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Consumer Information

In an effort to keep home buyers as informed as possible, the Texas Mortgage Bankers Association has developed a list of answers to frequently asked questions consumers have about closing on a mortgage and a section for helpful consumer links.

Mortgage Bankers Association‏ @MBAMortgage 
Are you, or do you know, a homeowner impacted by #HarveyFlood? Click here for a resource.


Please be advised that the Texas Mortgage Bankers Association cannot and does not give legal advice. The following list of questions and answers is meant as general information only and is not intended as specific legal advice. You will want to consult an attorney for legal advice specific to your case or circumstances.

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Things To Consider When Shopping or A Loan
  1. How long has the company you are dealing with been in business? Do they have a good track record?
  2. Are you doing business with a mortgage lender or a mortgage broker? Fee structures may vary - ask!
  3. Generally the real estate agent or broker represents the seller and not the buyer. However, you can hire your own real estate broker, a buyer's broker, to represent your interests.
  4. How many offices or branches does the institution have? Do they service their own loans or outsource the service?
  5. Who are the principals (owners) of the organization?
  6. Shop around for interest rates. Determine what is to your financial advantage concerning interest rates, discount points and payment schedules.
  7. Know your credit history. Don't be caught by any surprises. Order a report and clean up your credit as part of the process of buying a home.
  8. Be prepared to demonstrate your financial responsibility.
  9. Know your debt to income ratio. Will a mortgage over-extend you?
  10. Seek out institutions whose names you know and trust. Be cautious of an organization that cannot provide you with satisfactory information about themselves, their fees and what you should expect in the process of obtaining a home loan.
  11. The U.S. Department of Housing and Urban Development provides a free brochure on buying a home. Contact them at 888/466-3487
  12. The Federal Reserve Board has announced the launch of an online resource to help consumers make informed choices when refinancing a home loan. "A consumer's Guide to Mortgage Refinancing", contains useful tips and answers to frequently asked questions about the refinancing process.
Frequently Ask Questions
FAQ Mortgage Questions (from the CFPB website)
What happens after I apply for a mortgage loan? What's private mortgage insurance? Search or browse for answers to these and other common questions on the CFPB website.

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