Important Program Disclosures
This page provides general information regarding loan terms, program features, and assumptions for various loan programs offered through online marketing.
Loan programs, terms, rates, and availability are subject to change without notice. All loans are subject to borrower qualification, property eligibility, and underwriting approval.
This page is intended to satisfy disclosure requirements when advertising specific loan programs or using trigger terms in online marketing.
Texas Consumer Disclosure
CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING,
2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705.
COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.
A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.
INFORMATION AND FORMS ARE AVAILABLE ON SML’S WEBSITE: SML.TEXAS.GOV.
The following information is provided to comply with applicable federal and state advertising and credit disclosure requirements. Loan terms, rates, and programs are subject to change and may not be available in all states.
Assumptions
For all rates shown, unless otherwise noted, the following assumptions apply:
- The property is a single-family home used as a primary residence
- Closing costs are paid upfront and not rolled into the loan
- Debt-to-income ratio is less than 43 percent
- Credit score is 720 or higher
- An escrow account is established for the payment of property taxes and insurance
- One discount point equals one percent of the loan amount
Advertising Disclosures
These disclosures relate to recent internet advertisements by or through the company.
All loan examples provided below are for illustrative purposes only. Actual loan terms may vary based on borrower qualifications, property characteristics, market conditions, and lender requirements.
Payments shown do not include taxes, insurance, mortgage insurance, or other applicable costs. Actual payment obligations will be greater. Not all applicants will qualify.
30-Year Fixed Rate Loan
The advertised loan is a 30-year fixed rate loan with a 30-year fully amortizing term.
Interest rate: 6.375 percent for 360 months
APR: 6.691 percent, based on the payment of 3.000 discount points
For a loan amount of 275,000 dollars, the monthly principal and interest payment is 1,716 dollars for 360 months.
This rate assumes a purchase transaction with a 45-day lock period, 60 percent loan-to-value, a minimum FICO score of 740, and a primary residence.
Rates and terms are effective as of 2/1/2025 and are subject to change without notice. Stated rate may change or may not be available at the time of loan commitment or lock-in.
15-Year Fixed Rate Loan
The advertised loan is a 15-year fixed rate loan with a 15-year fully amortizing term.
Interest rate: 5.750 percent for 180 months
APR: 6.262 percent, based on the payment of 3.000 discount points
For a loan amount of 275,000 dollars, the monthly principal and interest payment is 2,284 dollars for 180 months.
This rate assumes a purchase of a primary residence with a 45-day lock period, 60 percent loan-to-value, and a minimum FICO score of 740.
Rates and terms are effective as of 2/12/2025 and are subject to change without notice. Stated rate may change or may not be available at the time of loan commitment or lock-in.
FHA 30-Year Fixed Rate Loan
The advertised loan is an FHA 30-year fixed rate loan with a 30-year fully amortizing term.
Interest rate: 6.000 percent for 360 months
APR: 7.222 percent, based on the payment of 3.000 discount points
For a loan amount of 275,000 dollars, the monthly principal and interest payment is 1,649 dollars for 360 months.
This rate assumes a purchase transaction at 80 percent loan-to-value, a minimum FICO score of 740, and a primary residence.
Payments do not include mortgage insurance, taxes, or hazard insurance. Actual payment obligations will be greater.
Rates and terms are effective as of 2/12/2025 and are subject to change without notice.
VA Loan Program
The advertised loan is a VA 30-year fixed rate loan with a 30-year fully amortizing term.
Interest rate: 6.000 percent for 360 months
APR: 6.662 percent, based on the payment of 3.000 discount points
For a loan amount of 275,000 dollars, the monthly principal and interest payment is 1,649 dollars for 360 months.
This rate assumes a purchase transaction with a 45-day lock period, 100 percent loan-to-value, a minimum FICO score of 740, and a primary residence.
Not available in all states. Rates and terms are effective as of 2/12/2025 and are subject to change without notice.
Government Program Disclaimer
The company is not affiliated with the Department of Veterans Affairs, the U.S. Department of Housing and Urban Development, or the Federal Housing Administration. This is not a government offer and has not been approved or endorsed by any government agency.
Program eligibility and underwriting requirements vary by applicant and by lender. No income, no appraisal, or no minimum credit score options are not available to all borrowers. Additional documentation and credit standards may apply.
Purchase and Refinance Disclosures
For purchase loans, actual interest rate, APR, and payment may vary based on loan terms selected, verification of information, credit history, property type, and location.
For refinance transactions, payment reductions may reflect longer loan terms and higher total interest charges over the life of the loan. Savings, if any, will vary by borrower.
Mortgage Buydown Disclosure
A mortgage buydown is a financing arrangement in which discount points are paid upfront to reduce the interest rate temporarily or permanently.
Discount points are a one-time prepaid interest charge. Buydown structures vary depending on whether the rate reduction is temporary or for the life of the loan.
Buydowns may be most beneficial when paid by a seller or builder. Borrowers considering paying points themselves should consult a loan officer to determine suitability.
Reverse Mortgage and HECM Disclosure
This information is not a substitute for advice from an attorney, accountant, or financial planner.
A reverse mortgage is a loan, not a government benefit. These materials are not from HUD or FHA and were not approved by any government agency.
Reverse mortgages use home equity to repay existing debt, consolidating balances into a new loan. The loan balance increases over time and must be repaid when the home is sold, the borrower no longer occupies the property as a primary residence, or the loan otherwise becomes due.
Borrowers remain responsible for property taxes, insurance, maintenance, and related expenses. Failure to meet these obligations may cause the loan to become due and payable and may result in foreclosure.
Interest on a reverse mortgage is not tax deductible until the loan is partially or fully repaid. This is not tax advice. Consult a qualified tax professional for guidance.
General Credit Disclosure
This is not a commitment to lend or extend credit. All loans are subject to credit approval, underwriting, and program guidelines.
Example rates and terms are effective as of 2/1/2025 and are subject to change without notice. Stated rates may change or may not be available at the time of loan commitment or lock-in.
