Integrity Mortgage Corporation of Texas

Resources

Documents, closing notes, and tools.

Gather what we need for a smooth pre-approval, know what to do before closing, and run the payment, buydown, and rent vs buy tools.

Payment estimator

Estimate principal, interest, taxes, and homeowners insurance, then talk with a loan officer about the product that actually fits.

Estimated monthly

$3,545

Principal & interest
$2,528
Taxes
$733
Homeowners insurance
$283

Taxes and insurance are estimates and will vary by property. HOA dues are not included. This is not a commitment to lend.

Buydown calculator

A 3-2-1 buydown lowers the rate by three points in year one, two in year two, and one in year three, then the note rate. The difference is usually paid up front by a seller, builder, or lender.

Buydown type

3-2-1 buydown
3-2-1 buydown2-1 buydown1-1 buydown

3-2-1 buydown cost

$17,889

Year 1 · 3.5%
$2,813

$732 less per month

Year 2 · 4.5%
$3,043

$502 less per month

Year 3 · 5.5%
$3,288

$257 less per month

Year 4+ · 6.5%
$3,545

Monthly totals include estimated taxes and homeowners insurance. HOA dues are not included. This is not a commitment to lend.

Rent vs buy wealth builder

Compare equity in a home — plus the tax benefit of deducting mortgage interest and property taxes — against investing a down payment and the monthly difference if you kept renting.

After 7 years, buying builds

$96,125

more wealth

Buy · estimated monthly
$2,836
Rent · starting monthly
$2,200
Extra the buyer paid in monthly housing
$35,931
Buyer equity
$219,580
Buyer tax savings (invested)
$51,417
Buyer total
$270,997
Renter investments
$174,872
Home value
$508,912
Loan balance
$289,332

Buying includes estimated taxes and homeowners insurance. Mortgage interest and property tax deductions are applied at the tax rate you enter and counted toward buyer wealth. HOA, maintenance, and closing costs are not included. Itemizing and SALT limits can change the tax benefit. This is an illustration, not advice or a commitment to lend.

Documents for loan application

Getting pre-approved will not take long if we have the documents needed to keep financing moving.

Provide the following

  • Last 2 years tax returns and W-2s (include every schedule). If a return has not been filed, or was not filed on time, tell us — that can delay financing.
  • Most recent pay stubs covering a one-month period.
  • Most recent month of bank statements from checking, savings, mutual funds, 401(k), etc. Include every page of each statement, even blank pages.
  • Driver’s license.

Provide these if they apply

  • Divorce decree.
  • Documentation of any monetary obligations that do not appear on a credit report — child support, back taxes paid in installments, or loans that do not show on credit.
  • Once you have a contract on a house, the name and contact information for your homeowners insurance company.

Do’s and don’ts before you close

Don’t

  • Don’t acquire additional lines of credit or make large purchases on existing credit.
  • Don’t change jobs without consulting us.
  • Don’t negotiate your contract with an allowance and expect money back at closing. Seller concessions can pay closing costs and prepaid items; an allowance for repairs is not allowed.
  • Don’t make large non-payroll deposits without consulting your loan officer.

Do

  • Do bring a cashier’s check made payable to the title company for the amount of your closing costs.
  • Do alert us if your salary or other compensation changes from what is documented on your loan application.
  • Do acquire homeowners insurance with minimum coverage equal to the amount of your loan or the replacement value of the home.
  • Do keep documentation on any large deposits into your bank accounts. A paper trail will be required to show the source.