Jay A Hendrick
Keller Williams Realty
18383 Preston Rd Suite 150
Dallas, TX.75252
214-336-7088
Voice/Fax: 972-248-5991
E-mail: jayhendrick@kw.com
Member:  NAR  TAR  CCAR

Keller Williams Realty

 
NORTH DALLAS HOMES

Financing Information

Limits decline for the JUMBO Real estate loan!!! Just A Reminder On January 1st  2009 the current loan limit that Fannie Mae and Freddie Mac will buy is dropping from $729,750 to $625,500 a $104,250 difference. As an added catch underwriting standards will increase; most buyers will be required to put down a minimum of 20% and also carry a debt to income ratio of 30 percent.
Financing Your New Home The information provided on this page should assist you with your financing needs. Use these links to obtain the latest information about loan programs, finance companies, interest rate, mortgage calculators, investor stated income loans, monthly payment estimating and information to have when shopping for a loan. Taking The First Step The first step in any home buying process is to pre-qualify for a loan through a lender. Knowing how much you can borrow is a must before starting the process of looking for the right house. In today's lending environment, before you even think about buying a house, talking to a lender first is absolutely necessary. This procedure is can be done over the phone and usually takes about thirty minutes. If you plan to shop around for the best available rates and fees, try to obtain the (3  credit scores) from the first inquiry, if you are married and will be using two income to finance the house there will be 3 scores for each borrower. This will allow you to call several lenders using those scores to obtain competitive rates from each without incurring multiple credit inquiries. When ever there is a loan related credit check there may also be a  risk of negative impact to you score, this not only effects you during the loan application process, but it could also throw a very big wrench into the works at closing. Currently the credit reporting agencies are telling us that they are providing a window for homebuyers to shop for a loan without doing damage to their credit  report from multiple inquiries.  The time period allowed is two weeks, so if you are one that spends allot of time searching for the very best deal, do it within 14 days. After that allocated time, the clock starts ticking again and unnecessary damage to your credit report will occur.   Also, any large purchases you're thinking about, such as furniture, expensive appliances, lawn tractors, gas drilling equipment, (if your buying near any Barnett Shale Location), should be acquired AFTER closing. Large credit card run ups before the house closes can detrimentally affect your credit score, and possibly causing the score to fall below loan requirements thus preventing the house from closing.
Prequalifying When you prequalify for a loan, all information is given verbally and your credit scores will be pulled and used at that time. The amount of money and the current interest rate will be based on the information you supply and the credit scores obtained. Keep in mind, if the interest rates change or if you do not disclose accurate information, the rate and loan amount could very well change. Preapproval If you wish, you may decide to get preapproved for a loan. This step involves an actual application and verification of information supplied to the mortgage company of your choice. You will need to gather all the written information required by the lender and visiting their local office to apply.  A preapproval letter will show a seller that you are more serious then the next guy and if there are multiple offers on the property you want to buy, this could sway the decision in your favor. And equally important to you is the reassurance that the loan will have a greater chance of closing after spending money to hire the home inspectors, an Attorney for contract review, providing the earnest money deposit, and paying for the mortgage application and appraisal fee. A preapproval may not be necessary but it doe have clear-cut advantages. Again, unless you have locked in the interest rate, even with a preapproval,  it is possible for the variables to change.   Items needed when you (apply) for a loan Zero Down Payment Home Mortgage; Do they still exist?
Mortgage Calculator Click here to calculate your full monthly payment Principal-Interest-Taxes-Insurance Calculator A List of Finance Companies Reverse Mortgages Current Interest Rates

 We serve Allen, McKinney, Prosper, Frisco, Plano, Lewisville, The Colony, Sachse, Wylie, Murphy, Richardson, Carrollton, Flower Mound, Coppell, along with many other areas around DFW.

Frisco foreclosures offer a tremendous amount of value and can save the buyer thousands.

           NORTH DALLAS REAL ESTATE