Rebuilding your credit score is a lot like building a house. You must start with a good, solid foundation and pay attention to the details. The mortgage experts at TexasLending.com offer this advice:
Know your credit score
According to the financial advisors at TexasLending.com, your credit score tells lenders a lot about you. For instance, a bank can determine how long you’ve been paying your bills on time and just how much of your credit you’re currently using. Keep an eye on your credit report and score and remember, a higher score opens more doors!
Mix it up
Try to keep a good mix of different credit accounts. TexasLending.com suggest having a proportionate number of installment and revolving loans. However, avoid applying for a bunch of different loans at once, as that can raise red flags for potential lenders.
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.
Buying or refinancing a home is a big decision and one that shouldn’t be entered into without plenty of thought, foresight, and a little advice from people who know the industry thoroughly. Here, the experts at TexasLending.com weigh in on mortgage trends for 2016.
Q: Is it cheaper to buy a home or rent?
TexasLending.com: That really depends on where you live, and the state of the market at the time you are planning to move. Currently, it’s less expensive to buy a home and make monthly mortgage payments than it is to lease in most major markets across the US. The average rent for a two bedroom apartment in Dallas is close to $1,500 a month. By comparison, a mortgage of $200,000 may be less than $1,000. (Hint: check out TexasLending.com for calculators).
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.
Many homeowners have thousands of dollars in available assets just waiting to be utilized for home improvement projects or other needs. In the following question-and-answer session, mortgage experts from TexasLending.com offer insight into home equity loans.
Q: What is a home-equity loan?
TexasLending.com: An equity loan is a mortgage product that utilizes the equity in primary residential property as collateral. These types of loans often come with low interest rates and low to no lender fees. Home equity loans are often referred to as “second mortgages” and may require a reasonable loan-to-value ratio as well as good credit.
TexasLending.com offers a number of home purchase loan programs for people with all types of credit. In today’s post, the mortgage experts offer information on the home loan process.
Q: What types of home loans are available from TexasLending.com?
TexasLending.com: We offer a full suite of home loan options including difficult-to-place loans, VA loans, jumbo loans, FHA loans, and perfect credit loans. Our mortgage experts are available to help you decide which product is right for your own unique situation.
Q: How does the mortgage loan process work?
TexasLending.com: Many buyers come to us confused or even a bit intimidated by the process. Rest assured, we will be there every step of the way. It begins by speaking to one of our mortgage consultants and filling out an easy online application to request preapproval. After the initial approval phase, the application is processed, a down payment is collected, and the loan goes into the underwriting stage. Closing can be scheduled once all of these steps are complete.