After you have a signed purchase contract and have completed the inspections and final negotiations, you apply for the mortgage loan by completing a standard mortgage loan application.
Once you’ve applied with a lender, they will be required to provide you with an official Loan Estimate within 3 days of your application. The Loan Estimate provides you with important information, including the estimated interest rate, monthly payment, and total closing costs for the loan. The Loan Estimate also gives you information about the estimated costs of taxes and insurance, and if the interest rate and payments may change in the future.
Spend time shopping for your mortgage loan and compare Loan Estimates from various lenders. The goal is to get the best loan product, rate, and terms, but you also want to find a lender who will take the time to understand your situation. Remember, you don’t have to use a lender just because they provided you with a pre-approval letter or a Loan Estimate.
Interested in our down payment assistance programs? Work with a TSAHC-approved lender.
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