Your Trusted Mortgage Lending Company

  • Home Office Number

  • (682) 224-9517

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  • Headquarters Dallas/Fort Worth

  • Serving the State of Texas

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FAQs

Home FAQs

Home Purchasing Questions

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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.

Credit Questions

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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:

  • Payment history
  • Employment history
  • How long you have had credit
  • How much credit you have used compared to how much you have available
  • How long you’ve lived at your current residence
  • Negative credit/financial events such as collections, bankruptcies, charge-offs, etc.

Finance Questions

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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.

RefinanceQuestions

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A refinance is a new loan that replaces an existing mortgage — typically to get more favorable terms or payment options.

 
  • Home Office Number

  • (817) 422-9029

  • Headquarters Dallas/Fort Worth

  • Serving the State of Texas