TexasLending.com

TexasLending.com is the most trusted name in home purchase and refinance in the greater Dallas area. The firm has been honored with the prestigious Consumer’s Choice Award for Mortgage Lenders/ Non-Banks seven years running and is a proud member of the Dallas and Northeast Texas Better Business Bureau. Tweets by @TexasLending !function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)?'http':'https';if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src=p+"://platform.twitter.com/widgets.js";fjs.parentNode.insertBefore(js,fjs);}}(document,"script","twitter-wjs"); Social Media

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TexasLending.com | FAQ on Saving for Down Payment

In the following brief FAQ, Texas-based mortgage lender TexasLending.com answer some of the most common questions about how to save for a home loan down payment.

Q: I have always heard that you’re supposed to pay yourself first. What does this mean?

TexasLending.com: Paying yourself first is a financial habit that will help you save money each pay period. The idea is to set aside a small portion of your wages to automatically deposit into a savings account. Each time you get a raise or promotion, change your savings amount to include the additional funds. You will continue to enjoy the same quality of life while putting more money aside for a rainy day…or a down payment on the home of your dreams.

Q: How much money can I save if I utilize public transportation?

TexasLending.com: If you live in a metropolitan area, you can save more than $8,000 each year by walking or riding the bus or train. The annual vehicle operating expense, according to AAA, exceeds $700 per month including vehicle payment, insurance, gasoline, and maintenance. By contrast, walking is free and a bus pass may cost as little as $5 a week.

Q: Do I have to put money down on a new home?

TexasLending.com: Most loans require that you put 3% to 20% down. However, it’s a good idea to pay some up front even if you’re not required to. This will save thousands of dollars over the life of the loan.

Q: What are some practical everyday tips to save cash?

TexasLending.com: Unless you work at home, take your lunch with you. Allow yourself money each month for non-necessary items so that you don’t feel deprived. Check online before you pay retail for anything and utilize discount websites such as Groupon before taking a trip, getting an oil change, or purchasing health, wellness, or cosmetic services.

TexasLending.com 4100 Alpha Rd Suite# 112 Dallas, TX 75244 NMLS# 137773 NMLS# 138112

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TexasLending.com Shares Home Inspection Advice

Should you spend money on a home inspection? The answer to this this question and more provided by TexasLending.com mortgage experts.

Q: What is the purpose of a home inspection?

TexasLending.com: A home inspection is a preemptive way to determine if your investment is going to cost you money or if there are any issues with the home that may affect your overall quality of life.

Q: How does a home inspector search for damage?

TexasLending.com: A home inspector is likely a general contractor or other construction professional who can inspect all areas of the home. He or she will walk through the interior, examine the exterior, and look in places a buyer may not consider, such as crawlspaces and in the attic. They will look for signs of structural damage, insect infestation, and plumbing or electrical concerns, such as code violations.

Q: I’m going to buy a new house. Is an inspection necessary?

TexasLending.com: If you’re buying directly from a builder, then you should not need a home inspection since your property will likely include a full warranty for at least a year. However, if anyone has previously occupied the dwelling, don’t skip the home inspection. Most often, people move for personal reasons such as finances or access to educational opportunities for children. However, it is not unusual for people to realize problems with a home and put it on the market without disclosing issues. A home inspection can help find potential problems before you make a $250,000 mistake.

Q: What are some questions I should ask my home inspector?

TexasLending.com: Confirm that your home inspector is licensed in your state and has a solid reputation among local real estate agents. Ask them to take photographs to document any issues that you would like addressed in the purchase contract.

TexasLending.com 4100 Alpha Rd Suite# 112 Dallas, TX 75244 NMLS# 137773 NMLS# 138112

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Pocket Guide to Disputing a Low Refinance Appraisal | TexasLending.com

Whether you are looking to refinance to cash out equity, lower your interest rate, or rid yourself of private mortgage insurance, you will need an appraisal. Sometimes, however, the appraisal comes in lower-than-expected, making it more difficult to find a new lender willing to use your house as collateral. It’s a scenario that TexasLending.com mortgage experts see every day and one that can quickly turn elation into frustration.

