Mortgage Lenders in Katy, TX

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Mortgages in Katy, Texas

When you’re looking for mortgage lenders in Katy, Texas, and the surrounding area, Rock Mortgage is your trusted provider of mortgage solutions. We work closely with local borrowers to help them purchase their dream homes.


Housing Market in Katy, Texas

Since we focus heavily on mortgage loans for home buyers, the team at Rock Mortgage understands the housing market in each of the areas we serve. We are local experts on real estate in Katy and the surrounding area. This city sits just west of Houston, making it an appealing place to live for those who want easy access to Houston but don’t want to live in the bustling city.

Some of the key facts about the area that are helpful when considering a move to Katy include:

  • Katy homes have a median listing price of $343,000 or $148 per square foot, according to data. 
  • The median listing home price has been trending up by 23% year-over-year, based on data from
  • Katy’s real estate market is considered a seller’s market with less available inventory and more people looking for homes.
  • On average, a home in Katy sells after spending approximately 46 days on the market. Over the last year, the median number of days on the market has trended downward slightly, although it’s gone up in the last month.
  • Redfin data also shows that the housing market in Katy is very competitive, with homes often receiving multiple offers and selling for 1-4% above their list prices.
  • The average home goes under contract in about 10 days, while hot homes go under contract in approximately five days.
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First Time Home Buyers in Houston May Not Need a Significant Down Payment

A down payment of 20%, or one-fifth of the total purchase price, is often recommended as appropriate for first-time home buyers. Even with Houston home prices being below the national average, this can be an unattainable goal. The good news is, in most cases, a 20% down payment is not necessary to secure a mortgage. Depending on the loan you choose, you may only need to make a down payment of up to 3.5%. With some mortgage products, there is no down payment required at all.

While this makes mortgages much more attainable for people of modest means, there is a tradeoff involved. First-time home buyers Houston who make a low down payment typically have to pay mortgage insurance as part of their monthly mortgage payment. This is separate from the homeowner's

policy that you have to obtain to secure your mortgage, protecting you from damage to your property. You must factor both the mortgage insurance and the homeowner's insurance premium into your monthly mortgage payment when determining whether you can afford it.

Find Out What Our Katy, TX, Clients Have To Say About Our First Time Buyers Loan Programs

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Hottest Katy, Texas, Neighborhoods

According to Katy Magazine Online, several neighborhoods have grown in popularity in the recent past. Those relocating to the area often seek out areas that offer easy access to the Energy Corridor and the Houston Medical Center. Additionally, the amenities offered in certain neighborhoods provide substantial appeal to buyers. For example, the Cinco Ranch neighborhood offers resort-style living with a beach club, private walking trails, and several water parks. Willow Creek Farms is a lower-cost planned community that offers easy access to the I-10 freeway.

Based on the data presented in the online publication, these are some of the hottest neighborhoods in Katy: 

  • Kelliwood.
  • Cinco Ranch.
  • Seven Meadows.
  • Jordan Ranch.
  • Grand Lakes.
  • Elyson.
  • Cross Creek Ranch.
  • Cane Island.
  • Pine Mill Ranch.
  • Willow Creek Farms.
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About Rock Mortgage

Rock Mortgage is one of the premier mortgage lenders in Katy and much of the surrounding area. It was founded by two individuals with decades of experience in the financial industry. At Rock Mortgage, we take pride in conducting business with integrity, honesty, and a high level of service. If you’re looking to purchase a home, whether it’s your first home purchase or you have gone through the process before, you can trust our team to provide the support and resources needed.

What Is a Mortgage Loan?

A mortgage is a type of loan used to finance the purchase of a property. Borrowers can obtain mortgage loans to pay for: 

  • Primary homes.
  • Second or vacation homes.
  • Land.
  • Other types of real estate.

When taking out a mortgage, a buyer must meet certain qualifications and agree to the terms set forth by the lender. The borrower agrees to pay back the lender over a set period of time, often over 30 years. They make payments regularly, and each payment includes principal and interest. The principal portion of the payment goes toward paying down the debt, while the interest goes directly to the lender. The amount of interest paid in each payment depends on the interest rate for which the borrower qualified.

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First Time Home Buyers Houston

Different Types of Mortgage Loans

Although a mortgage is a general term that refers to a loan used to buy a property, there are various types of mortgage loans available to buyers. Depending on the borrower and their qualifications, as well as the type of property they plan to purchase, an individual might qualify for one type of mortgage loan or several different types. Understanding the different mortgage types can help a borrower determine which is the best option for their financial situation:

  • Conventional. 
  • FHA.
  • VA.

A conventional loan often has a 30-year term with payments due every month. Some lenders require borrowers to pay at least 20% of the property value as a down payment to qualify for this loan type. An FHA loan helps low- and moderate-income families qualify for homeownership by requiring a lesser down payment. This loan type receives backing from the Federal Housing Administration. A VA loan is available through the U.S. Department of Veterans Affairs for military service members and veterans, as well as their families.

Mortgage Loan Terms

Beyond these types, there are also different loan terms that impact how a borrower will repay the loan. Examples include: 

  • Fixed-rate: The interest rate remains fixed throughout the term of the loan.
  • Adjustable-rate: The interest rate varies throughout the loan term.

A fixed-rate mortgage is generally seen as the more stable choice for buyers, and it’s especially appealing when nationwide interest rates are lower. An adjustable-rate mortgage might be a good option for a buyer who obtains their loan when interest rates are particularly high and predicted to drop in the near future.


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FAQ for First Time Home Buyers in Houston | Rock Mortgage

How Do You Qualify for a Mortgage Loan?

To qualify for a mortgage loan, you must meet certain financial criteria. The requirements vary by lender, but most require borrowers to have a stable income source and a good credit score. When applying for a mortgage, you’ll need to supply your:

  • Tax returns.
  • Bank and financial statements.
  • Pay stubs and/or W-2 forms.

Some lenders also require employment verification and/or rental history. The lender will review the information you provide to determine if you’re a good candidate for a mortgage loan. Part of the process also involves reviewing your credit history. You’ll have to fill out a form authorizing the lender to pull your credit when applying for a loan. 

Why Work With a Mortgage Lender in Katy, TX?

Although many lenders offer mortgage loans, not all specialize in this particular loan type. Working with a dedicated mortgage lender provides you with the support and resources you need when making one of the biggest purchases of your life. Additional benefits of working with a mortgage lender who operates in your area include:

  • Personalized service.
  • Access to lower rates (for qualified buyers).
  • Local expertise.
  • Relationships with real estate agents.
  • Access to specialized products focused on buying a home. 
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Choose Rock Mortgage

If you’re ready to take the next step and obtain preapproval for your mortgage loan, our team at Rock Mortgage can provide the support you need. We specialize in mortgage loans and have helped thousands of buyers in and around Katy. Contact us to get started!

A Mortgage Can Be Used for More Than Buying Your First Home

You do not necessarily have to buy an existing home to get a mortgage. For example, there are also loan products available to fund the purchase of land and the construction of your own custom home.

You May Qualify for First Time Home Buyer Benefits Even if You Have Owned a Home Before

The U.S. Department of Housing and Urban Development sets several conditions for first-time buyer status. If you meet any of the requirements, you qualify for benefits even if you have owned a home before. For example, if you have owned a home before but your spouse has not, or you have only owned a home with a spouse from whom you are now divorced. You may also qualify for first-time home buyer advantages if you have not owned a principal residence for the past three years.

Our goal at Rock Mortgage is to make the process of purchasing a home as stress-free as possible through constant communication and a customer-first approach. It is our privilege to help you finance the purchase of your first home. Contact us to start your application.

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