Mortgage
Buying A Home
Whether you're a first-time homebuyer or you're ready to purchase a home that is just the right size for your retirement, our knowledgeable mortgage professionals at Community National Bank & Trust of Texas are just a phone call or an online application away. CNB&T offers a wide variety of mortgage products including FHA, VA & USDA at some of the most competitive rates and fees available. We'll explore all of your financial options together, supporting you in choosing the loan that's best for you and your future plans.
To Buy or Rent?
Did you know that buying a home could actually cost less than renting in the long run?
Buying Pros
- Build equity to create a tangible asset
- Achieve independence and stability
- Tax benefits
Buying Cons
- Cost of property taxes and insurance
- Cost of upkeep and repairs over time
Renting Pros
- Do not have to pay for maintenance and repairs
- Flexibility to move at the end of the lease
Renting Cons
- Increased rent over time
- Restricted cosmetic and functional details
- No tax savings
- No home equity
- Lease terms may change between landlords
- May be forced to move if property is sold
Top Five Home Loan Tips
If home ownership is your choice, our mortgage lenders are happy to guide you through the process and to support you with our expertise. Take our Top Five Home Loan Tips into account as you prepare and plan. They are the key to opening the front door to your dreams.
Save Up for Your Down Payment
A down payment is the amount of the purchase price you pay upfront. Your down payment can range from 3.5% to 20%, depending on the type of loan we help you choose.
We recommend establishing a monthly budget to set aside money for your down payment. Having that amount automatically deposited from your paycheck or bank account to a savings account could make it easier to reach your goal.
Get Your Financial “Docs” in a Row
When you apply for a mortgage, you need to have your financial documents in order. Having these documents assembled and ready for your mortgage lender will speed up the loan application process.
Be prepared to provide your pay stubs for the last 60 days, your bank and brokerage statements for the last 2 months, and the last 2 years' tax returns and W-2 forms.
Get Prequalified
Real estate agents often want you to be prequalified for a loan before they begin working with you. Prequalification gives you a sense of how much you can borrow and the price range of affordable homes. Basic financial information will be required for this step, such as your income and any accrued savings and investments.
Respond Promptly to Your Lender’s Requests
Be prompt in responding to your mortgage lender's requests for any additional information after you have applied for a loan, and return any paperwork as soon as possible. If you wait too long, it could delay closing your loan and cause problems with the home you hope to buy.
Bottom line: you could lose your dream home, along with any deposit you may have put down. So don't hesitate to call us with any questions or concerns. You will always have direct access to our mortgage experts, whether in person or over the phone.
Keep Your Credit Score Stable During Loan Processing
Lenders often pull your credit report a second time before your loan closes to see if anything has changed – so don't do anything to bring down your credit score while your loan is being processed! To keep your credit score looking good until your loan is closed:
- Pay all bills on time
- Do not apply for new credit cards
- Do not increase credit card debt
- Do not take out any new loans
"There was a return phone call within minutes, not days or hours. We never felt rushed or hurried along. We meant something to the bank, we became part of the family, and they made this a very joyful experience for us."
Closing
Your hard work to save, plan and prepare for home ownership culminates with the closing process. It's no wonder most people feel excited and a little anxious. In fact, you may still have a few questions – but don't worry! The same personal mortgage banker you've come to know and rely on will be there beside you on this special day to answer questions and explain the closing documents. You will sign many documents at closing, but the three main items are as follows.
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Closing Disclosure
This statement itemizes the final credits and charges, for both you and the seller, based on the terms of the contract. It will also show the amount you will need to bring to closing. You will have received a copy of the Closing Disclosure for your review prior to the closing.
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Deed Of Trust Or Mortgage
This document is recorded with the county clerk's office and creates a lien on the property as security for repayment of your home loan.
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The Promissory Note
The mortgage promissory note serves as a legal "IOU" representing your promise to pay the lender according to the agreed terms, including dates when you must make your mortgage payments and where they must be sent.
Your personal CNB&T mortgage expert will walk you through the final steps on closing day. Here's what you'll need to bring:
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A cashier's check, wire or certified check in the amount given on the Closing Disclosure and made payable to the title company. The title company will not accept cash, credit cards or personal checks.
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For the notary, an unexpired driver’s license or government-issued identification card with photo.
If you have uncertainties prior to closing, you can always contact your mortgage lender for guidance. Even on closing day, we will be happy to address your questions and concerns until you are completely satisfied.
We offer a variety of home loan types, from conventional fixed rate loans to adjustable rate loans with options to purchase via an FHA, VA or USDA loan. Check out our Mortgage Comparison Chart to learn about each one!
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