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Dallas Mortgage News:

Oil and Rates 
 
There is an old saying which revolves around the fact that oil and water do not mix. But how about oil and interest rates -- do they mix? The truth is that oil prices and rates have gone lower in tandem this summer. There was a time when the economy could be stopped or started with a change in either energy prices or rates. However, today the effects are not as clear. For example, changes in gas prices don't seem to affect the consumer as much as they did decades ago. There are several reasons for this, but one important factor is the increase in energy efficiencies. 
 
On the other hand, the magnitude of the effect of interest rates does not seem to have lessened, but it is hard to tell with rates remaining so low for the past several years. For example, last year when interest rates started to rise, the real estate market responded by eventually slowing down. Again, the direct effect is not as clear as it always has been. For example, so many in America refinanced at record low rates in the past few years, the rise in rates not only slowed down the pace of refinancing, but also made homeowners more reticent to put their homes on the market. Why leave a home which has such a low mortgage payment? This phenomenon has contributed to a shortage of listings which has in turn contributed to the slowing down of the real estate recovery. 
 
Will the more recent decrease in rates reverse this trend? We really don't think that today's rates are high enough to keep people from selling their house. After all, rates are still close to as low as they have been in our lifetime. What will stimulate real estate is the continued generation of jobs which will increase household growth and a person's confidence to make a move. Job creation may actually cause rates to rise, but as long as the interest rate increases are marginal, they won't keep new households from purchasing their first home or renting a starter home. Meanwhile, lower gas prices and lower rates right now are good news for the economy and should be celebrated while they last.
 

Texas Mortgage Rates:

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What I Can Do For You

My name is Joe Garrett and I am the best at what I do. I have been involved with over $1.25 billion in residential mortgage transactions in my 18 year career. I offer the assistance you need to help in all of your home mortgage endeavors. I have access to wholesale rates and programs so I am much less expensive than a retail FDIC bank AT THE EXACT SAME RATE! Whether you are consolidating your debt, refinancing your home, or buying your first house, I have the expertise to make it a fast, easy, and semi-enjoyable process.

My website offers a variety of online application options, and my experienced professionals offer superior quality support throughout the entire experience. Contact me today and let us go to work for you!

 View Our Loan Programs

Texas Mortgage Programs - Both Fixed and Adjustable:

Mortgages for Veterans - Where NO Can Be A Good Thing:

  •  No Downpayment Required on a VA Purchase (100% Home Purchase)

  • No Money Required at Closing on a VA Streamline Refinance (IRRRL) 100% LTV

  • No Funding Fee For Qualified Disabled Veterans

  • No Appraisal or Income Documentation Required on Some Refinance (IRRRL) Programs

  • WE NOW OFFER VA MORTGAGE LOANS DOWN TO A 600 CREDIT SCORE!!

  • VA Residual Income Calculations:

    For Alabama, Arkansas, Mississippi, Oklahoma, and Texas, the VA residual income tables are as follows:

    • Family size of 1 : $441
    • Family size of 2 : $738
    • Family size of 3 : $889
    • Family size of 4 : $1,003
    • Family size of 5 : $1,039
    • For each additional family member, add $80 up to a family of 7                                                     

FHA - High Debt Ratio | Streamline Refinance Without an Appraisal | FHA down to a 560 credit score! | FHA has now increased their maximum loan amounts so you can purchase a larger home under the FHA guidelines

USDA - 100% Purchase (must qualify by income and location)

Conventional - Very low rates and fees | No Monthly Mortgage Insurance | Refinance Without Appraisal | HARP 2.0 | Fannie Mae DU+ | TEXAS CASH OUT (A6 LOANS)

Reverse (HECM) - No Income Documentation | You Pick Your Monthly Payment (or none) | Must Be 62 to Qualify | FHA Guaranteed

Jumbo - Expanded Guidelines | Up to 90% Loan-to-Value | Up to 50% Debt-to-Income | Interest Only | Texas Jumbo Mortgage Cash Out | No Mortgage Insurance (even over 80%) | 30 Year Fixed Rate

Self-employed borrowers - We do mortgages for self-employed borrowers. We can even do loans with only one year of tax returns for some borrowers!

Home purchase tips:

In today’s real estate marketplace, you need an expert mortgage company. Southwest Funding is that company. We have been serving the needs of our clients since 1993 and we have an A+ rating from the Better Business Bureau. We are a Direct Full Eagle Mortgage Lender and are fully authorized to fund VA, FHA, USDA, HECM (reverse), Fannie Mae, and Freddie Mac loans.

