Lubbock Mortgage Lending

Lubbock Mortgage Lending

First Time Home Buyers
Tell Us About Your Ideal Home in Lubbock

Cody Cypert

Cody Cypert
Spirit Mortgage Loan Officer
CCypert@SpiritMortgage.net
(806) 784-3714
NMLS: 933805

Staci Ortiz

Staci Ortiz
Spirit Mortgage Loan Officer
SOrtiz@SpiritMortgage.net
(806) 784-3708
NMLS: 479447

First Time Home Buyer Loan Options:

What are my loan options?

Lenders realize that different situations call for different types of loans. There are two main categories of
loans: conventional and government. For either of these mortgage types, you can choose if the loan will have a
fixed rate or adjustable rate. Your home mortgage consultant will work with you to help you understand your
options and make an informed decision. You’ll need to evaluate each loan type’s features, benefits, and other
considerations based on what’s important to you.

Conventional versus government loans?

Many mortgage loans are conventional mortgage loans, which are mortgages not obtained under a government
program. Conventional loans are either conforming or non-conforming. A conforming loan is a mortgage made under
the underwriting guidelines and loan limits for either “Fannie Mae” or “Freddie Mac.” These agencies purchase
first conforming/conventional mortgages. A non-conforming loan is a conventional home mortgage that does not
meet their guidelines and limits. Please carefully consider the differences in loan program terms and
conditions, including pricing, before making a decision on which loan is right for you. Your home mortgage
consultant will be able to show you how choosing a conventional loan or a government loan will affect your
mortgage loan pricing.

Fixed-rate loans and adjustable-rate loans

Most home loans will fall into one of two basic categories: fixed-rate mortgages and adjustable-rate mortgages
(ARMs). With a fixed rate mortgage, the interest rate and monthly principle and interest payments stay the same
for the entire life of the loan, no matter how much market interest rates vary.


  • Contact A Lubbock Mortgage Expert