Vince Gutierrez Mortgage - Helping Texans with Texas Mortgage Loans.

CONSUMER COMPLAINTS AGAINST MORTGAGE BROKERS, MORTGAGE BANKERS AND STATE SAVINGS BANKS DOING BUSINESS IN TEXAS   You have the right to file a complaint against a state savings bank, mortgage broker or mortgage banker if you feel you have been wronged in any way regarding your financial dealings and or transactions. On the homepage of this website (left side), click on the “Complaints” button.  Read and follow the instructions carefully.  If you have any questions or  if any clarification is needed, please contact us at www.sml.state.tx.us/contacts.html, fax us at (512) 475-1360, call the number(s) furnished at the bottom of the instructions page, or at our toll free Consumer Hotline, (877) 276-5550.  Of particular interest to those wishing to file a complaint against a mortgage broker, the Texas Department of Savings and Mortgage Lending maintains the Mortgage Broker Recovery Fund to make payments of certain types of judgments against a mortgage broker or sponsored loan officer.  Not all claims are compensable and a court must order the payment of a claim from the Mortgage Broker Recovery Fund before the claim may be paid.  For more information about the Mortgage Broker Recovery Fund, please consult subchapter F of the Mortgage Broker License Act “Statutes and Regulations” link found under statutes www.sml.state.tx.us/Stats&Regs.html.

Texas Mortgage Loans by Vince Gutierrez Mortgage

Texas Savings & Loan License For Vince Gutierrez (the broker) #16011. Broker's entity license 76630 (Vince Gutierrez, Inc)

7419 W. Suddley Castle St.  *  Houston, Texas 77095

Office: 281-597-9234  *  Fax: 281-754-4515  *  Email Us


 

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Do You Have A Question?

We offer a complete line of Texas mortgage loans, Texas home equity loans and Texas mortgage refinance loans for all types of borrowers with low Texas mortgage rates. 

Why escrow taxes and insurance?

I subscribe to two very distinct schools on this subject and they are as follows. The
first one is, if you don’t want to mess with it or go to the trouble of saving a lump sum
to pay your taxes and insurance at the end of the year and when the insurance becomes due
again, escrow the funds. Pay the funds within your monthly payment. The other of course
is simple, pay them yourself when they are due. Save the money yourself and accrue
interest on your own money instead of someone else making money from you.

The first scenario is a typical choice that thousands of borrowers contract to every
month with many of the transactions closing in any given month. It’s safe, simple, it’s
standardized and it’s audited by the government. It’s also practical.

The second scenario, although beneficial requires responsibility. Taxes are due at the
end of the year. In order to be prepared to pay those taxes, you must save the cash
somewhere to be prepared for the bill. The same goes for insurance although insurance
isn’t due at the end of the year. It’s due whenever a 12 month period has passed. If you
bought your house in April and you made your first payment in June, 12 months from June
the insurance becomes due.

Escrowing means a third party like a title company collects your money and puts in a safe
place for its intended use. After a transaction, the funds are placed in the lender’s
bank account. This method is no different anywhere in the US or anywhere in any state.

Years ago, the Congress of the United States adopted the Real Estate Settlement
Procedures Act (RESPA)
, which includes the regulation of escrow accounts and strict
reporting requirements on lenders.

If you are buying a home, the title company will usually collect 4 months of taxes and 14
months of insurance. The reasons are simple. Here’s an example:

Your closing is in May and your first mortgage payment is due in July. Starting with
July, 6 mortgage payments will be made that year. Within those 6 payments will be 6
months worth of taxes. Since you closed in May, you are responsible for May and June’s
taxes and insurance. From May to December is 8 months so you will need a total of 8
months worth of taxes. Since 6 months will collect part of it, the remainder will be paid
up front or in advance at closing. Since the title company is collecting 4 months that
totals to 10 months or 6 monthly payments plus May and June. There are two months worth
left over and that is kept for reserve. This is because taxes fluctuate with out notice.
Any amount remaining after taxes have been paid is retained or returned to the borrower.

So in conclusion, the 4 months collect at closing are distributed as follows. Two months
towards the yearly taxes and two months in reserve.

Insurance is much the same way except insurance is paid forward. If you close in May,
taxes are paid 12 months in advance instead of the end of a year. So the lender collects
12 months to be paid out to an insurance company at closing with two months reserve for
any fluctuation in premium costs.

Conventional conforming loans or standard Fannie Mae and Freddie Mac loans require you to
either put down 20% for a purchase in order NOT to escrow or if you put down less than
20% escrow becomes automatic. In order to pay your own taxes and insurance, you must put
down 20%. Sub prime lenders, hard money lenders and some commercial banks don’t always
require escrows.

In the case of a refinance loan, escrows are a little more complex and are based on what
month you close in, but also take into account the entire year because ownership isn’t
changing hands.

If this all sounds complicated, it is. However, I can explain as much as possible with
one or two phone conversations with you at your convenience. Once you understand it and
have done it at least once, you will know and understand it from now on.

Call me today 281-597=9234 or e-mail me.

Vinni100@netzero.net

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