CTX Mortgage

CTX Mortgage is committed to making the mortgage loan process as simple as possible.  They live in the communities they work in, and are dedicated professionals who focus on the needs of their customers.  CTX was founded in 1973 and is now one of the largest non-bank retail mortgage originators.  They have more than 200 offices worldwide, and have assisted over a million families finance their dream of homeownership.

CTX Mortgage Loan Options

CTX offers many home mortgage products.  They offer an array of conventional mortgages.  Conventional mortgages are simply mortgages that are not insured, or guaranteed by a state agency.  Many years ago, conventional loans were the only types of loans available, and they required down payments as high as fifty percent.  Today there are many more options for loans, homebuyers can put anywhere from 0% to 20% down.

CTX also offers FHA Loans.  FHA Loans have a lower down payment requirement than conventional loans, but higher down payments than VA loans.  Their qualifying formula is broader than conventional loans, but not as high as VA loans.  FHA Loans made after December 15, 1989 can be assumed at the same interest rate, if they qualify. 

CTX also offers Veterans Administration (VA) Loans.  These loans are available for US Veterans.  They can borrow 100% of their home’s value (the value cannot exceed $203,000).  The VA is generally fairly liberal concerning the veteran’s credit standing.

CTX ARM Loans

CTX also offers a 5/1 ARM.  With this plan, the borrower pays fixed rates for the first five years of the mortgage, and then pays adjustable rates for the remainder of the loan’s amortization (usually thirty years).  The disadvantage CTX cautions its customers with is that payments can rise substantially after the initial five years if rates rise.

CTX offers Balloon Loans as well.  Their preferred term is 7/23.  With this loan, the first seven years the borrower pays the loan at adjustable rates.  At the beginning of the eighth year, the loan becomes a Fixed Rate mortgage for the remaining twenty-three years of its term.  The lender determines the rate at which the loan becomes fixed in the eighth year.

CTX also offers Jumbo loans.  These loans require a higher down payment than other loans.

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