Contact us for a custom rate quote. Rates change on a daily basis and it is difficult to provide a listing of rates to address all potential loan scenarios.  Some of the details that can affect your rate include loan amount, credit scores, term of loan and the type of loan such as ARM's, no PMI loans, jumbo loans, investor and construction loans. 

Moncor Mortgage offers a variety of loan programs to meet your needs. We offer numerous specialty programs such as investor loans on 1 to 4 family properties, one time close construction loans, no PMI loans up to 95%, 100% VA loans and 97% FHA loans just to name a few. First consider what type of mortgage will best suit your current financial situation and the house you choose. We work with the leading lenders in the industry to provide programs to meet most financing needs. Basic programs that we offer include:
 
Fixed Rate Mortgages
ARM's
Jumbo Fixed
Home Equity / Cash Out Loans
Interest Only ARM's & Fixed Rate Mortgages
One Time Close Construction Loans
Investor Loans

Fixed Rate Mortgages
Fixed Rate Mortgage(FRM) are loans paid off in equal payments over the term of the loan. This is the most common type of residential mortgage. The rate for this type of mortgage remains at a constant level throughout the term and these loans are available on loan amounts up to 97% (FHA) and 100% VA loans. By choosing the shorter term that is comfortable (and for which you will qualify), the interest savings are enormous as the term decreases. Always make a comparison between a 15 year term payment and a 30 year term payment. The difference is often surprisingly smaller than anticipated. The savings over the term of the loan, however, can be substantial. Ten and 20 year terms are also available.  If you can't qualify for a shorter term try to add at least the amount of 1 additional payment per year--this can knock nearly 10 years off a 30 year loan. Another way to accomplish this is to setting up your payments "bi-weekly". This will shorten the loan by requiring half the monthly payment every two weeks. Since there are 52 weeks in a year, you make 26 payments, or 13 "months" worth, every year. Our calculator page has several calculators that can help you determine what term payment would be most reasonable for you.



ARM's
Adjustable Rate Mortgages (ARM) are loans that change interest rates with a predetermined market index. There are a variety of market indexes used, and the index will be set when the loan is made. The rate is typically fixed for a specified number of years (i.e. 3, 5 or 7) and then the rate adjusts on an annual basis with the fluctuation of the index that it is based on (such as the LIBOR, COFI or the 1 year treasury bill). Generally, these loans have a cap that limits the amount the loan can fluctuate each year as well as a lifetime cap. For example a 3/1 ARM with a 6/2 cap is a 3 year ARM that is fixed for the first 3 years. After the initial 3 years the rate will change once a year with a maximum fluctuation of 2% up or down and a maximum of a 6% increase over the life of the loan. In many cases, ARM's have a lower interest rate during the initial specified time frame than fixed mortgages and may be more applicable if you know that you are going to be in your home for a specific time frame. For example, if you know that you will be moving in 5 years, you might want to consider a 5 year ARM. ARM's are typically available in 3, 5 and 7 year terms with a 30 year amortization. These loans are available for conforming as well as jumbo loans.

Term: 30 years  

Jumbo Fixed
Jumbo loans are typically fixed rate mortgages in which the loan amount exceeds $417,000. These loans are available as fixed rate loans as well as adjustable rate mortgages. A Jumbo Mortgage is a mortgage with a loan amount above conventional loan limits. Jumbo Mortgages apply when agency (FNMA and FHLMC) limits don't cover the full loan amount. Fannie Mae (FNMA) and Freddie Mac (FHLMC) are large agencies that purchase the bulk of residential mortgages in the U.S. They set a limit on the maximum dollar value of any mortgage which they will purchase from an individual lender. Currently, this limit is $417,000. This leaves a portion of the market to look elsewhere for placement. Other large investors, such as insurance companies and banks, step in to fill the need with maximum mortgage amounts going to the $1 million or $2 million range. The average interest rates are typically greater than normal for conforming mortgages, and vary depending on property types and mortgage amount.


Home Equity / Cash Out Loans
Loans that allow a homeowner to obtain cash by borrowing against the equity in their home to consolidate debts, pay for college, remodeling, etc. The advantages of a home equity loan are that rates are typically lower than other non-secured or consumer loans and the interest is tax deductible. Loan amounts up to 80% of the appraised value.

Interest Only ARM's & Fixed Rate Mortgages
The Interest Only ARM and Fixed mortgages were created for borrowers who don't have the budget to immediately pay their full mortgage payment, but will in a few years. Whether the borrowers will have a large debt paid off or will be making more money in a few years, this program lowers the short-term payment making it more affordable. The Interest Only payment is for a set period of time and then adjusts to a fully amortized payment for the remainder of the loan term. But, until then, the Interest Only Program makes the payment more manageable.


One Time Close Construction Loans
Our one time close construction loan is designed for those who are interested in building their own home. This program is available in fixed rate and adjustable rate loans and provides for the purchase of land along with the funds for construction of the improvements. If you already own your lot, the value of the lot can be counted towards your downpayment which may allow you to obtain a loan with no money out of pocket. This program is available for conforming as well as jumbo loans.

Investor Loans

Moncor Mortgage is also able to offer 75% to 80% financing on 1-4 family investment properties depending on credit scores and number of units.



Moncor Mortgage offers different types of loans that will meet the needs of virtually every potential customer.  We can assist you through the entire process of finding and financing your new home. For more information please call or email for details. If we can't help you, we will be glad to refer you to someone who can.

Prolending Mortgage

1560 Live Oak, Suite D

Webster, TX 77598
Terry Burnaman RMLO 
Phone (832) 309-3123

Company NMLS#262563

RMLO NMLS#284480