If you think a low appraisal is the end of the refinance deal, think again. According to representatives from TexasLending.com, you have every right to question an unexpected valuation. The Texas-based mortgage company hears appraisal appeals each day and says the best thing you can do is to first check every detail of the appraisal. Confirm the comparable properties used in your home’s market are of similar in condition, location, and proximity to area amenities, such as exceptional schools or recreational activities.

Next, contact your lender and request a second look. TexasLending.com customers can call their agent directly or submit a contact form online. You’ll need to offer your lender information about your property that may have been missed during the appraisal process. If the appraiser failed to consider added square footage or substantial property improvements, your lender will need proof of the oversight.

A preemptive approach to combating a low appraisal is to have a qualified realtor meet with the appraiser on your behalf.

You may request a new appraiser also take a look at the property. If the original appraiser was not from the area, for instance, he or she may be less qualified to put a reliable value on your home. An appraisal performed by an-out-town agency may be invalidated with enough evidence to conflict their report.

For more information about new purchase and refinance mortgage rates visit TexasLending.com.

TexasLending.com

4100 Alpha Rd

Suite# 112

Dallas, TX 75244

NMLS# 137773

NMLS# 138112

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Ready for a Mortgage? Find out Now with TexasLending.com

If you can’t answer “yes” to each of the following questions, you may need to reevaluate your decision to seek out a home loan for now. According to the mortgage bankers at TexasLending.com, you’ll receive a more favorable terms if you wait until you’re truly ready.

Is my job stable?

Facing an unpredictable job situation is stressful enough without having a mortgage to pay. Financial experts from TexasLending.com point out that buying a home is a commitment and there is no guarantee you can sell in case of an unforeseen economic downturn.

Do I have an adequately-sized savings account?

Most mortgage lenders will require that you have a cash reserve equal to six to 12 months of living expenses once your down payment and closing costs are paid. (For a list of fees associated with buying a home visit TexasLending.com). Essentially, you’ll need to have enough money in the bank to cover your mortgage and any financial emergencies that may arise in case of a sudden job loss. Ask about down payment assistance programs that can help you keep money in the bank and continue to meet other financial obligations.

Is there a chance I’m going to move in the next five years?

TexasLending.com home buying experts say that purchasing real estate often means being saddled to an area for at least five years in order to recoup your investment. If your work keeps you moving from one place to another or you haven’t quite committed to your current neighborhood, you may want to wait into you can see yourself building a life in a particular ZIP code before making what will be quite possibly your largest purchase ever.

Have I paid all of my other debt?

While many lenders understand student debt, having a considerable amount of other unpaid loans is a good indication that you need to re-prioritize your finances before buying a house. Ideally, your total debt is less than 36% of your monthly gross income.

TexasLending.com is an award-winning mortgage service provider and can help you determine if buying a home is right for you right now.

TexasLending.com

4100 Alpha Rd

Suite# 112

Dallas, TX 75244

NMLS# 137773

NMLS# 138112

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TexasLending.com Offers the Perfect Home Loan

For many, buying a first home is a memorable experience. With a little foresight, planning, and a dedicated support team, it may be the most satisfying purchase they ever make.

TexasLending.com knows that shopping for a home is a stressful and exciting time and is committed to doing whatever necessary to help Texas residents finance the house of their dreams. From the initial online searches to stepping through the threshold, TexasLending.com mortgage agents are there.

Choosing a loan

TexasLending.com offers a plethora of home loan options to fit any budget, desired monthly payment, and interest rate. The Texas-based lending company specializes in helping first-time homebuyers, former and active duty military, and a jumbo-loan seekers find the right mortgage product for their specific situation. Each of the company’s experienced home loan lending experts take the time to help each client pick the perfect loan product, which will drastically affect their budget for the next 15 to 30 years.

TexasLending.com offers a variety of mortgage calculators to help customers calculate tax savings, estimate monthly payments, and compare and contrast numerous different types of loan. Calculators are available to help determine if a 15, 25, or 30 year loan is the right fit.

Loan types

There is no singular loan product that meets everyone’s needs. TexasLending.com offers home purchase loans, refinance loans, home equity loans, reverse mortgage loans, conventional loans, government-backed loans, and jumbo loans.

Ever-changing interest-rate

The real estate financing industry is an ever changing and evolving beast that can be difficult to track. Thankfully, TexasLending.com stays up-to-date on interest rates within its markets. Interest rates can vary drastically from loan to loan so it’s important to trust a company that monitors rate fluctuations.

