10 Powerful Mortgage Tips You Must Know Before Buying a Home
Introduction to Mortgages
Buying a home is one of the biggest financial milestones in life, and for most people, that means taking out a mortgage. At Texas Lending Partners, we’ve been guiding clients through this journey since 2003. With nearly two decades of firsthand experience in the mortgage and real estate industries, we understand that every buyer’s situation is unique.
Our mission is simple: to provide lifetime mortgage services for every stage of growth, from first-time homebuyers to retirees. We work closely with you to create a strategy based on your financial portfolio, future plans, and goals.
What is a mortgage?
A mortgage is a legal agreement in which a lender provides the funds for you to purchase real estate, and in return, you repay the loan plus interest over time. At Texas Lending Partners, we help you navigate the process from start to finish, ensuring you fully understand your terms.
How Mortgages Work: Basic Principles
Most mortgages involve monthly payments that include:
Principal: The loan amount you borrow.
Interest: The lender’s fee for borrowing money.
Taxes & Insurance: Often paid through an escrow account.
As your mortgage matures, more of your payment goes toward principal rather than interest.
Types of Mortgages
At Texas Lending Partners, we offer a wide range of loan programs designed for various needs.
Conventional Loans
Perfect for buyers with solid credit and savings. Fixed interest rates, terms of 15 or 30 years, and no PMI with a 20% down payment.
FHA Loans
Ideal for first-time buyers or those with lower credit scores. Down payments as low as 3.5% and flexible approval requirements.
VA Loans
Available for veterans, active-duty military, and qualifying spouses. No down payment, no PMI, and competitive rates.
Construction Loans
Finance both the building and permanent mortgage in one package, customized for your project.
Jumbo Loans
Designed for high-value properties exceeding standard limits, with both fixed and adjustable rates available.
USDA Loans
Great for rural or suburban properties, offering no down payment and favorable terms.
Reverse Mortgages
For homeowners aged 62+, allowing you to access home equity without monthly payments.
Specialty Loans
Custom solutions for self-employed borrowers and unique property types.
Why Choose Texas Lending Partners?
Negotiations Advantage – We’re accessible 24/7 and communicate directly with listing agents to strengthen your offer.
Licensed & Knowledgeable – We maintain active Texas licenses and stay current with mortgage laws and practices.
Local & Connected – Based in San Antonio, we have a strong network of problem-solvers.
Family Approach – We treat clients like family, combining personalized service with technology and convenience.
Steps to Getting a Mortgage
Pre-Qualification: Know your budget before you start house hunting.
Choose the Right Lender: Compare rates, terms, and service quality.
Closing the Loan: Review all terms, sign paperwork, and get your keys.
Mortgage Mistakes to Avoid
Buying at the top of your budget.
Ignoring fine print, such as prepayment penalties.
Refinancing a Mortgage
Consider refinancing if it lowers your interest rate, shortens your term, or moves you from an adjustable to a fixed-rate loan.
Expert Tips for First-Time Buyers
Keep an emergency fund even after your down payment.
Consider all costs: taxes, insurance, and maintenance.
Work with a lender that offers personalized advice, like Texas Lending Partners.
Ready to start your homeownership journey?
