Home Buying Tips
We'll Guide You Every Step Of The Way
F&M mortgage lenders will take the time- to personally lead you through the home loan application process. You can meet with one of our F&M mortgage lender in person or one can help you over a phone conversation. You can also apply online and promptly receive a response. Find an F&M mortgage lender and start the journey to buying your new home!
At F&M Mortgage you’ll find a variety of competitive mortgage loans and helpful services to suit your needs. Your F&M mortgage lender will help you determine the right type of loan by explaining payment options and terms. You can also explore special loan programs such as VA, FHA, and THDA home financing programs. We’ll work closely with you to select a mortgage that is a SMART CHOICE for you!
Pre-Qualify For Your Loan ... Then Go House-Hunting
An important step in purchasing a home is determining what you can afford to spend on the monthly mortgage payment. After evaluating your financial situation, you may be pre-qualified with an estimate of a purchase amount. Then you’ll be ready to shop for the homes that are in your price range….saving you time, effort and money. Let F&M pre-qualify your application so that you can shop with confidence when making an offer on a new home.
Once you have found a home your mortgage lender may request additional financial, employment and personal information. Providing complete, accurate information, will result in a faster process, approval and closing of your loan.
The Loan Closing
Before closing day, we’ll give estimates of your closing costs so you can plan your expenses. Closing costs vary depending on financing, but they generally include items such as down payment, appraisal fees, prorated property taxes, insurance, attorney’s fees, and lender’s fees and expenses.
The final stage in the loan process is the Loan Closing. It’s the date on which the title for the property passes from the seller to the buyer… and the day you take legal ownership of your new home!
Types of Loans
Fixed Rate Loans
The fixed rate mortgage is the most common type of mortgage product. In addition to being simple, it provides the peace of mind of a set monthly payment (principle and interest) that do not change over the term of the loan. The loan balance is reduced monthly over the set term of the loan, and there is no prepayment penalty for making additional payments to principle. This is ideal for someone who wants the peace of mind of a set payment, regardless of fluctuations in the financial markets.
Adjustable Rate Loans
Adjustable rate mortgage allow the borrower to take advantage of short term rates, generally resulting in lower initial monthly payments than fixed-rate mortgages. The interest rate resets at the end of the rate term, usually resulting in a lower amount of principle to re-price, or refinance. This is ideal for someone who is interested in qualifying for a larger loan, lower payments, and the ability to save money in the short-term. Borrowers who are comfortable taking on risks or who feel their income will increase to cover possible payment increases often make this choice.
If you're building a home, a construction loan can be an ideal source of cash through the building process. Interest rates are competitive and closing costs are minimal. You won't pay any interest until the funds are used or drawn, giving you a convenient and affordable way to meet ongoing building expenses. And at F&M, we can easily convert your construction loan into permanent financing once your house is ready to be occupied.
Ask About Our HOME EQUITY LOANS! If you own your own home and want to get favorable interest rates and terms. You can get the money you need from either a fixed-rate Home Equity Loan or more flexible Home Equity Line of Credit.
Meet Our Mortgage Team and APPLY ONLINE!
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