For more information visit TexasLending.com or call 888.298.4828.

Texas Lending

4100 Alpha Rd

Suite# 112

Dallas, TX 75244

NMLS# 137773

NMLS# 138112

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TexasLending.com Defines Common Mortgage Terms

For many people, buying a first home also means being exposed to a new language full of terms that are difficult to understand. Here, TexasLending.com removes some of the mystery from maturity, market value, and other taunting terminologies.

Maturity – According to TexasLending.com, the maturity of the loan simply refers to the date of the final payment. In other words, it’s when the principal balance is due.

Non-assumption clause – This is a stipulation within a mortgage loan contract that forbids the mortgage from being sold without the lender’s prior approval.

PITI - This refers to the principal, interest, taxes, and insurance, which are monthly expenses associated with the mortgage payment.

Qualifying ratios – TexasLending.com mortgage experts explain that qualifying ratios are the calculations by which lenders determine a borrower's eligibility for a certain mortgage. Qualifying ratios consists of two specific calculations: the buyer's total debt obligation and housing expenses each as a percentage of income ratio.

Sweat equity – Sweat equity is the term used to describe improvements made to a property by the buyer. Common in lease/purchase options, sweat equity may be used in lieu of cash as a down payment or to reduce the overall cost of a home, explain TexasLending.com financial experts.

Prepaid expenses – Prepaid expenses are those necessary in order to fund an escrow account or adjust an existing escrow account. Prepaid expenses include PMI, special assessment costs, hazard insurance, and taxes.

Origination fee – Lenders charge an origination fee for services related to document preparation, property appraisal, and credit background checks. TexasLending.com offers more information on origination and other mortgage loan fees.

Market value – The market value of the property is the fair and equitable price a seller would accept and the buyer would pay. It is not always the actual sales price as other factors beyond money contribute to the buyer’s and seller’s willingness to move forward with a real estate transaction.

Texas Lending

4100 Alpha Rd

Suite# 112

Dallas, TX 75244

NMLS# 137773

NMLS# 138112

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TexasLending.com: High Home Prices Offset by Low Interest Rates

Most people are content to remain in their homes throughout the holiday season. However, with mortgage rates at historic lows, this may be the perfect time to change your living situation, according to the mortgage experts at TexasLending.com.

Mortgage rates on the rise

According to TexasLending.com, interest rates are low right now. That will likely change as the New Year approaches. Interest rates have averaged 8.26% for the last four and a half decades - today’s rates are half that. Home prices remain high across most of the state, but lower interest rates can save hundreds of dollars a month, making even a premium property more affordable.

Now is the best time to buy

A quick check of TexasLending.com offers a wealth of insight on current market conditions. And right now, conditions are perfect for buying a new home. Sellers are motivated and the best agents, who are usually booked solid through summer, have time on their hands to offer each client the personal attention they deserve.  

Fewer buyers means better prices

TexasLending.com mortgage representatives explain that less competition in the market means buyers have more leverage. Sellers tend to be a bit more flexible on price when there is little chance of a bidding war between homeowner hopefuls. Despite low remaining inventory, there are not as many people looking to make their move while the kids are in still in school.

Savings beyond interest

Buying a home in the next couple months offers a few other financial advantages, especially for those looking to make improvements on the property, says TexasLending.com. Many contractors are slow this time of year, so major renovation projects may be hundreds (or thousands) of dollars less expensive compared to peak season rates. And with mild winter in Texas, electric bills are usually easier on the pocketbook than in the heat of the summer.

TexasLending.com

4100 Alpha Rd Suite# 112 Dallas, TX 75244 NMLS# 137773 NMLS# 138112

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Finances Should Not be Taboo Topic | TexasLending.com

Personal finance is not something that most people feel comfortable chatting about on a day-to-day basis. However, according to mortgage bankers at TexasLending.com, money management is one subject that doesn’t get discussed enough. Studies have found that the majority of people would rather converse about religion or politics than their financial strategies.

So why is money such a tough topic to open up about? TexasLending.com mortgage experts believe that outdated societal standards still linger where money concerned. Talking about money can bring feelings to the surface that aren’t comfortable. Those who are less than financially stable may feel embarrassed at their lack of knowledge and understanding about money. Others may be less inclined to talk about money for fear of sounding like they are bragging about their financial status. Our parents taught us that it simply isn’t polite to talk about money in an “open air” conversation.

