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Getting A Mortgage

Interested in getting a mortgage? Read below for more information.

Getting a mortgage takes time, effort, and planning – but when done right it gets you on track to own your dream home and start building equity. This page will help you understand mortgages and how to get one.

Thinking of buying a home in Lubbock? You can also access our mortgage calculator and other resources to help you in your home-buying journey.

STEP 1: Determine How Much You Can Afford

Before agreeing to a mortgage, any homeowner should start by getting a clear picture of where they stand financially. Start by coming up with a realistic idea of what type of mortgage you can afford. 

Being realistic with your financial assessment will work in your favour. Not everyone can afford their dream home right away, so many Lubbock home buyers get a “starter home” to start building equity and work their way towards the dream home. 

Take advantage of our mortgage calculator or the more comprehensive affordability calculator to start getting an idea of what type of mortgage you can afford. 

STEP 2: Choose Your Mortgage Program

There are 4 primary types of mortgages available to home buyers:

– Fixed rate mortgages

– Adjustable rate mortgages (ARM)

– Combination rate mortgages

– Line of credit

Determining which one is right for you is an individual decision based on your individual circumstances. Each type of mortgage has its positives and negatives for each individual mortgage applicant. Carefully consider your financial situation before settling on the option that’s right for you. 

Choose your lender carefully and to take care to examine the mortgage agreement in detail. Work with your mortgage associate to determine the best option for you.

STEP 3: Get Approval

Once you’ve selected the type of mortgage which works best for you, all you need to do is have your mortgage associate send in your mortgage application to be processed.

However, the process doesn’t end there. Once you’ve received your confirmation it’s important to carefully review your commitment as outline in the mortgage. When you’re satisfied with the terms of the agreement it’s time to have a lawyer review it. 

STEP 4: Review Your Mortgage

You must have a lawyer review and sign your mortgage documents before you commit to any mortgage. This step is perhaps the most important because the lawyer will confirm that the mortgage is in order and all of the terms and conditions are what you agreed upon.

A notary or lawyer must be present when you sign the documents and you’ll also be required to bring a bank draft check for the downpayment and/or any closing costs.

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