Texas Mortgage Loan Officer Serving Homebuyers Statewide
As a Texas Mortgage Loan Officer based in Montgomery, I help homebuyers statewide with purchase refinance, and home equity options. For financing outside of Texas, I can connect you with appropriately licensed mortgage professionals.
Texas Mortgage Loan Officer: Fact or Fiction
❌ Fiction: You need a 20% down payment to buy a home.
✅ Fact: Many loan programs allow qualified buyers to purchase with much less down, and some offer down payment assistance.
❌ Fiction: You need perfect credit to qualify for a mortgage.
✅ Fact: Loan programs exist for a wide range of credit profiles.
❌ Fiction: Getting pre-approved hurts your credit significantly.
✅ Fact: A mortgage inquiry typically has a limited impact and helps you understand your buying power.
❌ Fiction: Renting is always cheaper than owning.
✅ Fact: Depending on the market and your situation, homeownership may help you build equity over time.
❌ Fiction: Self-employed borrowers can't qualify for a mortgage.
✅ Fact: Many mortgage options are available for self-employed individuals and business owners.
❌ Fiction: The lowest interest rate always means the best loan.
✅ Fact: Closing costs, fees, loan terms, and your goals all matter when choosing a mortgage.
❌ Fiction: You should wait until rates drop before buying.
✅ Fact: The best time to buy is when you're financially ready. Rates can change, and refinancing may be an option later.
❌ Fiction: Pre-qualification and pre-approval are the same thing.
✅ Fact: Pre-approval is generally a more thorough review of your finances and strengthens your offer.
❌ Fiction: FHA loans are only for first-time homebuyers.
✅ Fact: FHA loans are available to both first-time and repeat buyers who qualify.
❌ Fiction: Mortgage lenders only care about your credit score.
✅ Fact: Income, assets, employment history, debt-to-income ratio, and overall financial profile are also considered.
DURING AND AFTER PRE-APPROVAL
NO! NO! NO! NO!
- DO NOT run your credit - DO NOT apply or open new credit
- DO NOT use your credit cards - DO NOT change jobs
- DO NOT miss or skip any payments - DO NOT make any unusual deposits
- DO NOT transfer money around - DO NOT open new credit
- DO NOT wire any funds until you confirm the wire amount and the wiring instructions