TexasLending.com asserts that talking about money isn’t something that should be avoided, especially when those conversations might lead to a better understanding of finances. Talking to friends and family members about personal experiences can help them avoid costly mistakes and make better financial decisions. Likewise, money should be one of the first matters discussed before making the decision to live with a partner or get married. Knowing one another’s expectations and ideas about finance early on will help eliminate potential relationship problems in the future. Children, too, should be privy to money management strategies from an early age, say the experts at TexasLending.com.

A financial advisor is a valuable resource for those wishing to evaluate their finances. These professionals can help set clear goals and answer any lingering questions in a private setting, where it may be more comfortable to discuss assets and spending habits.

For more information on saving money for your first home purchase, how credit affects your ability to finance, or for current mortgage rates, visit TexasLending.com.

TexasLending.com

4100 Alpha Rd Suite# 112 Dallas, TX 75244 NMLS# 137773 NMLS# 138112

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Q&A with TexasLending.com – HOAs

There are pros and cons to living in a neighborhood with a homeowner’s association (HOA). However, according to the expert mortgage lenders at TexasLending.com, an HOA community isn’t right for everyone.

Pros

HOA members within a neighborhood’s boundaries pay a fee for certain amenities not typically available to the public. TexasLending.com representatives explain that one of the biggest benefits of living in an HOA community is access to exceptional outdoor spaces. The executive board of a homeowners association is responsible for enforcing certain community rules, such as yard maintenance or how many vehicles may be kept on an individual property.

TexasLending.com reps explain that most neighborhoods with homeowners associations offer trash and snow removal, lawn care, and planned resident get-togethers. An HOA will also work to ensure that any home additions or new structures adhere to specific regulations and guidelines. Homeowner associations are also responsible for helping each member handle any neighborhood disputes, from trespassing to noisy animals.

Cons

Homeowner associations, while bringing great value, also have a number of disadvantages. Many HOAs have strict regulations and may dictate very specific guidelines regarding a home’s outward appearance. TexasLending.com representatives say that many restrict homeowners to a limited list of paint colors, fencing material, and roof color. Many HOAs do not allow for at-home parking of boats, ATVs, or other recreational vehicles.  

Most HOAs charge a fee of between $100 and $700 per month, making these neighborhoods less affordable, and they may also impose periodic fees on homeowners to pay for additional expenses not covered by these monthly fees. In addition to association fees, an HOA may charge fines and penalties for late payments and can take legal action up to and including foreclosure against delinquent homeowners.

Still undecided? Visit TexasLending.com for more on the pros and cons of living in a homeowner association neighborhood.

TexasLending.com

4100 Alpha Rd Suite# 112 Dallas, TX 75244 NMLS# 137773 NMLS# 138112

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TexasLending.com Explains Underwriting

You’ve been pre-approved and have started looking for a home. But, keep in mind that pre-approval is not the final step in the loan process. According to mortgage experts at TexasLending.com, the mortgage must first be underwritten before closing and taking possession of your new home. More on this topic in the following Q and A.

Q: What is underwriting?

TexasLending.com: The underwriting process consists of the steps by which a lender decides if a person or persons are eligible to close a loan. The underwriter will carefully inspect the application and determine their risk. Then, he or she makes a decision to approve the loan as-is, with restrictions, or deny it altogether.

Q: Where do underwriters get the guidelines used to determine loan eligibility?

TexasLending.com: The majority of mortgage lenders today follow FHA, Freddie Mac, or Fannie May guidelines. Underwriting guidelines used to be much less restrictive, but after the big housing bubble burst back in the mid-2000s, they became stricter. The Consumer Financial Protection Bureau enacted rules in 2014 to protect buyers from being approved for loans they could not repay.

Q: What are the steps in the underwriting process?

TexasLending.com: Underwriting takes place after processing. Processing includes employment verification and appraisal. Once the underwriter gets the required documents, he or she will assess the prospective homebuyer’s ability to provide a down payment, and will also perform a credit score analysis. Income, debt-to-income ratio, and any existing assets will also be reviewed.

Q: How long does it take for the underwriter to complete the approval/denial process?