1. Purchase borrowers are the most likely to be taken advantage of in a transaction by some bait-and-switch lenders because the borrower is on a deadline.

     a. Quotes don't matter! The only legal document a lender is required to stand behind is a good faith estimate, nothing else matters. Too many times I have seen borrowers get a "quote" from another lender only to get something completely different once the good faith estimate is issued. It is actually illegal for a lender to issue the good faith estimate without a property address (usually meaning a sales cnotract) so it is very important you trust your loan officer so you don't get switched right before closing.

     b. Make sure your loan has been seen by an underwriter BEFORE you sign a contract. Most lenders give you a preapproval that is worthless, it just means the originator thinks he can get the loan done. Only underwriters can truly determine your eligibility for a purchase. Southwest Funding is one of the few lenders which allow you to have your documents reviewed by an underwriter without a contract.

2. Make sure you FULLY disclose how you receive your income. Bonuses, commissions, and overtime, are all calculated differently and are not part of your base income. Some lenders won’t even allow you to use this income so you won’t find out until the very end that your preapproval is now a denial.

3. Getting the cheapest price for a home is not always the best thing. Usually the best negotiation tactic is to get the seller to pay for ALL of the closing costs. This will allow you to bring less money to closing so you are less stressed at closing. A lower sales price really only helps you later if you decide to sell, getting the closings costs paid helps you on the day of closing.

4. Understand you will have unforeseen costs of owning a home. Lawn maintenance, new furniture, and updates are just a few things to keep in mind when budgeting.

5. Make sure the property taxes on the home you are purchasing are based upon your age and the actual improved value of the home. All too often, we see borrowers who closed their loan somewhere else and come to us to refinance because their payments shot up due to a shortage in their escrow account.

6. Have fun! Purchasing a home should be exciting not dreadful.....and call me:)

When does it make sense to refinance?

To really take advantage of the benefits of a refinance, it’s important to time it correctly. Here are a few ways to know if the timing is right:

How is refinancing different from my original mortgage?

Actually, they're very similar. You go through the same process of applying for the loan and pay many of the same fees. The main difference is you're not buying a home this time around.

  • If you have a fixed rate mortgage and the rates have fallen to levels below the rate that you are paying.
  • If you have an A.R.M. and rates are starting to rise.
  • If you are less than ten years into your current 30-year mortgage and rates are lower than what you are paying now. If you have been paying your mortgage for longer than that, you are currently paying more principal than interest. If you get a new mortgage, you start the cycle over again and will be paying mostly interest again, which may not make sense.

Is a refinance worth it?

The easiest way to figure out whether or not it’s worth it to refinance is to use one of the many available online refinance calculators. They will help you to determine how long it will take to recoup the expense of refinancing with the new savings.

People often refer to this as the “break even” point, which basically means that you figure out how much you will be saving each month and compare it to the cost of the refinance to figure out how long it will take to recoup your money.

The rule of thumb is that, if you plan to stay in the house long enough to recoup the entire cost of refinancing, then it is worth it.

How is the process different from getting your original mortgage?

The refinance process is very similar to the one you went through when getting your original mortgage. It is the same process of inspections and the same round of closing costs and fees. In most cases, an appraisal will also be performed on your house. The only real difference is if you are responsible for a prepayment penalty.

If you fumbled any part of this process due to inexperience the first time around, this is your chance to learn from your mistakes and come out ahead.

Our Market Area:

We are located in Dallas, TX but we handle Austin, San Antonio, Houston, El Paso, and everywhere else in Texas, Alabama, New Mexico, Arkansas, and Oklahoma.

 

                       

 

 

Mortgage Tip of the Day:

Jumbo Mortgage

Up to 90% Loan-to-Value without Mortgage Insurance

Texas Cash Out up to $1,500,000

Interest Only

Up to 50% Debt-to-Income Even on Self-Employed Borrowers

 

 

For more Info, visit our blog!

 

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Texas Association of Mortgage Professional

 

 

 

 

 

 

 

 

 

 

 

Figure: 7 TAC §81.200(c)
“CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.
THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.”

 

Southwest Funding Mortgage
NMLS# 32139

TEXAS:
3010 LBJ Freeway #1512 (Top Floor)
Dallas, Texas 75234
Local Phone: (214) 389-4649
Toll Free: (888) HELP190
Fax: (214) 572-7645

 

 

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