each program has unique requirements and benefits, catering to diverse borrower situations.
A buydown mortgage loan is a type of mortgage where the interest rate is temporarily reduced for the first few years of the loan. It typically starts with a reduced rate in the first year, followed by slightly higher rates in the second and third years. After this initial period, the interest rate stabilizes at the regular rate for the remainder of the loan term. This buydown structure allows borrowers to enjoy lower monthly payments at the beginning of the loan, providing some financial flexibility during the initial years of homeownership.
Home Equity Loans
A Home Equity mortgage loan, also known as a home equity line of credit (HELOC), allows homeowners to borrow against the equity they have built in their property. It provides a revolving line of credit that can be accessed as needed, similar to a credit card. The loan amount is based on the difference between the home's market value and the outstanding mortgage balance. Homeowners can use the funds from a Home Equity loan for various purposes, such as home improvements, debt consolidation, or other financial needs. Interest rates on Home Equity loans are often lower than other forms of credit since the loan is secured by the home.
Conventional Fixed Rate Mortgages (FRM)
A conventional fixed rate mortgage is a popular type of home loan where the interest rate remains constant throughout the entire loan term. Borrowers make regular monthly payments that include both principal and interest, resulting in predictable and stable payments over time. Conventional fixed rate mortgages typically require a down payment and have various term options, such as 15 or 30 years, allowing borrowers to choose a repayment timeline that suits their financial goals.
Adjustable Rate Mortgages (ARM)
Adjustable Rate Mortgages (ARMs) are home loans with interest rates that can fluctuate over time. The initial interest rate is typically lower than that of a fixed rate mortgage, but it can adjust periodically based on market conditions. ARMs have specific adjustment intervals, such as every year or every few years, during which the interest rate can increase or decrease. These mortgages offer flexibility but also involve some level of uncertainty regarding future interest rate changes.
A jumbo loan is a type of mortgage that exceeds the loan limits set by government-sponsored enterprises (GSEs) like Fannie Mae and Freddie Mac. Jumbo loans are used for high-value properties and require larger down payments and higher credit scores compared to conventional loans. They offer financing options for luxury homes or properties in high-cost areas, providing borrowers with the flexibility to purchase or refinance properties that exceed standard loan limits.
Refinance Mortgage Loans
Refinance mortgage loans involve replacing an existing mortgage with a new loan, typically to obtain better loan terms, lower interest rates, or access equity in the home. Homeowners may choose to refinance to reduce monthly payments, shorten the loan term, switch from an adjustable rate to a fixed rate, or consolidate debt. Refinancing can provide financial savings and flexibility, depending on individual circumstances and goals, making it a valuable option for homeowners seeking to optimize their mortgage situation.
FHA Mortgage Loans
FHA (Federal Housing Administration) mortgage loans are government-backed loans designed to assist homebuyers, particularly those with lower credit scores and smaller down payments. These loans are insured by the FHA, allowing lenders to offer more favorable terms and lower requirements. FHA loans offer competitive interest rates, flexible qualification criteria, and down payment options as low as 3.5%. They are popular among first-time homebuyers and individuals with limited financial resources, providing an accessible path to homeownership.
Reverse Mortgage Loans
Reverse mortgage loans enable homeowners aged 62 and older to convert a portion of their home equity into loan proceeds, providing financial flexibility without requiring immediate repayment. It offers seniors the opportunity to access their home equity without selling the property or making monthly mortgage payments. However, careful consideration of the implications and requirements is essential before pursuing a reverse mortgage.
VA Mortgage Loans
A VA (Veterans Affairs) mortgage loan is a home loan program specifically designed for eligible veterans, active-duty service members, and surviving spouses. VA loans offer benefits such as no down payment requirements, lower interest rates, and limited closing costs. They are guaranteed by the Department of Veterans Affairs, allowing lenders to provide favorable terms and easier qualification criteria. VA loans are a valuable resource for military personnel and their families, helping them achieve homeownership with more accessible financing options.
Down Payment Assistance
Down payment assistance loans are special programs that provide financial assistance to homebuyers who need help covering the upfront costs of purchasing a home. These loans typically come with favorable terms, such as low or zero interest rates and deferred payments, making it easier for borrowers to secure a mortgage with a smaller down payment. Down payment assistance loans aim to increase homeownership opportunities, particularly for first-time buyers or individuals with limited funds for a down payment, by reducing the financial barrier to entry.
3608 Preston Rd #200 Plano, TX 75093
Empowering Homeownership, One Mortgage at a Time!
TX Department of Savings and Mortgage Lending and Office of Consumer Credit Commissioner 2601 N. Lamar Boulevard, Suite 201, Austin, TX 78705 512-475-1350 and 2601 N. Lamar Boulevard, Austin, TX 78705, 512-936-7600
CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 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 MORTGAGE BANKER 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
All loans subject to credit approval. Rate and fees subject to change
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