Business Details
About
Mortgage Lender
Ero Lending provides a wide variety of mortgage loan programs to the Houston, TX, area.
Location
Hours
Reviews
4.4
101 reviews
5 stars
83
4 stars
5
3 stars0
2 stars0
1 star
13
- PBPhillip Bates6 days ago5.0We can't thank Emmanuel and Martha enough for the extraordinary service they provided during our recent home buying journey! As first-time buyers, Phillip and I were pretty anxious about the process, but Emmanuel and Martha made everything feel so straightforward and manageable. From day one, their guidance and support were exceptional—they broke down every detail in a way that made sense to us, and were always patient with our (many!) questions. The closing process was incredibly fast—just 16 or 17 days, which blew us away. Throughout, Emmanuel and Martha were always available, always responsive, and took the time to explain every step so that we always felt confident and informed. Their professionalism and dedication turned what could have been a stressful experience into something truly wonderful. We HIGHLY recommend them to anyone buying a home—you really can’t find a better team. Thank you both for making this such a positive and smooth experience for us!
- LRLilly RosasSep 22, 20255.0I highly recommend mayra as your loan officer, she and her team helped me throughout the whole process and closing was the smoothest with her. She was able to help me with my credit as well. She was a life saver and im truly grateful for her
- FRFanny RamirezAug 29, 20255.0Equipo súper profesional !!! Me ayudaron con el préstamo de mi casa muy rápido !! Siempre resolviendo mis dudas en cualquier momento con excelente actitud thank u Mayra ☺️
- MMMagicstic ManifestationAug 13, 20255.0Very professional team. We had wonderful experience closing on our home. They made our home buying experience easy and fluid. I would recommend any one looking to purchase go through ERO Lending to ensure your experience is pleasant and comforting.
- JLJesus LopezJul 31, 20255.0Great company to work with they help with all the process for your new home !
Frequently Asked Questions About Ero Lending
When should I refinance?
Refinancing may be beneficial when it can lead to financial savings or better align with your monetary objectives. Factors to consider include lower interest rates, improved credit scores, desire for a shorter loan term, switching between fixed and adjustable rates, or accessing equity through cash-out refinancing. However, it's crucial to evaluate potential savings against associated fees, as refinancing does involve costs.
What are points?
Points represent a percentage of the loan amount, with one point equaling 1% of the loan. For instance, on a $100,000 loan, one point is $1,000. These are fees paid to a lender to secure mortgage financing under specific terms. Discount points are upfront fees used to reduce the interest rate on a mortgage loan. Lenders may also refer to costs in basis points, where 100 basis points equal 1 point or 1% of the loan amount.
Should I pay points to lower my interest rate?
Paying points to reduce your interest rate is optional. This process, known as buying down the rate, involves an upfront fee for a lower interest rate over the loan's duration, potentially saving money long-term. However, this strategy is most beneficial if you plan to keep the loan long enough to recoup the initial cost. If you prefer lower upfront expenses or don't plan to stay in the loan for an extended period, opting out of points may be more advantageous.
What is an APR?
Annual percentage rate (APR) represents the total annual cost of borrowing, expressed as a percentage. It encompasses not only the interest rate but also additional charges such as lender fees or points. APR provides a more comprehensive view of the actual cost of a loan over its lifetime, facilitating easier comparison between different lenders' offers.
What does it mean to lock the interest rate?
Locking the interest rate is a process where a lender guarantees a specific interest rate for a set period, typically 30-60 days, sometimes for a fee. This protects borrowers from potential rate increases during the loan application process, which could otherwise lead to unexpected increases in mortgage payments. Rate locking provides stability and predictability in the loan terms.
What documents do I need to prepare for my loan application?
For a mortgage application, you'll generally need to provide recent pay stubs, W-2 forms from the past two years, employment history, and tax returns if self-employed. Additional documents may include bank statements, investment account statements, and information on any other assets or debts. Specific requirements can vary based on individual circumstances, so it's advisable to consult with your lender for a comprehensive list tailored to your situation.
