Home Loans In Tyler, Texas

Welcome to Capital Home Mortgage Tyler. The city of Tyler is the largest in Northeast Texas. It is the 38th-most populous city in Texas, 292nd in the United States. The real estate market in Tyler is somewhat competitive; home appreciation in Tyler is up 11.8%.

Purchasing a home may appear simple on television, but in reality, it can be an intimidating and time-consuming process.

While a new home is an excellent investment, it’s only natural for homebuyers to have some concerns and reservations; after all, you’re about to make the most significant financial investment of your life. 

The good news is: we’ve prepared a checklist to make you feel more confident as you navigate the home buying process.

Your Home Buying Checklist

1. Set a budget.

Before anything else, you need to figure out how much you can afford. The last thing you want is to fall in love with a property only to discover that it is way beyond your budget. Setting a realistic budget allows you to tackle the home buying process more efficiently. You will not be wasting time on properties beyond your price range.

One of the most important considerations is the DTI or debt-to-income ratio when buying a home. This is the sum of your monthly expenses divided by your gross monthly earnings. Ideally, you should only purchase a home if your DTI is less than 43 percent, which is the limit of most lenders. Also, according to the 36 percent rule, your mortgage payments should not take up more than 36 percent of your gross income.

2. Save for the down payment.

While there are home loan options that allow buyers to put less than 5 percent down payment on a home, making a sizable down payment will save you thousands a lot of money over the life of your mortgage.

If you make a down payment of 20 percent or more, you will be exempt from paying PMI or private mortgage insurance. Moreover, a larger down payment decreases the lender’s risk and lowers the interest rate and monthly payments.

3. Get pre-approved and choose your lender wisely.

Shop for mortgage lenders and get pre-approved before you begin looking at properties. Today’s housing market is very competitive, and sellers will want to know that you can push through with the purchase if they decide to go with your offer.

It’s essential to note that a preapproval letter does not constitute a commitment to a particular lender. Indeed, it is in your best interest to obtain bids from several possible lenders and choose the most beneficial to you.

4. Search for the right property.

This phase can be intimidating for some homebuyers. Even after browsing homes online and visiting them in person, you may still be confused about whether these properties are a good fit for you.  This is why it is wise to consult with and ask for the opinion of your real estate agent.

Your agent can give you sound advice and recommendations on things you may not have considered, such as whether the home is in an ideal location and a good school district for you or how long it has been in the market. The more you learn about the properties, the more likely you’ll make good and well-informed decisions.

5. Prepare for closing.

If the home you wish to purchase passes the inspection, you’ll be ready to close the loan shortly. At this point, you should start putting your finances in order and ensure that you can pay all closing charges.  You’ll also want to avoid making any purchases or financial changes that could hurt your credit score.

On the closing day, you will need proof of identity such as your driver’s license or passport, bring a cashier’s check for the total funds to close. Once everything is signed and sealed, you may now get the keys and start moving to your new home!

Tyler, Texas Mortgage Lender

Capital Home Mortgage is a full-service mortgage lender offering a broad range of mortgage products. As a direct Tyler mortgage lender, we have complete control over the lending process from start to finish. This means that we make all the decisions, from application to funding. Our in-house processing and underwriting enable us to provide timely approvals and closings.

Whether you’re looking to apply for an FHA loan, VA, Conventional, USDA, Jumbo, or HUD 184 Native American home loans, we got you covered!

Low Rates, Unparalleled Service

Capital Home Mortgage is devoted to the highest standards of excellence in all aspects of our business. We provide our clients with lesser expenses and low rates while still providing an exceptional level of service tailored to their unique needs and demands.

Our professional mortgage consultants are always ready to give you solid, candid advice on all matters about mortgages. You can count on us to simplify and expedite the entire process for you. Call us at 903-257-1448; you won’t be disappointed!