TexasLending.com: If everything is in order, it may take only a few days. Sometimes, however, the underwriter will need additional documentation to verify credit history, debt, assets, and income. If this is the case, it can take up to several weeks to finalize the process. Once the underwriter has approved the loan, you are well on the way to calling the house you’ve chosen “home.”

TexasLending.com

4100 Alpha Rd Suite# 112 Dallas, TX 75244 NMLS# 137773 NMLS# 138112

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Texas Lending: Look Before You Leak

A home’s foundation is one of its most important features, according to the home buying experts at Texas Lending. However, many people underestimate the costs associated with foundation repairs. An uneven foundation can greatly reduce a home’s value and may even make financing more difficult if the house doesn’t appraise for the requested amount. Understanding the cost of identifying and repairing structural issues can help you make a better decision about your future home.

Foundation repair cost

Evaluation

A structural engineer is most qualified to offer an expert opinion regarding the condition of a property’s foundation. This can cost anywhere from $500-$1000 and should be performed prior to making an offer. This is the buyer’s responsibility and is non-refundable, in most cases.

Minor repairs

If minor repairs are needed, they may include anything from replacing gutters to securing the foundation with steel braces or epoxy injections. Even minor repairs can cost $500 or more. Steel braces are anywhere from $70-$500 apiece and must be placed 6 feet apart to be effective, says Texas Lending.

Major repairs

A crumbling foundation may need to be rebuilt completely, explains Texas Lending. This can cost upwards of $100,000 – which is the cost of a small home. According to Texas Lending, even common major foundation repairs can cost $10,000 or more and may not completely resolve the underlying issues which led to the foundation failure in the first place.

Other costs

Texas Lending explains that the cost of rebuilding or repairing the foundation does nothing to address any visible signs of foundation failure. Once the foundation is structurally sound, problems such as uneven floors, cracked walls, jammed doors and windows, and crumbling brick will need to be addressed.

Fortunately, there are a number of signs that a building’s foundation may be on its last legs. Texas Lending explains that these include standing water underneath the home, a cracked chimney, sloping floors, and misaligned windows and doors.

TexasLending.com

4100 Alpha Rd Suite# 112 Dallas, TX 75244 NMLS# 137773 NMLS# 138112

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Mortgage Pros from Texas Lending Explain VA Loans

Mortgage loans are often difficult to understand, and even harder to navigate. In an effort to reduce the stress of the home buying process for returning soldiers, Congress passed the Servicemen’s Readjustment Act in 1944. According to Texas Lending mortgage professionals, this decree includes special loans for veterans.

Q: How many veterans has the VA Loan program helped?

Texas Lending: VA loans have accounted for greater than 20 million home purchase loans since the 1940s. VA loans are only available for primary residence purchases.

Q: Who is eligible for a VA Loan?

Texas Lending: All veterans can apply for a VA loan. This type of loan program is especially helpful for servicemen who might not qualify for 100% financing due to credit issues. Even veterans who have filed for Chapter 13 bankruptcy may qualify, providing they have made their payments on time for at least 12 months.

Q: What documents are required to apply?

Texas Lending: Applicants should have readily available their last two W-2 statements and pay stubs as well as any documents outlining other assets currently owned.  This may include investments, trust funds, and checking accounts. A DD 214 discharge form is required for VA loans.

Q: Do all mortgage providers offer VA loans?

Texas Lending: VA loans are not loans directly through the government, meaning these types of loans are available only in the private mortgage market. Our mortgage lenders have years of experience in facilitating VA Loans. In addition to our expertise, homebuyers will receive full credit approval before signing any contracts. A home base in Texas and our staff of Lone Star State natives mean we have a unique perspective where home buying in Texas is concerned. We offer a fast track to homeownership by utilizing our e-signature loan application system.

For more information or to contact one of our VA loan experts visit TexasLending.com or call 800-346-8047.

TexasLending.com

4100 Alpha Rd Suite# 112 Dallas, TX 75244 NMLS# 137773 NMLS# 138112

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TexasLending.com Shares Tips on Rebuilding Your Credit

Your credit score can have a profound effect on your life, whether you realize it or not. From buying a home to obtaining a job, TexasLending.com says your credit matters. Here, the Texas-based mortgage lending experts answer questions and offer advice on how to mend a marred credit score.

Q: How can I check my credit report?

