Home Mortgage Services
Let us help you with your new home

Planning for home ownership and gathering information is the key to a successful real estate transaction. Planning will help you understand the process more clearly, as well as anticipating the cost associated with purchasing a home.

The following tips will help prepare you to buy a home, as well as make the process easier once you’re ready to proceed.

Step 1: Financial Preparation

How much do I need to save to buy a home? Saving for a down payment and closing fees takes some effort. Down payments can range from 0% to 20% of the purchase price.

Step 2: Understand Your Credit

If you’re thinking about buying a house, you need to think about your credit history. Lenders are looking to see how well you’ve handled your obligations in the past.

The good news is this information is available to you through the credit reporting agencies. You can obtain a copy of your credit report from all three agencies. Check our resources tab for more information on how to access your free credit report.

It’s a good idea to check your credit and try to repair any issues before you try to purchase a home. The good news is regardless of how many credit problems you’ve had in the past, you can still recover by working to clear up those issues.

Loan Pre-Qualifications - Now that you have addressed any issues on your credit, it is time to get pre-qualified for a loan. Realtors suggest that you go through this process before searching for homes to save time and find the right home in your price range. Pre-qualification is an initial evaluation of the creditworthiness of a potential borrower that is used to determine the estimated amount that a person can afford to purchase. Based on the information given, you could be provided a pre-qualification letter with your borrowing power. This letter will let you and the realtor know what price range you may qualify for when searching for the right home. Click Apply for a Mortgage button above to start the pre-qualification process with RRCU.

Step 3: Contact a Realtor

Realtors provide a wealth of knowledge when it comes to finding the right home for you. In the maze of forms, financing, inspections, marketing, pricing, and negotiating, it makes sense to work with professionals who know the community and much more.

Working with a realtor will give you the updated information on properties available in the area you want to purchase. Realtors can also keep you updated and alert to each step in the transaction process, once you choose the home that is right for you.

In addition, your real estate agent can guide you through the closing process and make sure everything flows together smoothly.

Step 4: Look at Homes

Now that you have been pre-qualified, it is time to look at homes. It is important to target your search and focus on homes that offer the most desirable features in your price range. Choosing a home is an enormous decision. It is important to do your homework and find the home that is right for you. Remember, you are likely to be living there for several years, and you want to be in comfortable surroundings in a home you can afford.

When trying to find the home that is right for you and your family, consider the following factors:

• How far is the commute from the house to your work?
• In what type of neighborhood would you like to live?
• Check out the school systems in the area if you have children or want to start a family.
• How much are the average property taxes in the area you are looking to purchase?

Step 5: Costs

Closing costs are fees charged for services that must be performed to process and close your loan. There are several different types of fees associated with the purchase of your home. Many of these costs go to a third party that is necessary to process your loan, and the lender typically has no control over these fees. Normally the buyer and the seller both pay for closing costs, although you can negotiate to request the seller pays a portion of these costs. Your loan originator can better explain these fees in detail.

• Appraisal - The appraisal is required to determine the fair market value of the home. An independent professional real estate appraiser arrives at this value. The lender must receive the appraisal to ensure the mortgage loan is not greater than the value of the property.
• Title Company - Closing Fee/Title Search/Exam Fee - These fees are paid to a title company for conducting the closing. The title company also has a fee for research to ensure there are no liens or issues with ownership of the property.
• Survey Fee - Lenders also require a survey to reflect boundary lines and to ensure your property does not have encroachments on the lot.
• Flood Determination / Life of Loan Coverage - Flood determination will let the lender know if your property is located within a flood zone. If the property is located in a flood zone or in an area prone to flooding, you will have to purchase flood insurance.
• Title Insurance - Title insurance protects real estate owners and lenders against any property loss or damage they might experience because of liens, encumbrances or defects in the title to the property.
• Homeowners Insurance - Homeowners insurance is required by your lender to cover possible damages on your home. Your first year of homeowners’ insurance is collected at closing.

Step 6: Make an Offer

Now that you have done your homework on the costs associated with purchasing a new home, it’s time to make an offer. This is where it really comes in handy to have a realtor. A realtor will be your voice with the seller and help you both come to an agreement. Your realtor will help negotiate the purchase price and answer any questions about the home you may have. They will also make an offer you are comfortable with on your behalf. This process may entail offers and counter-offers until a final agreed upon price is reached.

After Making an Offer

Other options to consider after making an offer:

• Insurance – You want to get a homeowner’s insurance quote on the property to cover the dwelling and contents of the home in the event of damage. Insurance is something that you may want to shop around for, as premiums may differ from one company to the next. The amount of premium you pay annually will affect your payment if you are escrowing the loan.
• Home Warranty – Typically provided by the seller at closing. The home warranty can cover items for the first year of the home purchase. Your realtor will have more information on what exactly is covered with a home warranty.
• Pest Inspection – It’s a good idea to see if a home has termites or any other pests that need to be dealt with before purchase. You may want to consider a contract with a local pest company to ensure that the home is checked on a routine basis to avoid recurrence of any pests.
• Home Inspection – Get a qualified home inspector to make sure there are no hidden issues with the home before purchasing. Ask your realtor for a list of potential inspectors. The lender may not require home inspections, but you should want to consider the risks before waiving the option.

