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FAQs

• Is a home loan with United Texas right for me?

  Whether you’re a Texan who is purchasing or refinancing, our San Antonio home loan specialists are certain you’ll find we are a lender with your best interests in mind.

  It’s best to have a pre-qualification in hand before you hunt for your house. It gives you buying power, helps you search for what you can afford, and shows that you are a serious buyer.

  Please complete our application and we’ll issue an approval for a home loan now with no obligation.

• With my current finances, what type of loan best suits my needs?

  Your financial preparedness will determine what you’re qualified to purchase and what type of home loan fits your budget. Our personal home loan liaison in the greater San Antonio area can help you figure this out.

• What is an escrow account?

  An escrow account is set up by your home loan lender to pay certain property-related expenses on your behalf, such as property taxes and homeowners insurance.

• What are closing costs?

  Most home loan professionals will define closings costs as only third-party costs that are NOT associated with the mortgage company. However, the question most consumers are asking is, “what are my out of pocket expenses?” There are four things to consider:

  (1.) Down payment. The percentage of the sales price you will be required or willing to put down to purchase your home.

  (2.) Prepaid Items. If you have an escrow account, prepaid items will account for the amount of funds to set up the escrow account.

  (3.) Third-party fees. These include title company fees, appraisals, inspections, and other fees that are not related directly to the mortgage company.

  (4.) The mortgage company’s fees. These include underwriting, processing, origination, discount points and other fees that the company may charge for services to close your home loan.

• What are discount points or origination fees?

  Discount points or origination fees are costs associated with purchasing a lower interest rate. Typically a 1% discount point/origination fee equals 1% of the loan amount and will lower an interest rate by 0.125%.

• How much of a down payment is required to purchase a home? Is there down payment assistance?

  The program you are eligible for will determine the amount of down payment required. For example, an FHA loan requires a minimum of 3.5% down payment, whereas a VA loan does not require a down payment. Different programs have different down payment requirements. Down payment assistance is offered through third-party entities outside of the mortgage company. Mortgage companies may or may not participate with certain down payment programs. Check with your home loan representative to see which down payment programs your mortgage company participates with.

• What is a rate lock, and how do I lock my rate?

  A rate lock is a means for the borrower to lock in the lender’s current interest rate. Typically, a rate lock will last 15, 30, 40, or 60 days. You may lock in at the time of application, or you may choose to wait until later in the process as long as you are either refinancing your home, or you have an executed contract with the seller. Your loan officer will discuss the best lock period option for you.

• What is the maximum percentage of my home's value that I can borrow?

  The maximum percentage of your home’s value depends on the purpose of your loan, how you use the property, and the loan type you choose. For this reason, the best way to determine what loan amount we can offer is to complete our online application.

• Is financing for manufactured homes available?

  We define manufactured housing as housing units that are factory built with a steel undercarriage that remains as a structural component and limits the structure to a single story. These types of manufactured homes are sometimes known as mobile homes.

  We do not consider other factory-built housing (not built on a permanent chassis), such as modular, prefabricated, panelized, or sectional housing, to be manufactured housing. If your home is one of these types, please complete the application indicating that your home is a single family home.

• Should I enter in a purchase contract before I'm qualified?

  It is highly advisable that you DO NOT enter a purchase contract until a home loan professional has had a chance to review your credit report and supporting documentation (i.e. income documents & assets).