TexasLending.com: Each of the three major credit bureaus offers credit check services. TransUnion, Experian, and Equifax provide credit scores so you can see how strong your credit is. A free credit report is available from annualcreditreport.com that will help you determine if there are any errors or negatives on your report that need to be addressed.

Q: Does paying my bills on time improve my credit score?

TexasLending.com: Yes, in fact, payment history is one of the biggest determining factors on how high – or low – your credit score is. If you have trouble remembering, set up a payment reminder on your calendar or have recurring bills automatically deducted from your bank account.

Q: Should I pay off all of my existing debt?

TexasLending.com: No, because the bureaus regard a zero balance revolving account as potentially closeable. They then disregard the very line of credit that should be helping and do not include it in the scoring. Keep a small balance on all revolving accounts. That keeps the credit line in play and the balance gap can help you. Also, having a lower debt-to-income ratio will absolutely improve your credit score over time. If that’s not possible, you may consider consolidating high-interest debt, such as credit cards, into a lower interest loan. Better yet, often there are balance transfer promotions that are interest free for up to a year. Remember, revolving credit lines should carry a balance of no more than 20% of your available credit. Also, be aware paying down installment loans at a faster pace does not help scores as they are backed by collateral. Only reducing balances on revolving accounts can contribute to short term improvement.

Q: If I open up several new credit accounts, will that improve my debt-to-income ratio?

TexasLending.com: You should always have a couple revolving accounts since scores are largely based on your history of paying the amount due on time. That said, opening up new accounts just to increase your credit could have adverse effects. Try to avoid applying for more credit lines unless they’re absolutely necessary, and then pay them responsibly. If you have no revolving accounts and have a problem getting a line of credit, ask your bank about opening a secured credit card account, which may be easier to obtain than a standard line of credit and can help you establish a payment history.

TexasLending.com

4100 Alpha Rd

Suite# 112

Dallas, TX 75244

NMLS# 137773

NMLS# 138112

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Texas Lending Shares Step-By-Step Guide to Saving For Your First Home

If the thought of buying a house has crossed your mind lately, there is no better time than now to start saving money for the down payment, according to the mortgage experts at Texas Lending.  The average home price in the US hovers around the $350,000 mark and most buyers will need to come up with a 20% down payment, along with closing and inspection costs. The team at Texas Lending acknowledges that saving this amount of money can be difficult, but it’s not impossible if you’re diligent and committed.

Step 1: Plan a Budget

For many, the idea of creating a formal budget is completely foreign. However, the mortgage experts at Texas Lending explain it is a vital first step in understanding where, exactly, your hard-earned cash is going each month. Make a list of all monthly expenses and then determine what you can cut out. You may be surprised at how much you’re spending that you could be saving instead.

Step 2: Open a Dedicated Bank Account

You probably already have a checking and savings account but Texas Lending finance professionals say that savings for a new home is best deposited into a dedicated account. A great way to start is by having 10% of your income automatically transferred over to this account. Avoid the temptation to spend this extra money by requesting it not be linked to your debit cards.

Step 3: Find Additional Income Sources

Every little bit counts, explain the mortgage pros at Texas Lending. If you have free time, try to utilize a skill or talent to create an additional revenue stream. This could be bartending on the weekends or selling homemade crafts online or at local fairs.

Step 4: Invest Your Savings

The first $1000 is always the hardest to save but it’s a great starting point to open an investment account. Texas Lending mortgage professionals say that low-risk, high-yield savings or CD accounts are great for short-term savings goals, like buying a home.

TexasLending.com

4100 Alpha Rd

Suite# 112

Dallas, TX 75244

NMLS# 137773

NMLS# 138112

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TexasLending.com | 2016 Mortgage Rate Trends

Current mortgage rates are lower than we’ve seen in a while, according to the experts at TexasLending.com. For buyers, this means lower payments; sellers can expect to see greater competition. These rates are less than half of the national historic average (8.375%) and that means they will likely rise before they fall further.  

Factors that affect rates

Mortgage rates change daily and are affected by the housing market, global economic factors, high or low unemployment rates, local average income, the bond market, and inflation. Inflation rates are especially important to mortgage lenders since inflation affects the return rate for mortgages. Mortgage bankers at TexasLending.com explain that greater consumer spending and higher incomes play a role as well.

