Tough Times Require Common Sense Mortgages

By: TXRB Staff | 21 Jun 2011

Have you considered how much it costs to finance a new home? The purchase price of a new home is most likely many times more than your annual income. However, waiting until your family has enough money accumulated in savings to pay cash for a new home could mean denying yourself the many benefits of owning a home of your own for years. For this reason, many turn to acquiring a mortgage loan in order to purchase a new home.

Coming To Our Senses
Because of frivolous mortgage lending practices of many institutions over the past number of years (not using common sense), our country is now working through a home mortgage crisis.  While there are many disappointing results of these past excesses, one positive result is that common sense lending has now returned as a market norm.  In other words, borrowers again need to demonstrate a real creditworthiness, and a real down payment, in order to qualify for a home mortgage.  At Texas Republic Bank, we have always gone the extra mile to make home mortgages with common sense.  In fact, we have been at it for 120 years!  We take the time to go over a borrower’s income, employment, assets, debt obligations, credit history, monthly debt-to-income ratio as well as monthly mortgage payments. In addition, we apply common sense to understanding the circumstances that may have created a credit blemish for a borrower in the past.
Online banking options available with Texas Republic Bank feature financial tools that can help answer many questions you may have about your mortgage loan. You can use the Mortgage Calculator to determine the amount of payments and the Mortgage Qualification tool will help you determine how much income you need to be approved for the loan that you desire.

Common Sense Construction Loans
As a bank, we have the flexibility to provide a borrower with not only a mortgage to purchase or refinance a home, but for the borrower who wants to build his/her own home, we have the ability to provide an interim construction loan.  We can then refinance the construction loan into a permanent mortgage upon completion of the home.  In other words, we can cover the mortgage need from start to finish.  It’s what we call “banking like it oughta be”.

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