Step 7: Closing

Once your lender has approved your loan, processed and received all of the necessary documents associated with the loan, you are ready to close. This process may take up to 45 days. Closing is the brief settlement process where you, as the buyer, will sign the necessary paperwork to complete the transaction of your loan. Closing will be held at a title company.

Prior to closing, your lender or closing agent will tell you how much money to bring to closing. These funds will include your down payment and closing costs. During this time, you will receive the keys to your new home as well as transfer the ownership from the seller to yourself.

Final step is to enjoy your new home!

Caution: Please do not send your account number, social security number, passwords, or any other confidential information via regular email. Such information should not be transmitted over an unsecured connection.

I have been in the financial industry since 2011, currently serving as a Real Estate Loan Originator. I have worked in various aspects of mortgage origination including processing, secondary market, and loan closing. As a Texarkana native, I am fortunate enough to raise my daughter here also. I value the importance of family and would love to help get you into your dream home!

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I have been in the mortgage industry since 2009. Currently, I’m serving members at RRCU as a Loan Originator. I’m very excited to be a part of helping dreams come true. Beginning the process of home ownership and providing guidance throughout the different stages with my members is rewarding and I love it! If at any time a question arises, please feel free to contact me. We’re in this together.

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I have 13 years of banking experience in the mortgage, real estate, loan processing and member service industry. The homebuying market is always changing, and I’m here for you from start to finish. Specializing in helping borrowers get the best loan product including in-house and secondary mortgage options to fit almost any homebuyer need. Raised in Hooks (TX), I’m an active member of Sacred Heart Catholic Church and avidly involved in Hispanic Community Events. Yo hablo español.

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Full List of NMLS employees

Institution/Originator	NMLS ID#
Red River Employees FCU	315545
Mark Turner	1249809
Becky Wood	1862072
Chint Murdock	1979142
Casey Moore	1197381
Kenya McGary	1989153
Milagros Serrano	1400975
Melvin Padgett	661285
Brandi McAvoy	700775
Monica Atkinson	239753
Brenda Rogers	475681
Bryan Depriest	2319548

Finding a mortgage that suits your financial needs can be a daunting task. At Red River Credit Union, we are dedicated to working with you to find the best financing options available. We want you to enjoy the excitement of purchasing the home you have worked so hard to acquire. We make the home-buying process as simple and stress-free as possible.

Types of Property Financed

• 1-4 Family Residence
• Land Only
• Investment Property
• Second Homes
• Double Wide Manufactured Homes (Permanently attached to the property)
• New Construction Property
• Home Equity Loans
• Home Improvement Loans

Financing Options

• Conventional Loans – These loans offer many different term options from 3-year adjustable to 30-year fixed and everything in between. Conventional Loans also do not have upfront mortgage premiums, unlike FHA and VA loans. Conventional loans can offer a down payment as low as 5% down.
• Department of Veterans Affairs (VA) Loans – Backed by the VA, qualified veterans, reservists, and active-duty service members may finance their homes at affordable rates. VA loan programs may offer no money down with closing costs typically included in the purchase price.
• USDA Loans – Offer no money down to qualified members purchasing in rural areas. Typically all closing costs can be included in the purchase price. USDA loans offer a fixed interest rate for the term of the loan.
• Fixed-Rate Mortgage Loans – Those buyers who choose fixed rate mortgages enjoy the comfort and predictability of knowing monthly payments won’t change. A fixed-rate mortgage is ideal for borrowers with a steady flow of income who plan to own a house for a long period of time.
• Adjustable-Rate Mortgage (ARM) Loans – Adjustable-rate loans offer borrowers a fixed interest rate for a given period of time, after which the interest rate is subject to change based on current market rates. Initially, an adjustable rate loan often provides a lower interest rate than a similar fixed-rate mortgage. An ARM Loan may be an ideal option for those who plan to refinance or sell their house within a short amount of time.

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NEW!  ITIN Mortgages

Individual Tax Identification Number (ITIN) Mortgages are for individuals who may not have the traditional documentation needed to obtain mortgage loans. ITIN loans can be a suitable option those who have an ITIN instead of a Social Security Number.

Requirements:

• Purchase & Refinance 
• Primary Residence Only 
• 640 Minimum Credit Score
• Down Payment Required 
• Online Application - English Only 

Other qualifications apply, please contact us for more details.

Hipotecas con Número de identificación Personal del Contribuyente (ITIN) son para personas que no tienen la documentación tradicional necesaria para obtener préstamos hipotecarios. Los préstamos ITIN pueden ser una opción adecuada para aquellos que tienen un ITIN en lugar de un Número de Seguro Social.

Requisitos:

• Compra y Refinanciamiento
• Solo residencia principal
• Puntaje de crédito mínimo 640
• Se requiere enganche
• Solicitud en línea - Solo en Inglés

Otros requerimientos y restricciones aplican, contáctenos para obtener más detalles.

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*Loans are subject to qualification and credit approval. Financing options subject to change. Other restrictions may apply.

Bowie County Taxes & Appraisal Information - www.tax.cagi.com

Arkansas Property Appraisal Information - www.actdatascout.com

Consumer Financial Protection Bureau (CFPB) Housing Counselors - www.consumerfinance.gov/find-a-housing-counselor/

Free Credit Report - 877-322-8228 or annualcreditreport.com

City of Texarkana TX Official Website - www.ci.texarkana.tx.us

City of Texarkana TX Chamber of Commerce - www.texarkana.org

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