Capital Home Mortgage McAllen

McAllen Home Loans

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Mcallen Mortgage Lender

Home Loans In McAllen, Texas

Welcome to Capital Home Mortgage McAllen. McAllen is the largest city in Hidalgo County and the 21st-most populous city in Texas. Located along the southern tip of the Rio Grande Valley, the cost of living, growth, affordability and amenities make it a top alternative in the US among many first-time homebuyers for its appealing real estate scene.  It’s easy to get wrapped up in the excitement of buying a new home. But while this is a huge milestone that deserves to be celebrated, it is crucial to be realistic about what you can afford, especially in today’s competitive real estate market. The first thing you need to do when buying a home is to set a budget. You don’t want to waste time and energy looking at houses only to find out you can afford them. 

How Much Can I Afford To Spend On A Home?

The amount of a mortgage you are eligible for determines how much debt a lender believes you can take on. But there are ways to determine how much you can afford even before speaking with a lender.

Home Mortgage Calculator

Mortgage calculators give you an idea of the price of the property you can afford based on your current financial status or how much cash you need for your down payment and closing costs of the home you wish to purchase. Using a mortgage calculator is a straightforward process. You must enter the required details such as location, income, total debts, and down payment amount. The calculator will take all this information to provide you with an estimate of the loan size you’re likely to get approved for.

The 36/45 Rule

Lenders use your debt-to-income ratio to determine how much additional debt a borrower can take. If debt payments already take up a large chunk of your salary, you may be denied a mortgage or required to put in a higher down payment. According to the 36/45 rule, your housing expenses (monthly home loan payments, homeowner’s insurance. and any applicable real estate taxes) should not exceed 36 percent of your gross monthly income. Moreover, the sum of all your debts (mortgage payments, car payments, student loans, credit cards, and other lines of credit) should be at most 45 percent of your gross monthly income.  Some lenders allow for a higher housing expense and DTI ratio for government-guaranteed and certain conventional loans, but this usually means higher down payment and interest rates.

Other Factors Affecting The Amount Of Your Mortgage

DTI and housing expense ratios significantly affect the mortgage qualification process. Still, your monthly mortgage payments and the amount you can afford are also affected by other factors. Here are some other factors to keep in mind before deciding to purchase a new home:

     1. Size Of Down Payment

There’s a misconception that you must put down 20% of the buying price as a down payment for a home. The truth is;  it’s possible to obtain a mortgage with as low as a 3 percent down payment for conventional loans guaranteed by Freddie Mac or Fannie Mae. However, a low down payment usually means higher interest rates and monthly payments. You will also have to pay for PMI or private mortgage insurance if you put down less than 20 percent. These additional expenses will cost you tens of thousands of dollars over the loan term.

     2. Term Of Mortgage

The mortgage term is the amount of time you have to pay back the money you borrowed from the bank or lender. Loan terms of 15 and 30 years are the most common; however, other options are available. After you close your home loan, your mortgage payments will likely be an enormous debt you’ll have to pay each month. Longer mortgage terms may mean lower monthly payments, but you will pay more by the end of your loan.

     3. Type Of Interest Rate

Mortgage rates are determined by your lender, depending on your credit score and other factors. They can either be a fixed rate or an adjustable-rate mortgage, which means they can stay the same over the life of the loan or change according to the state of the market. Even a slight difference in interest rates could mean hundreds or even thousands of dollars difference in interest paid over the life of the loan. 

McAllen, Texas Mortgage Lender

Homebuyers must shop and compare lenders because while loan requirements are the same, interest rates can vary from one mortgage lender to another. Are you planning to buy a home in McAllen, TX? Go no further than Capital Home Mortgage. As one of the leading mortgage lenders in Texas,  Capital Home Mortgage has an underwriting policy that can be customized to meet the needs of each borrower. We pride ourselves on offering excellent customer service, competitive interest rates, and fees for on-time closings. Whether you’re looking to buy your first home or an investment residential property, we can make it happen for you!

Your Best Choice For Texas Home Loans

Capital Home Mortgage has the unique advantage and resources to make your homeownership dreams come true.  As a direct mortgage lender in McAllen, TX, we control the mortgage process from beginning to end. From loan applications and approval to underwriting and funding, we can help you expedite the whole thing so that you can move into your new home sooner. If you want to learn more about our services or mortgage options, call us at 956-307-3422 or use the contact information on this page.
Why Mcallen HomeBuyers are Choosing Capital Home Mortgage
Close On Time

Complete Control from Application to Funding

Low Rates & Low Fees

Direct Lender with Competitive Rates & Low Fees

Exceptional Service

7  Day a Week Support Application to Final Payment

McAllen Mortgage Rates

Have you ever wondered why interests rates are what they are and what determines the final rate?  Why borrowers receive different interest rates? Or why rates go up and down?  Interest Rates are calculated using several factors.

