Pacific Capital Mortgage, Inc. is one of the leading mortgage providers in the McAllen area. My aim is to help clients find and get the best deal on their mortgage, and I work to make the process as stress-free as possible by helping you deal with all the technicalities and processes involved. I have been ...
Right now, we are generally recommending fixed rate loans. The future interest rates are impossible to predict, but given how low rates are currently we feel that the most likely direction for rates to head is higher. However, since adjustable rate …
APR is intended to display the total cost to borrow over the loan amortization period. The APR includes the interest charges, fees associated with origination of the loan, and on-going fees such as mortgage insurance. Because of the importance of …
From a lending perspective, the value of the property is the lesser of the sales price (in the case of a purchase transaction) or the appraised value. There are many internet sites that can provided an estimated value, and those can be helpful, but …
Definitely, but generally the better credit profile you have the better terms you will get. Although you don't have to have perfect credit, there are some credit profiles that will not be acceptable to lenders but we do encourage all borrowers to …
How should I estimate my property tax and insurance payments?
If you are buying your first home, you should generally expect to pay 1.45% of the purchase price toward annual property taxes. Regarding property insurance, the best way to get an estimate is to contact your insurance agent as these rates can vary …
How often does the escrow portion of my monthly payment change?
There is not a pre-set timeframe for when the escrow portion of your monthly payment changes. At least yearly, the servicer will perform an analysis of the amounts needed to pay for property taxes and insurance coverage and determine if enough …
Your ability to qualify for the loan depends on a wide range of factors, here is a bit of text from the U.S. Government Agency called the Consumer Financial Protection Bureau.
Lenders are required to verify and document that the consumer has a …
When will I know my interest rate, and will it change?
First let's define two key terms, those are "Floating" and "Locked". Before you apply for a loan you are neither floating nor locked, you are just in a pre-application state. When you have applied for a loan but have not asked us to lock your rate, …
It is the appraiser's responsibility to adequately research the local real-estate market and to determine which comparable sales best represent the value characteristics of the subject property. A comparable sale is a property that has recently …
Is "Pre-paid Interest" a fee associated with getting a loan?
It is not considered a fee – but, we understand that it might feel that way! Pre-paid interest is actually just the amount of interest that "covers" the cost of having access to the Lender’s funds prior to the loan starting generate interest income …
A "Point" is equal to one percent of your loan amount, so one point of a $100,000 loan is $1,000. A related term is "basis points (bps)" which is equal to 1/100th of a point. These terms are generally used in discussing options with a borrower …
Purchase: One option is for the seller of the home to contribute to the closing costs through a "seller credit". This should be considered in the broader negotiation of the home sales contract, and Realtors® are experts in this negotiation. If this …
Your monthly payment consists of the following components:
Principal & Interest: All the loans that we offer are "fully amortizing" loans. This means that as you make each monthly payment, you are paying both interest and a portion of the …
If your 1st Lien mortgage is greater than 80% of your home’s appraised value, mortgage insurance is usually required. The mortgage insurance premium is typically included in your monthly mortgage payment. The cost of MI is in relation to the layer …