At times it can seem nearly impossible to get approved for a home loan.
But the truth is finding a mortgage lender in San Antonio that knows what to do can be a lot easier when you have the right approach.
The good news is that we can help you navigate your way to getting approved for the right mortgage that works for you – without all the red tape.
Get a Free Mortgage Quote in San Antonio, TX
Are you curious about what kind of loan would best suit your needs and budget?
Before you can make any decisions, it’s important to find out if you are eligible for a mortgage.
By doing so, you’ll know exactly how much house you can afford and have a better understanding of what type of loan fits your lifestyle.
With current interest rates at their lowest in years, now is a great time to check rates and get Pre-Qualified in order to begin the process of home ownership.
Don’t miss out on this amazing opportunity – take 30 seconds to get the ball rolling now!
About the City of San Antonio, TX
San Antonio, TX is a vibrant city known for its live music, Hispanic culture, and its unique history. The city was founded by Spain in 1692 and is a popular tourist destination due to its rich history. In 1842, after Texas became independent from Mexico, the Mexican-American War broke out and a military battle was fought on the land that is now called Alamo Plaza. The famous battle took place on the grounds of the San Antonio Missions, which were all destroyed during the battle.
Today, San Antonio is known as a major arts and cultural center, home to the world renowned San Antonio Stock Show & Rodeo and the annual Fiesta San Antonio, which draws tourists from around the world. The city’s many museums include the San Antonio Museum of Art, the Museum of Contemporary Art (MCA), the Amon Carter Museum of American Art, the Kimbell Art Museum, and the Briscoe Western Art Museum.
Buying a Home in San Antonio, TX
As one of the largest cities in Texas, San Antonio has something to offer everyone – from world-class shopping to a variety of delicious dining options.
The housing market is also booming, with many homes available at very reasonable prices.
Whether you’re looking for a starter home or a luxury estate, you’ll find plenty of great options in San Antonio.
Not only that, but living here comes with some great benefits – such as low taxes, a thriving job market, and close proximity to major cities like Austin and Houston.
Some of the most common questions you probably want answered are:
- How much can I borrow for a mortgage in Texas based on my income?
- What credit score do I need to buy a house in San Antonio TX?
- What credit score is needed for a home loan in Texas?
- What is the current mortgage rate in San Antonio Texas?
- What is the easiest loan to get for a house?
- How much house can I afford based on my salary?
- What is the best way to get the lowest mortgage rate in San Antonio, TX?
A highly competitive market can make it feel positively overwhelming when buying a home, even when it is stressful at the best of times. Despite the fact that some details may look different at the moment, buying remains the same – and knowing the key steps will help you reach your goal.
Our mortgage experts are here to help you make smart decisions – smart decisions backed by over 20 years experience in mortgage lending.
So why wait?
Come to San Antonio today and start making your dreams of homeownership come true!
What Are Mortgage Lenders in San Antonio, TX Looking For?
- Job History
- Credit Score
- Debt-To-Income Ratio (DTI)
- Kinds of Property
- Payment history
- Statements of Dispute
What Documents Do I Need To Get A Mortgage in San Antonio, TX?
- Pay stubs for at least 30 days
- All pages of personal federal tax returns for the past two years
- Most recent two months statements for all checking, savings, investment, and retirement accounts
- Letters of explanation for credit inquiries, past addresses, and derogatory information on your credit report
How to Get a Mortgage in San Antonio, TX?
We are here to explain the loan process to you once you have all your documentation ready.
Here’s what to expect.
- Apply for a mortgage pre-approval
- Get Your Approval Letter
- Making an offer on a property
- Verifying the details
- Close on your home
Types of Loans in San Antonio, TX
It can be quite confusing to pick the right loan type when deciding on a home loan, so you’ll need to look into mortgage options before you begin shopping.
When it comes to home loans, not all are the same. Doing your research ahead of time can help you select the most suitable option for your financial situation and preserve more money for yourself and your family.
The Federal Housing Administration (FHA) insures mortgages for low down payments as low as 3.5% if you qualify.
It may be a good option for first-time homebuyers due to the easier qualification process than most conventional loans. It’s also a good option for those with less-than-perfect credit.
