Absolutely not! In fact, in most cases your loan application will be processed and approved in a matter of minutes. I will personally underwrite your loan immediately after your loan application is completed. Not only am I your loan officer, I am a delegated underwriter for FNMA, FHLMC, FHA and VA mortgages. As such, I will personally handle your loan request from beginning to end. There have been several occassions that I have taken a new transaction from application to closing in just 3 days!

No way! Typical mortgages - FNMA, FHLMC, FHA and VA mortgages do not bear prepayment penalties. As such, you can make prepayments on your loan at any time. You may also pay off your loan at any time without penalty. However, there are some mortgages that may require a prepayment penalty for the first few years. These type of mortgages are usually the "alternative credit" loans.

My advice is as soon as you are ready to start looking for a home, it is best to get preapproved - BEFORE you actually start looking! This will provide you with several advantages: (1) You will be given ample information and recommendations for the type of loan that best suits your immediate and long term financial objectives when it comes to financing your new home; ( 2 ) it will eliminate any potential surprises from the equation; ( 3 ) your loan will be preapproved which will give you power to negotiate with a seller. A seller that knows that you are preapproved will be more willing to entertain your offers; ( 4 ) once you are preapproved, I will issue you a formal commitment confirming the terms of your loan approval..it's like shopping for a home with a blank check! Probably the most important part of applying early is that it gives me an opportunity to fully educate you on the process, eliminate stress and get you started on the right track. It is important to me that you have a full understanding of the process so that you will be able to make an informed decision.

No, you are not required to do so. However, it is highly recommended that you get your own private mechanical and structural inspections as well as a pest ( termite ) inspection. By doing so, you will be able to discover any underlying potential problems with a home. Sellers are required to disclose any known defects with a home, but sometimes the seller may not be aware of hidden potential problems. The only required inspection is a termite inspection which is required only on FHA or VA mortgages.

Absolutely not! Although in Texas, we are all governed by the same regulations imposed by FNMA, FHLMC, FHA and VA. However, there are some mortgage companies that are merely "brokers". Brokers are usually small companies that originate loans and will send your application to various direct lenders for approval, rates and closing. Typically, brokers do not maintain alot of control over the handling of a loan. Quite often, their fees are higher than other lenders, nor do they fund loans with their money. They depend on their "investors" to approve, close and fund the transaction. Hometrust has the best of both worlds. We are a direct lender in that we will underwrite, approve, close and fund loans directly and at our discretion. We also have the luxury of seeking out the most competitive rates on the secondary market. When you go to closing, we will have good funds ready and waiting!

Once you have secured a contract to purchase a home, you can lock in your interest rate at that point. This will prevent your interest rate from increasing in the event of market changes before the actual closing date. There is no charge to lock in your interest rate.