Conflicting views

According to the team at TexasLending.com, there is a disparity between what consumers expect of the market and what Fannie Mae and other industry experts predict. A 2016 early summer survey found that most consumers actually anticipated lower mortgage rates by the end of the year. However, the Mortgage Bankers Association believes rates will rise through the fourth quarter, though there is disagreement as to when this acceleration will begin.

Staying ahead

Mortgage rates change daily, according to the home loan experts at TexasLending.com. As such, it can be tricky to know when to pull the trigger on a new home purchase or refinance your loan. TexasLending.com offers this advice:

●     Maintain a watchful eye on market trends - Though there’s no guarantee that rates will follow the same path year-to-year, knowing when they might rise can give a good idea as to when to begin the search for a new home.

●     Be ready to go - Pay close attention to the mortgage market and be ready to lock in your rate as soon as you are ready to buy.

●     Let TexasLending.com do the research - TexasLending.com has highly trained staff who are passionate about helping consumers find the right loan for their needs. Keeping up with mortgage rates is just part of the job, which means customers can rest assured they are always getting the best bang for their home-buying bucks.

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Texas Lending Commits to Five Core Values

Texas Lending is one of the most trusted mortgage banks in the Lone Star State and is growing every day. By offering clients both value and unrivaled service, Texas Lending’s mortgage experts have become an invaluable addition to the Texas real estate scene. But how do they do it? Founder Kevin Miller explains.

Q: Texas Lending is known for its service and professionalism. What values does the company uphold that have helped you grow over the last decade?

Kevin Miller: Our mortgage professionals are trained in five key areas from day 1. Our values include providing unrivaled “wow” service, maintaining integrity throughout the process, forging genuine relationships, staying positive and letting our passion shine through during each transaction, and finally – acting as a leader, regardless of one’s title.

Q: Why is passion for the industry important?

Kevin Miller: Like any profession, mortgage financing has innumerable variables that must be understood to be successful. It takes commitment to gaining this knowledge – which changes all the time – to be a real expert. It’s not a vocation that a person can jump into without considerable training and exceptional people skills. At Texas Lending, our pros know mortgages. It’s all we do!

Q: How does Texas Lending encourage junior mortgage officers to act as leaders?

Kevin Miller: We hire and train only the best in the industry. Our lenders are good at what they do and, as such, we encourage them to guide their clients in the right direction. We also expect and encourage mentoring among our experts. As they say, “two heads are better than one.” That axiom holds true in the mortgage industry.

Q: What does “WOW” service mean to you?

Kevin Miller: When Texas Lending was established, I wanted to build a company that left homebuyers with one word on the tips of their tongues – “WOW.” That means we will go the extra mile to ensure a smooth home-buying experience. Our service starts with communication and it definitely doesn’t end at closing. 

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Tips from Texaslending.com | Questions to Ask Before Applying for a Mortgage

If you are getting ready to buy a home, congratulations! Aside from marriage and the birth of a child, there are few more exciting times in life. However, don’t let the jubilation of this milestone cloud your judgment. The mortgage experts at Texaslending.com say there are a few key questions you should ask before signing your name on the dotted line.

What is the interest rate? Do you charge points?

According to TexasLending.com, homeowner hopefuls should ask first about the actual interest rate and fees associated with the particular mortgage loan. As well, applicants should ask if the lender charges discount or origination points. Discount points are purchased prior to closing and help reduce the interest rate. They are tax-deductible. Origination points may be charged to offset the loan origination cost.

What are prepayment/late payment penalties?

TexasLending.com experts report that some lenders charge a steep prepayment penalty. This may apply if the loan is refinanced or if the principal balance is reduced by a certain percentage. Buyers should ask their lender for details regarding this and any excess costs associated with late payments.

What documents are needed?

A driver’s license and proof of income isn’t enough to secure a home loan, say the experts at TexasLending.com. Many loan applications require a list of any and all assets, including bank statements and proof of ownership of additional real estate. Buyers may be required to show proof of ability to make a down payment and pay closing costs.

Will non-related financial decisions lead to approval delays?

While buying a home is certainly a big decision, it may not be the only life event happening at any given time. TexasLending.com mortgage bankers suggest asking your lender if a job change, new debt, marital status, or salary adjustment could affect the loan via delay or term change. If at all possible, avoid making other major purchases until after closing.