The best mortgage lenders in Dallas provide a range of loan options to help customers in different circumstances. One type of loan you might need when looking to buy a home is a jumbo loan. Below, we’ll explain what a jumbo loan is, how it compares to a conventional loan, and what you’ll need to be eligible for a Dallas jumbo loan.
What Is a Jumbo Loan?A jumbo loan is a...
When shopping for your next home, you may come across several different types of home loans. One popular type of loan is a VA home loan. Below, we’ll discuss the primary differences between a conventional loans and VA home loans, along with what you can expect from VA home loan rates, to help you decide if this is the right type of loan for you.
What Is a Conventional Loan?A...
VA loans are a great way for active military members and veterans to secure a reasonable loan rate on their next home purchase. However, VA loans have a few additional requirements compared to traditional loans, one of which is the Certificate of Eligibility. Below, we’ll explain what this document is along with how you can get yours before applying for a VA home loan.
What Is a...
Homeownership remains the cornerstone of the American dream, but it’s out of reach for some. The U.S. Department of Agriculture seeks to lower the barriers for low-income residents in rural areas around the country. USDA loans in Texas and elsewhere provide support for “safe and sanitary” housing and related infrastructure projects to help raise the living standards in eligible...
From choosing the right real estate agent to finding the perfect home and securing financing, navigating the home purchasing process can be a joyful occasion. However, it can also be a complex and stressful one. If you’ve already found your dream home in Dallas, Texas, and looking to finance the purchase, you may be wondering what your options are. You can research lenders and financing...
Anyone in the market for a new home may need to work with a loan officer. Loan officers can assist when underwriting and securing a mortgage. Here are five questions to ask to ensure you’re working with a loan officer you trust.
Ask About How Long They Have Been in the BusinessAsking a loan officer about their professional background can help a homebuyer make sure they are...
An acceleration clause refers to a provision in debt instruments that stipulates the circumstances under which an installment payment may be accelerated. The most common circumstance is when the borrower defaults on any of the covenants contained within the instrument, such as paying back interest or principal payments on time.
Triggers for Acceleration ClauseAn acceleration...
When looking for a home loan, there are several options available. In general, most lenders want at least 20% of the home’s value as a down payment. If the borrower doesn’t want to or is unable to put that much money down, they will need to get mortgage insurance.
What Is Mortgage Insurance?Mortgage insurance is designed to help protect the lender if the borrower...
Understanding what you’ll need to pay each month for a mortgage can help you when you’re ready to buy a home. In this article, I’ll share steps to take to calculate monthly mortgage payments.
Find Your Mortgage PrincipalKnown as mortgage principal, knowing the initial loan amount is essential for anyone who wants to calculate mortgage payments. Let me give you...
To sum it up in a few words, a mortgage is a tool to become a homeowner. Mortgages will vary depending on different factors like your down payment, interest rate, and the length of the loan, also known as the term. Before we get further into the anatomy of a mortgage, there are a few terms that you’ll need to know. We’ve included a few basic words, but we recommend that you take a...
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