Texas Lending has earned a reputation as one of the Lone Star State’s leading mortgage providers. Here, the finance experts offer advice on saving for your biggest investment.
Q: How can I save for a down payment?
Texas Lending: Saving for a down payment can be a daunting task for homeowners, but it’s much easier once you get past the first $1,000! The first step is to create a monthly budget. You’ll need to take a close look at your spending habits and decide exactly how much money you want to save each month. Track your progress if possible and above all, stick to the plan.
Great customer service isn’t all it takes to be one of the best mortgage banking firms in Texas, says co-founder Kevin Miller. That’s a feat that requires dedication, expertise, and a commitment to excellence. Texas Lending has established five core values to which all employees subscribe, both on and off the clock. These are:
According to the Texas Lending mortgage experts, integrity means exhibiting personal responsibility and rectitude at all times. It is a simple principle that carries over from one’s personal life to all professional endeavors.
Some mortgage companies are satisfied to offer customers a single loan product and close the deal with little explanation or follow up. Not Texas Lending. The idea of “wow service” stems from Miller’s own experiences. He never felt satisfied with the level of service other lenders offered and wanted Texas Lending clients to walk away surprised at just how easy obtaining a mortgage could be.
Applying for a mortgage can be an intimidating endeavor. But, according to the experts at Texas Lending, it doesn’t have to be that way; understanding the process from the get-go is paramount to saying goodbye to stress and anxiety. Here, the Texas-based home lending experts answer questions and dispel common myths about mortgages.
Q: What are “points?”
Texas Lending: There are two types of points that mortgage lenders may charge: discount and origination. Discount points are essentially pre-paid interest and they are a tax-deductible expense. Origination points are assessed by the lender to cover loan origination costs.
Q: Is there a benefit to “locking in” an interest rate?
Texas Lending: Absolutely. Since interest rates fluctuate, if you apply for a mortgage when the rates are low, locking the rate keeps you from spending more in the long term. Even a marginal upward shift can cost thousands of dollars over the life of the loan. Points may be locked as well — for a specified period of time. Keep in mind, however, that fees will often apply for this privilege.
Creditworthiness (among other things) is largely determined by your FICO score. But, how does this number really play a role in people’s lives? The team at Texas Lending explains in this brief Q & A.
Q: Does a higher credit score really equal lower interest rates?
Texas Lending: Most of the time, yes. Those with a credit score above 700 often get the best rate for everything from car loans to mortgages. Even a percentage or two can really add up. For instance, a person buying a home valued at $300,000 with a traditional 30-year fixed mortgage will pay nearly $100,000 less for that home over the life of the loan if their credit score qualifies them for the current lowest interest rate.
Texas Lending mortgage professionals share the excitement with each first-time buyer whose dreams they help finance. The Texas-based lender says there are a few vital pieces of information that may get overlooked – and that can turn a celebration into cause for concern. Here, the experts list the top four checklist items new homeowners often fail to consider.
1. Expenses beyond the mortgage.
Many first time buyers don’t consider the added expenses of homeownership when planning their budget. Texas Lending cautions that items like added fuel costs for a different commute, utilities, and HOA fees can add up quickly.
Texas Lending offers numerous loan programs to fit a variety of needs. In this short interview, the Consumer’s Choice Award-winning mortgage company answers questions about equity loan products and availability.
Q: What is a home equity loan?
Texas Lending: An equity loan is a financial product that allows a homeowner to use the equity in his or her home as cash to pay off higher interest debt, make home improvements, or possibly purchase additional property while remaining in the primary residence.
Buying a home can be a daunting process, acknowledge the experts at TexasLending.com. Here, the award-winning mortgage brokerage team helps ease fears by offering a quick rundown of the process for first time buyers.
Q: What different types of loans are available from TexasLending.com?
TexasLending.com: We offer a wide range of loans to meet each individual buyer’s needs. We can help those with perfect credit, bad credit, and everything in between. Our mortgage experts will walk a new (or experienced!) buyer through every step of the process for FHA, conventional, jumbo, and VA loans.
Experts agree that 20% of a home’s purchase price should be a substantial down payment, but that can be a challenging number to come up with at closing. Here, the team at TexasLending.com offers advice for those planning to purchase their piece of the American Dream.
1. Start saving early.
According to TexasLending.com, it’s never too early to plan ahead. Even if your home ownership plans won’t begin to form for another decade or so, you can take available cash and invest it now. A diverse stock portfolio – about 50% stocks and 50% bonds – can help reduce the risk of loss while earning a tidy return.
The mortgage experts at Texas Lending say to expect lower interest rates, higher rental fees, and higher home prices throughout 2016.
Q: How much are interest rates anticipated to drop this year?
Texas Lending: In light of the upcoming election this administration will do its best to work with Federal reserve to keep interests rates low to fan the flames of the economy and sway the vote in the direction of incumbent candidates and their parties. Also with world economies stalling the US dollar will continue to be the place for bond holders to invest until a marked event signals a reason for them to move to another currency.
Dallas-area residential real estate jumped nearly 10% between December 2014 and December 2015, according to the mortgage experts at Texas Lending. This represents the largest gain in nearly two years.
Dallas-area home prices saw one of the five largest gains in the country, reports the mortgage specialists at Texas Lending. According to the Case-Shiller Home Price Index, local home price increases were nearly double the nationwide average gains of 5.4% with Dallas real estate jumping 9.6%. Only four major cities had percentage changes more impressive than Dallas, Portland (11.4%), San Francisco (10.3%), Denver (10.2%), and Seattle (9.9%). San Diego, #6 on the list, came in a full 2.4% below Dallas, reporting gains of just over 7%.