Your Trusted Mortgage Lending Company
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Home Office Number
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(682) 224-9517
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Headquarters Dallas/Fort Worth
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Serving the State of Texas
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Email Address
Your Trusted Mortgage Lending Company
(682) 224-9517
Serving the State of Texas
Pre-qualification is a determination of the loan amount you’re likely to receive. It is not a guarantee of approval. To obtain pre-qualification, you usually are interviewed by a licensed loan officer who determines the pre-qualification amount. You will be issued a letter with this information that you can present when making an offer on a home. It’s important to understand that pre-qualification does not imply any obligation from the lender that you will be approved.
Pre-approval is more thorough than pre-qualification. To be pre-approved, you must submit an application and verify your credit and financial history. After you receive your pre-approval certificate, you’re in a stronger position to close earlier and negotiate a better price. It’s highly recommended that you seek pre-approval if you are shopping for a home.
Talk to your loan officer if there is going to be a change in your employment. It’s best to have steady employment for at least 2 years and verifiable income when applying for a loan.
Talk to your loan officer before making a large purchase. Moving money around in your accounts or increasing your debt to income ratio could affect your loan.
FICO stands for Fair Isaac Corporation. Your FICO score is a number that tells creditors how likely you are to pay off your debts. FICO and the credit bureaus do not disclose their exact computation methods. However, most credit scores are calculated through models that assign points to different factors of your credit history to best predict future performance. There are many commonly analyzed factors in your credit history, including:
Raising a credit score is not always easy and not something that can be done overnight. There are several credit best practices that will raise your rating over time:
Yes, it's possible to get approved for a mortgage loan after a bankruptcy filing.Depending on the type of filing — Chapter 7 vs. Chapter 13 — and other factors, you may have to wait anywhere from two to four years before you can get another mortgage loan. Short sales and foreclosures are different. Give us a call to discuss your options.
Interest rates change based on the demands of the market. When a high demand exists for loans, interest rates increase to take advantage of an active market. If demand for mortgages is low, interest rates decrease to entice new customers.
Inflation also has a major impact on mortgage rates. Inflation is associated with a growing economy. As the economy grows, the prices for goods and services increase along with it. This price inflation affects real estate along with everything else, pushing up the price for mortgages.
Lastly, the Federal Reserve has the ability to influence interest rates for the purpose of controlling inflation and employment. It can do this by raising or lowering the discount rate, and indirectly influencing the direction of the Federal funds rate.
A mortgage rate lock is a promise to you from the lender to hold a specific combination of an interest rate and points for an agreed upon time (typically 10, 15, 30, 45 or 60 days) until you can close on your home. Locking in a rate protects you from unforeseen interest rate increases that can occur in the days or weeks leading up to closing, but conversely, if the rates fall, you may not be able to take advantage of the lower rates. Rate locks are dependent on the type of loan program, current interest rates, points, and the length of the lock. To hold a rate for longer periods of time, you usually have to agree to pay higher points or interest rates.
Refinancing is a common solution for homeowners who want to lower their interest rates, adjust the length of their mortgages, change the type of their mortgages, or use their existing home equity to fund a large expense, like a renovation or home repairs, through a cash-out refinance.
Yes, there are loan programs that do not require a down payment. If you have a certain credit, employment history, location and other determining factors, a zero-downpayment loan may be an option for you. Contact one of our mortgage consultants to see if this is an option for you.
Yes, it's possible to get approved for a mortgage loan after a bankruptcy filing.Depending on the type of filing — Chapter 7 vs. Chapter 13 — and other factors, you may have to wait anywhere from two to four years before you can get another mortgage loan. Short sales and foreclosures are different. Give us a call to discuss your options.
A refinance is a new loan that replaces an existing mortgage — typically to get more favorable terms or payment options.
It depends on your particular situation. Three major factors should be considered when deciding whether to refinance a loan:
"Many people looking for a long-term mortgage to ease the monthly payments over the long term of the loan. People looking at a mortgage with a shorter term or looking to stay in the home for a shorter period of time often opt to make a larger down payment. You can refinance your home for a number of reasons, most of which typically result in a more favorable financial situation. Some of the benefits of refinancing include: Lower your monthly payments: By obtaining a lower interest rate, you may lower your monthly payment – keeping more money in your pocket and shorten your loan term."
Closing costs include items like appraisal fees, title insurance fees, attorney fees, pre-paid interest and documentation fees. These items are usually different for each customer due to differences in the type of mortgage, the property location and other factors. You will receive a good faith estimate of your closing costs in advance of your closing date for your review.
(682) 224-9517
Serving the State of Texas