How is my credit judged by lenders?
Lenders evaluate credit using a scoring system that considers various factors from your credit report and application. These include payment history, number and types of accounts, late payments, outstanding debt, and account age. Using statistical analysis, lenders compare this data to similar consumer profiles. Points are awarded for factors predicting likelihood of debt repayment. You're entitled to one free annual credit report from each major credit bureau, though this may not include your credit score.
What can I do to improve my credit score?
To enhance your credit score, prioritize timely bill payments as payment history significantly impacts your score. Maintain low credit card balances, ideally using less than 30% of available credit. Avoid opening multiple new accounts in a short timeframe. Keeping older credit accounts active can be beneficial due to the positive impact of a longer credit history. Regularly review your credit reports for inaccuracies and dispute any errors found. Remember, improving credit takes time and consistent responsible financial behavior.
What is an appraisal?
An appraisal is a professional assessment of a property's market value, typically conducted by a licensed appraiser. Lenders utilize appraisals during the loan process to ensure the property's value adequately supports the loan amount. Appraisers evaluate properties by considering factors such as condition, location, size, and recent comparable sales in the area.
What happens at closing?
At closing, or funding, property ownership is officially transferred from the seller to the buyer. This process may involve various parties including the buyer, seller, real estate agents, attorneys, lender representatives, and title or escrow firm staff. The duration can vary from one hour to several, depending on factors like contingency clauses or escrow account setups. Prior to closing, a final property inspection is typically conducted. The settlement is often completed by a title or escrow firm, handling necessary disbursements upon receipt of all required materials and funds.
What types of mortgage loans does Ero Lending offer?
Ero Lending provides a variety of mortgage loan programs including FHA Loans, VA Loans, Conventional Loans, Bank Statement Loans, ITIN Loans, DSCR Loans, and Foreign Loans.
What are Ero Lending's regular business hours?
Ero Lending is open Monday through Friday from 9:00 AM to 5:30 PM, and Saturday from 9:00 AM to 2:00 PM by appointment only. It is closed on Sundays.
How can I contact Ero Lending for mortgage inquiries?
You can reach Ero Lending by phone at +1 281-999-2400 or via email at mayra.amaya@erolending.com or ero@erolending.com.
What payment options are accepted by Ero Lending?
Ero Lending accepts American Express, Cash, Check, Discover, Financing, Invoice, MasterCard, PayPal, Visa, and Zelle as payment options.
When is the best time to consider refinancing a mortgage?
Refinancing may be beneficial when it can lead to financial savings or better align with your financial goals, such as obtaining lower interest rates, improved credit scores, shorter loan terms, switching loan types, or accessing equity. It's important to weigh potential savings against refinancing fees.
What documents are required to apply for a loan at Ero Lending?
Typically, you need recent pay stubs, W-2 forms from the past two years, employment history, and tax returns if self-employed. Additional documents may include bank statements, investment accounts, and information on other assets or debts. Consult with Ero Lending for a personalized list.
What nearby places can be useful for clients visiting Ero Lending?
Nearby places include Priority Roofing for home roof services, Fiesta Financial Co Of Texas for auto loans, and several insurance agencies such as Farmers Insurance - Justin Turner and Proctor Insurance Group, which could be valuable for clients seeking complementary financial services.
Are there nearby accommodations for clients traveling to Ero Lending?
Yes, nearby accommodations include the Houston Marriott North hotel and The Landings at Northpoint, which offer convenient lodging options for clients visiting from out of town.
How can nearby real estate services assist clients of Ero Lending?
Nearby real estate agents and services such as The Realtor Andre B and Greater Houston Group provide property management and real estate expertise, complementing Ero Lending's mortgage offerings to help clients with home buying and selling needs.
Does Ero Lending provide services in multiple languages?
Yes, Ero Lending offers services in both English and Spanish to accommodate a diverse clientele.