In Houston Texas, Hispanics are a large part of the population. Many of these residents get a mortgage and have a loan officer that only speaks English. This can result in a customer getting a mortgage without a complete understanding of the process or terms. Even when a Hispanic buyer speaks English as a second language there can be misunderstandings because of unfamiliar words that are used in the mortgage process.

As a Houston mortgage broker I have seen examples of this when customers tell me that they didn't know that their previous mortgage was an adjustable rate loan. Or that they had an "option payment" loan and the size of the mortgage can get larger instead of reducing. In other cases a customer didn't know that escrow was not included in their payments and they were surprised to get a large tax bill at the end of the year.

A home will often be the largest purchase you make in your lifetime. In my opinion it is important for Spanish speaking customers to completely understand the mortgage process. When you shop for a home loan I suggest using a translator if necessary. or asking for a loan officer that is bi-lingual if your first language is Spanish.

When you are shopping for a home mortgage ask for a good faith estimate for terms. Don't let the loan officer hand you the form and say "here are the terms". All costs should be explained to you. In some cases certain costs may be negotiable. You can ask if any costs can be reduced or shop another lender to see which offers a better deal. Get a good understanding of all the mortgage costs and terms before your closing date.

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- Also visit our Houston Hispanic Mortgage site at Houston Mortgage Espanol

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