Joe

My name is Joe Garrett and I am the best at what I do. I have been involved with more than $1.2 billion in residential mortgage transactions in my 21+ year career. I have access to wholesale rates and programs so I am much less expensive than a retail bank or credit union when you go to the closing table. Whether you are looking for a home purchase loan; refinancing for a lower interest rate; or even a cash out mortgage; my team and I have the expertise to make it a fast, easy, and semi-enjoyable process.

My website offers you the ability to apply online, email me a question, or simply gather information to make an informed decision. My experienced professionals offer support throughout the entire experience. Contact me today and see the difference between wholesale and retail for yourself!

Have a question? Just shoot me an email:  joeg@southwestfunding.com

 

 

Texas Mortgage Programs - 

Down Payment Assistance is here!

Need help buying a home?

It is a government grant for homeownership that never has to be repaid!

You only need a 620 credit score!

The program is available everywhere in Texas!

VA loans Down to a 560 credit score - Where NO Is A Good Thing:

  • No Downpayment Required on a VA Purchase and it is even possible to have the lender pay for the closing costs!

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

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

FHA - Down to a 560 credit score for purchase loans and 500 for refinancing loans | High Debt Ratio | Streamline Refinance Without an Appraisal

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

Conventional - Very low rates | Eliminate Private Mortgage Insurance | Refinance Without Appraisal | HARP | Home Improvement Loans | TEXAS CASH OUT (50a6 LOANS) | 80-10-10 or 80-15-5 loans | One year of tax returns for self-employed borrowers available! 

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

Testimonials:

 


Listen to What our Customers Say

Our Customers are Important to Us

                 

My team and I offer the assistance you need to help in all of your mortgage endeavors, without the hassle. Whether you are consolidating your debt, refinancing your home, or purchasing a new home, we have the expertise to close you on time!

About Us

About Us

We are committed to quality customer service - putting the people we serve first. We have been serving Texas for more than 20 years Take advantage of our expertise in the residential lending industry by applying online today.
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Loan Programs

Loan Programs

Here at Southwest Funding, we have the right loan program for you. Whether you looking for a new home purchase; to refinance to a lower payment; or to take cash out of the equity in your home; we can do it!
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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. HOW YOU MAKE YOUR MONEY IS MORE IMPORTANT THAN WHAT YOU MAKE!! 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. Sometimes refinancing is cheaper than purchasing because you might be a break on certain fees since you paid them when you purchased. 

  • 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 your home value has risen and you would like to eliminate PMI (private mortgage insurance), you can refinance and have it removed on the new loan.

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.

Our Market Area:

We are located in Dallas, TX but we handle, Mckinney, Frisco, Carrollton, Plano, The Colony, Allen, Southlake, Flower Mound, Austin, San Antonio, Houston, El Paso, and everywhere else in Texas, Alabama, Arkansas, Colorado, Indiana, Michigan, Mississippi, New Mexico, and Oklahoma.

Texas Association of Mortgage Professional NAMB

 

Did You Know?

Mortgage News:

 

The question this morning was whether March's existing home sales could build on the strong numbers posted in February, an 11.8 percent increase from the prior month with a seasonally adjusted pace of 5.51 million.  It was the largest gain in more than three years.

The consensus was that they would not.  The forecasters were spot on.

The National Association of Realtors® (NAR) reports that sales of existing single-family homes, townhomes, condos, and cooperative apartments retreated from their February gains, with each of the four major U.S. regions falling back. The Midwest saw the largest decline although the West wasn't far behind.

Total existing-home sales fell 4.9 percent from February to a seasonally adjusted annual rate of 5.21 million. Sales as a whole are down 5.4 percent from a year earlier when they sold at a 5.51 million pace.  Analysts polled by Econoday were looking for a rate between 5.200 million and 5.410 million.  The consensus was 5.300 million. 

Single-family homes sold at a seasonally adjusted annual rate of 4.67 million in March, down from 4.91 million in February and 4.7 percent below the 4.90 million pace in March 2018.  Existing condominium and co-op sales fell 5.3 percent to a 540,000-unit rate, 11.5 percent behind last year's level.

Lawrence Yun, NAR's chief economist, said the month's lower sales were not unanticipated.  "It is not surprising to see a retreat after a powerful surge in sales in the prior month," he said.  "Still, current sales activity is underperforming in relation to the strength in the jobs markets. The impact of lower mortgage rates has not yet been fully realized."

The median existing-home price for all housing types in March was $259,400, a 3.8 percent increase from the $249,800 median a year earlier.  It was the 85th straight month of year-over-year gains.  The median existing single-family home price also rose 3.8 percent to $261,100 while the price of an existing condo was a $244,400, a 3.6 percent annual gain.  

There were an estimated 1.68 million existing homes available for sale at the end of March compared to 1.63 million at the end of February and 1.64 million in March of last year, a 2.4 percent gain.  The unsold inventory is estimated at a 3.9-month supply at the current sales pace, up from 3.6 months in both February and in March 2018.  A six-month inventory supply is typically considered a balanced market.

"Further increases in inventory are highly desirable to keep home prices in check," says Yun. "The sustained steady gains in home sales can occur when home price appreciation grows at roughly the same pace as wage growth."

Properties remained on the market for an average of 36 days in March, down from 44 days in February but up from 30 days a year ago. Forty-seven percent of homes sold in March were on the market for less than a month.

Yun says tax policy changes will likely add further complications to the housing sector. "The lower-end market is hot while the upper-end market is not. The expensive home market will experience challenges due to the curtailment of tax deductions of mortgage interest payments and property taxes."

"We had been calling for additional inventory, so I am pleased to see that there has been a modest increase on that front," said NAR President John Smaby.. "We're also seeing very favorable mortgage rates, so now would be a great time for those buyers who may have been waiting to make a purchase."

First-time buyers were responsible for one-third of sales in March, compared to 32 percent in February and 30 percent a year earlier. All-cash sales accounted for 21 percent of the total and individual investors, who account for many cash sales, purchased 18 percent of homes in March. Distressed sales made up only 3 percent of the total.

The Northeast saw a decline of 2.9 percent in its existing home sales from February, to 670,000 homes, a 1.5 percent year-over-year dip.  The median price in the region was $277,500, an annual increase of 2.5 percent.         

Sales fell by 7.9 percent month-over-month in the Midwest to an annual rate of 1.17 million, 8.6% below March 2018 levels. The median price was $200,500, up 4.6 percent from last year.

Existing-home sales in the South dropped 3.4% to an annual rate of 2.28 million, putting the number 2.1 percent lower than last year. The median price was $227,400, a 2.4 percent annual gain.

Existing-home sales in the West fell 6.0 percent to an annual rate of 1.09 million, 10.7% below a year ago. The median price in the West was $389,300, up 3.1 percent from March 2018.

Southwest Funding is a BBB Accredited Mortgage Banker in Dallas, TX

 

Southwest Funding

13140 Coit Road #223
Dallas , Texas 75240
Phone: 888-435-7190
Fax: 214-572-7645
NMLS: 32139