Time is Running Out to Refinance in Fort Worth-Dallas

This is going to be short and sweet, but I figured it is worth noting that this refinance boom we have been experiencing lately could be coming to an end very very soon.  Why?  Well, if history is to be our guide, we could be at the apex right as we speak.  And you can't get any better than the apex. For example, from April to July rates have been dropping quite steadily, but for the last several weeks they have leveled out, and don't seem to be dropping again.  In fact, all signs point to rates going back UP before we see any type of drop again. What does this mean to you?  It means that if you are on the fence about refinancing your mortgage you should take advantage of these low rates NOW before they go back up.  This is the best we have seen since 1972, and if you don't feel like waiting another 40 years you should CONTACT US as soon as possible. You can also SEND US AN EMAIL or FILL OUT THIS FORM and we will review your situation. We can get your ...

Interest Rates in DFW at Record Lows

As a loan officer, I hate it when I hear commercials on the radio every day blabbing about how low interest rates are, knowing that these companies are really just using the old "bait and switch" technique through their advertising.  The truth is, you're not going to get a ridiculously low rate unless you have very perfect credit or if you pay for it (doing a "buy down"). The rest of the United States gets a more average rate, which just happens to be VERY low right now. WHY RIGHT NOW? These low rates can be attributed to stock prices falling, which in turn made more people start purchasing treasury bonds (which is what investors do when they need a safer place to put their money).  The result are rates that are dipping extremely low for almost anyone with a solid job and a credit score over 640. HOW LOW? For example, Freddie Mac reported in their latest report that the average interest rate for 30-year fixed mortgages was 4.84 percent, which is easily the lowest its been all year.  As for 15-year fixed mortgages, the average is 4.24 percent, ...

How to Get the Lowest Possible Interest Rate in DFW

One of the most important aspects of obtaining a home loan or mortgage is getting the lowest possible interest rate.  Society has driven it into our heads that this in itself is paramount to anything else, including the actual house you are buying.  In fact, whenever I’m doing a loan for someone, literally the first thing they always ask me is “what are rates looking like today?”  People want to know how much they’re going to pay, and how this will affect their livelihood. So if you’re in the market for a new home and you are concerned about this, there are a few things you should know before you get too preoccupied with your interest rate. IMPORTANT INFO ABOUT RATES First of all, mortgage rates change, and they change VERY OFTEN.  How often?  Well, last month lenders were re-pricing (changing rates) at an average of every 4 hours.  That’s right.  EVERY 4 HOURS.  Remember too that this is just an average, and many times rates have been known to change every 30 minutes or so.  So when your loan officer seems reluctant to speak with you about interest rates, it isn’t because he is ...

The Regular Joe’s Guide to Types of Mortgages

If you are in the market for a new home, it is utterly imperative that you review your financing options before you make any concrete decisions.  Depending on the circumstances (and in order to make sure you get the best possible loan) you should be aware of what choices you have, and what types of financing are at your disposal. Believe me, all the different types of loans can be quite intimidating to someone uneducated on the subject.  In fact, most people in America don't know hardly anything about their financing options.  But don't worry. That's to be expected.   BASIC LOAN TYPES The type of mortgage that the majority of people today will get is know as the traditional fixed rate mortgage, or FRM. Over 70% of homeowners this year will get this type of financing for their new home. The main reason for this is that the FRM offers a much stronger sense of stability over the other types of financing. Whether the life of your loan spans 15 or 30 years, the ...

Closing Costs Explained

When it comes to purchasing a house there is one thing that will shock a first-time home buyer more than anything, and that is the total cost associated with closing a loan. To be totally honest, closing costs can be quite earth-shaking to someone who isn't ready. If you are planning to buy a house anytime soon it is strongly recommended that you get your budget in order ahead of time.  If you would like us to review your situation and give you an estimate of what closing costs you may encounter, please feel free to contact us.  If not, feel free to read the rest of the article! Continued: Some of these closing costs are charged by the mortgage company itself, while others are payable to various parties. Here's a little breakdown on some of the fees you may be charged, and who's getting your money. One of the first fees you're going to run into is the Application Fee. This is charged when you fill out your initial application (the 1003) and is non-refundable. This covers the costs your lender pays in regard to paperwork, or maybe ...