A number of downsides to FHA loans should be noted such as FHA loans being a little more costly than other types of home loans.
Learn more about FHA loans in San Antonio.
It is available only to qualified borrowers as part of their military benefits and is guaranteed by the U.S. Department of Veterans Affairs (VA). VA loans have lenient credit, down payment and debt-to-income requirements than conventional loans, made to help veterans access credit and compete in the housing market. Additionally, they typically offer lower interest rates and closing costs.
Despite a default by a military borrower, lenders know they won’t lose all of their money if he or she defaults on a VA loan. If a veteran defaults on a loan, the VA promises to pay a specific amount to the lender on behalf of the veteran. Under a VA loan, lenders can offer military borrowers credit because the requirements are relatively relaxed.
Learn more about VA loans in San Antonio.
A USDA home loan is a competitively priced mortgage option that helps to make purchasing a home more affordable for low-income individuals living in designated rural areas. In a similar way to the Veterans Administration, the U.S. Department of Agriculture provides USDA loans to eligible veterans and their families.
Due to the government backing, mortgage lenders are able to offer lower interest rates in many cases. If you qualify, you may not have to make a down payment.
Learn more about USDA loans in San Antonio.
Jumbo loans exceed the limits set by Fannie Mae and Freddie Mac, government-sponsored agencies that buy most home loans in the U.S. And they package them for investors. It might be necessary to get a jumbo loan if you’re buying a mansion or even a regular house in a high-priced neighborhood such as Silicon Valley.
As the name implies, a jumbo loan covers a larger-than-normal loan amount. Jumbo loans can be used for primary homes, investment properties and vacation homes.
Find out more about Jumbo loans in San Antonio.
30-Year Fixed Mortgage
An interest rate that remains the same throughout the entire loan life is what makes a 30-year fixed-rate mortgage a home loan. If you decide to take out a 30-year fixed-rate loan for your home, the monthly payment stays the same until your loan is paid off.
Find out if a 30-Year Fixed mortgage in San Antonio makes sense for you.
15-Year Fixed Mortgage
A 15-year fixed mortgage is a home loan with a fixed interest rate for the life of the loan. Due to this, homeowners pay the same amount of principal and interest every month, as opposed to adjustable rate mortgages, whose interest rate may fluctuate annually, drastically altering the monthly payment.
With a fixed rate mortgage, you pay principal and interest at a fixed rate. Unlike a fixed rate mortgage, which will always have the same interest rate, you lock in your rate before you close on the loan, and it will stay the same until you pay off or refinance the loan.
Learn more about 15-Year Fixed mortgages in San Antonio.
Adjustable Rate Mortgage
ARMs are mortgages with variable interest rates that fluctuate over time. This means that your monthly payments can fluctuate. In general, they have a lower interest rate than comparable fixed-rate mortgages. However, once that period is over, the interest rate – and your monthly payments – can go up or down.
Over the past few decades, interest rates have been tending to rise and fall over multiple-year cycles, but they’re unpredictable. Even though interest rates are expected to rise this year, they’re still relatively low historically speaking, making fixed-rate mortgages more popular. Borrowers who plan not to stay in their homes long-term or who live in high-rate environments tend to benefit most from ARMs.
Learn more about an Adjustable Rate mortgage in San Antonio
Frequently Asked Questions
How do I contact your mortgage company in San Antonio, TX?
The best way to get in touch is by giving us a call at 888-670-7550. Our local San Antonio mortgage experts are here to get your questions answered.
Where is your San Antonio mortgage office located?
We service the area near the San Antonio River Walk, but we are licensed to do business in the entire city and surrounding areas of San Antonio.
What is an escrow account, and how does it work?
You can think of an escrow account as a savings account, managed by your mortgage servicer. Your mortgage servicer will deposit a portion of each mortgage payment into your escrow account to cover your estimated property taxes and homeowners and mortgage insurance premiums.
Can you get a mortgage without a credit score?
You can get a mortgage without a credit score, but you’ll need to bypass lenders’ automated mortgage application processes in favor of manual underwriting, which requires more time.
How much should I have saved before applying for a mortgage?
Several mortgage companies will recommend you put at least 20 percent down when applying for financing for several reasons, but the most important is that you won’t have to pay monthly private mortgage insurance.