Joe

My name is Joe Garrett and I am the best at what I do. I have been involved with more than $1.35 billion in residential mortgage transactions in my 20+ 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

 

Testimonials:

 

 


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 View Our Loan Programs

 

Texas Mortgage Programs - 

Mortgages for Veterans - 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                          

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. 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 Purchase, Refinance, or Specialized Loans, we can do it!
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FHA - High Debt Ratio | Streamline Refinance Without an Appraisal

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

Conventional - Very low rates | No Monthly Mortgage Insurance | Refinance Without Appraisal | HARP | Fannie Mae DU+ | 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

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. 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 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:

It was another volatile week for mortgage markets. Uncertainty about the outcome of the elections in Europe had a positive influence on U.S. mortgage rates. The Fed minutes and the economic data had little net effect. As a result, mortgage rates ended the week lower.

One source of volatility is uncertainty about the outcome of upcoming elections in several European countries. Investors are most focused on the presidential election in France which will take place on April 23. Polls show a close race between Marine Le Pen and Emmanuel Macron. Le Pen's campaign has been centered on plans for France to leave the EU and to stop using the euro currency, while the centrist Macron has run on a more traditional platform. It is not clear what would happen to the EU if France decided to exit. As a result, investors have reacted by shifting to safer assets after news which favors a Le Pen victory and doing the opposite after positive news for Macron. Since U.S. mortgage-backed securities (MBS) are viewed as relatively safer assets, they have been affected by the shifts in sentiment, causing volatility. The net effect on mortgage rates for the week was positive.

 The Fed was another source of volatility this week. On Wednesday, the Fed released the minutes from the February 1 Fed meeting. Concerned that the Fed might talk about a need to reduce its holdings of MBS, investors pushed mortgage rates a little higher ahead of the release of the minutes. When the minutes made little mention of this topic, investors later reversed their positions, resulting in little net change. 

 Home sales begin the year on a strong note. In January sales of previously owned homes rose to the highest level since February 2007. Sales might have been even better if inventory levels had been higher. Total inventory of existing homes for sale remained near record low levels with just a 3.6-month supply.

 Looking ahead, Pending Home Sales and Durable Orders will come out on Monday. The Core PCE price index, the inflation indicator favored by the Fed, will be released on Wednesday. The ISM national manufacturing index also will come out on Wednesday, and the ISM national services index will be released on Friday. Fed Chair Yellen is scheduled to speak on Friday as well. The next Employment report will come out on March 10 (due to February being a shorter month).

 

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

 

Southwest Funding

13150 Coit Road #203
Dallas , Texas 75240
Phone: 888-435-7190
Fax: 214-572-7645
NMLS: 32139