  • Demand for mortgage Securities
  • Property securing the mortgage
  • occupancy of the property
  • Loan to value of the property
  • Borrower’s credit worthiness
McAllen Mortgage Programs

MCALLEN Home Purchase

Thinking of Buying a McAllen Home?

Looking to Purchase a Home? We have the loan program for you… Call today to speak with a loan officer to discuss your personal mortgage options.

  • Primary, Secondary, Investment
  • FHA, VA, USDA, Native American
  • Conventional, Jumbo, Non QM
  • Reverse, Renovation, Manufactured

MCALLEN renovation home loans

Looking to Rehab a McAllen Home?

Want the Charm of an Older Neighborhood? But want a new place or a fresh look? Why not look at a renovation loan?  Purchase the Perfect Home and make it your own. Call today.

  • Remodel, Renovate or Repairs
  • FHA 203K Streamline or full
  • fannie mae homestyle reno
  • freddie mac home choice reno

McAllen FHA Home Loans

Great for 1st Time McAllen Homebuyers

FHA Home Loans are great for first time home buyers, buyers with less than perfect credit, or buyers needing less out of pocket.   Call today to get started.

  • Smaller Down Payment
  • Flexible Underwriting
  • Higher Debt to Income Ratios
  • Lower Credit Scores OK

McAllen VA Home Loans

100% Financing for McAllen Veterans

Proudly Serving Active Duty servicemen and women, as well as, retired and disabled veterans. Call today to speak with a VA loan officer.

  • Simply Qualifying for Veterans
  • No Down Payments Requirements
  • Lower Credit Scores Accepted
  • Manual Underwriting Allowed

McAllen Conventional Home Loans

Flexibility for McAllen Homebuyers

Conventional Home Loans are the best option for flexibility of property types and for mortgage loan terms. Call today to get speak to a Loan Officer.

  • Primary, 2nd Home, Investment
  • Great Rates & Low Fees 
  • Single Family and Multi-Family
  • Renovation Loan Programs

McAllen Jumbo Home Loans

McAllen Non Conforming Loans

Jumbo Home Loans also called Non Conforming Home Loans are great options for buyers needing financing outside of agency limits.  Call today to speak to a loan officer.

  • Primary Residence and 2nd Homes
  • Higher Loan Amounts – 3 Million
  • Great Interest Rates
  • Investor Specific Guidelines

Mcallen USDA Home Loans

100% Rural Lubbock Home Loans

USDA Loans are a great option for families wanting to live outside of the city.  Call today to speak with a loan officer to discuss your personal loan options.

  • Rural Properties Only
  • Primary Residence Only
  • Geographic Restrictions
  • Income REstrictions

MCAllen Native American Home Loans

Lubbock HUD 184 Home Loans

HUD 184 Home Loans are solely for Native American and offer a variety of benefits.  Call today to speak with a loan officer to find out more.

  • Primary Residence Only
  • Manual Underwriting for All Loans
  • No Credit Score Requirements
  • Tribal Grants Allowed

McAllen Manufactured Home Loans

Great Alternative McAllen Housing

McAllen reverse mortgages

Your McAllen Home at Work

Reverse Mortgage Loans offer seniors options to use their home’s equity for cash or to eliminate payments. Call today to get speak to a Reverse Loan Officer.

  • primary residence only
  • simple qualifying – equity based
  • credit scores not applicable
  • Minimum age 62

McAllen Non QM Home Loans

Making McAllen Mortgages Possible

Looking for Non Traditional Home Mortgage Loan?  Contact a Loan Officer Today to discuss the alternative mortgage options currently available.

  • Purchase, Rate and Term & Cash-out
  • Primary, Secondary and Investment
  • Full Doc & Bank Statements Programs
  • Corporations OK

McAllen One Time Close Home Loans

Build Your McAllen Dream Home

Want to Build? But unsure of what the future looks like? Remove the risk with a One Time Close Construction Loan.  Call today to see how a OTC loan works.

  • Primary Residence Only
  • Close Once
  • Lock Rate at Contract
  • Traditional Final Mortgage

McAllen Refinance Mortgage Loans

McAllen Rate & Term Refinance

Refinancing can be a hard decision and the payback can sometimes be confusing.  Call today and let our Loan Officers walk you through the process.

  • Reduce Mortgage Term
  • Lower Monthly Payments
  • Appraisal Waivers
  • Streamline Options Available

McAllen Cash-out Home mortgages

McAllen Equity Mortgage Loans

Cash-Out Mortgage Loans make use of the equity in your home by allowing you to refinance the current mortgage and access this equity to use as you see fit.

  • Debt Consolidation
  • Investment Opportunities
  • Home Improvement
  • Vacation or Education

McAllen Texas Mortgage Team

Dale Gremillion

Sr Loan Officer
NMLS #210325

Conor Hayhurst

Branch Manager
NMLS #743506

Sam Klaburner

Sr Loan Officer
NMLS #140132

McAllen Mortgage Company Reviews

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