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Compare Loan Types

Loan Type

Details of Loan

Fixed-Rate Loans

  • 30-, 25-, 20-, 15- and 10-year terms are all available at a fixed rate.
  • Buy a home with as little as 5% down (primary home).
  • Refinance up to 95% of your primary home’s value.
  • Monthly mortgage payments remain the same for the entire loan term.
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Adjustable Rate Loans (ARM)

  • 3/1, 5/1, and 7/1 ARM‘s. Monthly payments based on a 30-year repayment schedule.
  • Provides veterans with flexible lending options and loan security.
  • The rate stays fixed for the first 3, 5, or 7 years (depending on chosen term), and then adjusting annually thereafter.
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FHA Loans

  • 3.50% down payment required on purchase.
  • The minimum credit score required is usually 620.
  • Post-bankruptcy qualifying – 2 years after.
  • Post-foreclosure qualifying – 3 years after.
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VA Loans

  • Competitive interest rates are routinely lower than conventional rates.
  • Sellers can pay up to 6 percent of closing costs and concessions.
  • Higher allowable debt-to-income ratios than for many other loans.
  • 0% down payment required on purchase.
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Reverse Mortgage Loan

  • Specialized loan for seniors 62 and older.
  • A reverse mortgage allows seniors to access a portion of the equity in their home.
  • No Monthly Mortgage Payments Ever.
  • Borrowers maintain title and ownership of their home.
  • The borrower must continue to pay for taxes and insurance, home maintenance, and otherwise comply with the loan terms.
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Non QM Loans

  • Specialized loans for non-qualifying borrowers.
  • Typically, do not need to provide income or employment verification
  • Ideal loans for folks with bad credit, or business owners who do not qualify dye to business tax write-offs
  • Most Non-QM loans are best suited for investment type properties
  • Can be based on portfolio, asset or bank balances to get qualified
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Our goal at Sims Mortgage Team is to provide access to home purchase loans and mortgage refinance at competitive interest rates and without the usual hassle of the home loan application process.

Calyx Mortgage, Inc
d/b/a Sims Mortgage Team
COMPANY NMLS # 2035595

2245 Texas Drive, Suite 300
Sugar Land, TX 77479

Simran Patel – Broker / MLO
MLO NMLS # 955654

 

+1 (346) 932-1197

Texas Consumer Complaint and Recovery Fund Notice

CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.

THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.

Pre-approval is based on a preliminary review of credit information provided to Calyx Mortgage, Inc d/b/a Sims Mortgage Team which has not been reviewed by Underwriting. Final loan approval is subject to a full Underwriting review of support documentation including, but not limited to, applicants’ creditworthiness, assets, and income information, and a satisfactory appraisal.

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