Buying a Home is a Process. PrimeWay Can Help Find the Right Mortgage for You.

PrimeWay helps you navigate the loan process and finds a payment that fits your budget, allowing you to relax and enjoy your new home.

We understand how overwhelming it is to maneuver through the financial side of buying a home. PrimeWay is here to help you every step of the way so that you can make an informed decision about which home mortgage loan option is best for you.

We'll take care of you from the beginning by helping you find out how much you can qualify for to applying for your mortgage loan—and every step in between.

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Fixed-Rate Mortgages

  • Set interest rate for the life of the loan
  • Your monthly payments of principal and interest remain the same for the life of the loan
Learn more about fixed rate loans

Adjustable-Rate Mortgages (ARMs)

  • Interest rate may change periodically during the loan term
  • Your monthly payment may increase or decrease based on interest rate changes
Learn more about adjustable-rate mortgages

FHA & VA Loans

  • Government loans from the Federal Housing Administration and the U.S. Department of Veterans Affairs
  • Low down payment options with flexible credit and income guidelines
Learn more about FHA & VA loans

Jumbo Loans

  • For borrowers needing higher loan amounts
  • Available as fixed-rate or adjustable-rate loans
Learn more about jumbo loans

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Get Answers to Your Home-Buying Questions

What is my first step? What's the right down payment amount?

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Explore and Learn About Your Mortgage Options

From fixed to adjustable rate there's an option right for you.

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Schedule an Appointment with a Mortgage Specialist

We've got your back & answers to your home buying questions.

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Why Choose PrimeWay for Your Home Loan?

Experience – We put our experience to work for you. Our Mortgage Loan Specialists are knowledgeable and work with you to find the right option to fit your needs and budget.

Guidance – The mortgage loan process can be frustrating to navigate. But you are not alone—we guide you every step of the way and help you find the loan that’s right for you.

Ongoing Support – As you grow into your new home, we’re always here for you. Your financial goals are our top priority and that doesn’t end when you get the keys to your new home.

You can start online now or request to speak with a PrimeWay mortgage specialist.


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Fixed-Rate Mortgages

Key Benefits

  • Provides the lowest fixed rates for eligible buyers
  • Because it's fixed, there are No Interest-Rate Surprises

Consider If You

  • Plan to stay in your home for a long time
  • Have an established credit history
  • Can put at least 5% down for the home

Adjustable-Rate Mortgages (ARMs)

Key Benefits

  • Provides the lowest short-term rates
  • Initial lower monthly payments
  • Initial fixed rate periods of 3-10 years, then rate can adjust or down thereafter

Consider If You

  • Plan to move before the end of the initial fixed-rate period
  • Want an initial monthly payment lower than usually offered by fixed-rate mortgage
  • Have established credit history
  • Can put at least 5% down for the home

FHA Loans

Key Benefits

  • Low down payments
  • Fixed-rate loans available
  • Flexible qualification guidelines

Consider If You

  • Have limited funds for a down payment
  • Don't have an established credit history or have experienced credit challenges in the past

VA Loans

Key Benefits

  • Low or no down payments
  • No mortgage insurance requirement
  • Flexible qualification guidelines
  • Fixed-rate and ARM options

Consider If You

  • Are an active military member or veteran
  • Are the surviving spouse of a service member who died as a result of military service

Jumbo Loans

Key Benefits

  • Increased purchase limits for higher-priced properties
  • Competitive rates
  • Fixed-rate and ARM options

Consider If You

  • Are buying a home that exceeds conforming loan limits ($484,350 in most areas)
  • Have an established credit history
  • Seek low down payment options

Mortgage Refinancing Options

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Traditional Refinancing

A traditional refinance is a low-cost conventional loan that may lower your monthly payment or let you pay off your house sooner. Even if your current mortgage is with another lender, you may be able to get a traditional refinance home loan from PrimeWay.

Key Benefits

  • Lower your monthly payment
  • Change the term of your loan to build equity faster or pay off more quickly.
  • Pay less in costs and fees; conventional refinance loans may cost less than FHA or VA loans

Requirements

  • Higher credit score - conventional refinance loans aren't backed by the government
  • Have home equity of 20% or more to avoid private mortgage insurance
  • Current market value of your home must be higher than your current home loan balance

Cash-Out Refinancing

With a cash-out refinance you refinance your current mortgage while also accessing the equity in your home--the equity converts to cash paid out at closing. Because a cash-out refinance has a fixed interest rate, it is an alternative to a home equity line of credit (HELOC), which has a variable rate.

Key Benefits

  • Access funds for any financial need, including college tuition and home renovations
  • Competitive rates for an economical way to fund big purchases or other needs
  • Simplify and consolidate debt like credit cards, student loans or auto loans

Cash-Out Rules

  • In Texas, the total of all mortgage debt against the home cannot exceed 80% of the fair market value, this is the maximum loan-to-value (LTV).
  • Texas law only permits one cash-out refinance loan or home equity loan at a time no matter how much equity your house possesses. If you have an existing home equity loan, you must pay off the outstanding balance or refinance it into the new cash-out refinance loan.
  • You can only receive a cash-out refinance loan or home equity loan one time per calendar year, even if you pay off a loan taken out that year. You have to wait 12 months from the date of your cash-out refinance closing. If you anticipate needing to make multiple "draws", consider a HELOC.
  • The total of all fees on a cash-out refinance loan cannot exceed 2%. However, these fees don't include title insurance premiums, appraisal and survey costs, or discount points used to buy down the interest.
  • You can refinance in the future to a rate-and-term loan refinance without taking cash out, meaning you are not required to refinance using the same type of cash-out refinance loan.

Mortgages FAQ

A down payment is an up front payment towards the cost of a home. Typically, the more you're able to put down, the lower your interest rate and monthly payment.

Why would you get a lower interest rate? When you put more money down, you're taking some of the risk from the lender. It is your cash investment in your home and the lender can reciprocate by giving you potentially lower mortgage interest rates.

Typically, to get the lower mortgage rates, you will need down payment of at least 20 percent of the home's purchase price.

It is possible to purchase a home with a down payment of 15 percent, 10 percent, or even less. FHA mortgages and VA loans are government backed that may be available to qualified home buyers with little or no down payment. With these loan programs, you may be required to pay for mortgage insurance, which is an additional monthly expense to your mortgage payment.

The mortgage loan process mostly consists of mortgage paperwork; providing documents to show how much you earn, where you've lived, monthly debts and account balances.

Most of the information can either be provided in person or on your application. There are a number of additional documents you may need to provide - it will depend on where you are in the loan approval process.

Mortgage prequalification is an assessment of whether your debt-to-income ratio fits mortgage guidelines and provides an estimate of the amount you may be able to borrow. A prequalification letter can also be given to your real estate agent to show you are a serious home buyer. Prequalification is optional, but it's a helpful step in the process of buying a house..

Mortgage prequalification is free and doesn't require a commitment from you or the bank or credit union.

Mortgage prequalification checklist

It is convenient to get prequalified and can help you in the mortgage process. Here's what you'll need to provide for a mortgage prequalification:

  • Your name (plus any co-borrowers' names)
  • Your current address
  • Your estimated annual household income
  • Your estimated monthly household debt expenses

You can apply for pre-approval at any time, regardless of whether you've completed the prequalification process. You'll complete a full mortgage loan application, which will include the following information.

This is a partial list as varying information and documentation can be requested during the closing process. Your mortgage specialist can tell you about any additional requirements.

Residential History

  1. Your residential address for the past two years
  2. Landlord names and addresses for the past two years

Personal Assets

  1. Past months checking and savings account statements
  2. Past two months for other investments, including CDs, IRAs, stocks, bonds or other securities you intend to use for your down payment
  3. Current real estate holdings, including property address, current market value, mortgage lender's name and address, loan account number, balance and monthly payment

Employment & Income History

  1. Paycheck stubs from the last 30 days showing your year-to-date earnings
  2. W-2 or I-9 tax forms for the past two years

Personal debt

A list of any new monthly debts not listed on your credit report (auto loans, student loans, mortgage loans, credit cards, etc.), including creditor name, address, account number, minimum monthly payment amount and outstanding balance on each account.

Additional documents may be required at your mortgage closing. Your real estate agent and mortgage loan officer will let you know which documents will be needed when you close on your new home and they'll work closely with you at each step of the mortgage loan process.

Download Mortgage Pre-Approval Checklist (PDF)

  1. Paycheck stubs covering the most recent consecutive 30-day pay cycle
  2. W-2 and/or 1099 forms from the past two years (covering all jobs held)
  3. Two (2) forms of ID - One (1) must be a Government issued photo ID, and One (1) of the following:
    • Social Security Card
    • Current utility bill with your current address
    • Current voter registration card
    • Military ID
    • Unexpired passport
  4. Past two months checking and savings account statements - All pages, even if they are left intentionally blank
  5. Most recent two years tax returns (All pages and schedules)
  6. Most recent mortgage statement for the subject property
  7. Homeowners insurance policy or Agent's contact information
  8. Copy of existing survey (if available)

Download Mortgage Refinance Checklist (PDF)

Loan approval is subject to credit approval and program guidelines. Interest rate and program terms are subject to change without notice. Mortgage, Home Equity and Credit products are offered through PrimeWay Federal Credit Union. Deposit products are offered through PrimeWay Federal Credit Union.

To guarantee a rate, you must submit an application to PrimeWay and receive confirmation from a mortgage loan officer that your rate is locked. Application can be made by calling 713-799-6200, by applying online, or by meeting with a mortgage specialist.

Interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regard to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.