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Deciding to refinance your Texas home is one of your

most important financial decisions ...

There is no more important financial decision you can make than refinancing your present home in Texas. One easy transaction can help you better your long-term finance prospects in many ways:

• Lower your monthly payments by hundreds or even thousands of dollars; 
• Obtain cash to pay off debts, start a retirement plan, pay for college, or a multitude of other uses; 
• Build-up equity more quickly; or 
• Move from an adjustable rate or balloon program to the security of a fixed-rate mortgage.

With so many choices - how can you be sure

you are making the right decision?

Such an important decision should not be left open to chance. With so many Texas Mortgage Programs and interest rate options to choose from, you must have the advice of a professional.  My company has refinanced over 300 million dollars in Texas mortgages and I personally have helped many of those.

I will review your current mortgage situation and give you a series of alternatives with absolutely no cost and no obligation.   If you have already talked to another lender Supreme Lending provides an advisory service called “Second Opinion Program”.  It will help determine if the Texas loan program offered by another Texas lender is the right type of Texas loan program for you.  I will provide this service to you with absolutely no cost and no obligation.

The only way you could lose is by not taking action. Call me at (214) 728-0449 or send an email to John@TexasLoanGuy.com and we can get the process started.

When you Pre-Qualify for a Texas mortgage, remember that you are qualifying for a payment, not for the loan balance.

When a buyer calls me for a Pre-Qualification Letter (also incorrectly called a Pre-Approval letter… because there is a HUGE difference in the two), I explain to them that they are actually qualifying for the payment and no so much the balance of the mortgage. During the call we will review the numbers in detail and I explain to the client that they qualify for a mortgage payment up to $XXXX.XX. The reason I explain to them that its all about the payment is because that is truly what they can afford.

Our job as a Loan Originator is to ensure that your overall Debt-to-Income ratio is low (also called DTI). The DTI is calculated using your Gross Income (before tax) compared to your monthly obligations. These obligations include all items listed on your credit report, your full mortgage payment, and other others dues associated with the home (i.e. Condo or Homeowners Association Dues). This calculation does NOT include your utilities, cable, water, or trash.

Here’s an example…

Recently I had a client qualify for a mortgage of $1350. This was based on a Condo worth $115K. The payment of $1350 included the Principal Mortgage Payment, the Condo Association, and the Annual Taxes.

The home was taken off the market right before the buyer had submitted the offer. The following weekend, the buyer found another Condo they wanted to purchase. This home was actually slightly less in cost so they buyer assumed they would qualify.  Here is where the problem is… Although the Condo itself was cheaper, the Condo Association Dues were $110 higher per month. The overall payment would have been $1410. The buyer no longer qualifies for this Condo even though it’s cheaper than the previous Condo.

Sure, the buyer could put more money down in order to lower the balance even further and help lower the overall mortgage payment. But, had I not explained this to the buyer at the beginning, this could be a very uncomfortable conversation.

When searching for a home, make sure you understand all the qualifications by asking questions to your Mortgage Loan Originator. If the home you are buying does not have Association Dues, you may not run into this issue.  But it could make a huge difference and its best to know the full story before shopping for a home.

As always, if you have any questions about your mortgage, feel free to give me a call or send an email to John@TexasLoanGuy.com  Even if you are not in the state of Texas, I can direct you to a local professional that can assist you further in your state.

I cant say that I have the privilege of knowing Missy Caulk very well. I've only commented on a few blogs and perhaps a few comments on facebook. I certainly know the name though because she is a friend to many. I've only heard good things for the past 3 years I've been a part of Activerain. Bob on the other hand... I've had a chance to hang out with that guy a few times. Great guy! Lots of fun and is always available to answer questions or assist in any way.

By now I am sure many of you have heard about their loss. The below post is wonderfully written by Elizabeth. I wanted to share the links and information with all of you. Every dollar counts. Its a great example of how we are one big family on Activerain. Take a moment, read the details, and write a small check (or paypal) for a few dollars.

Thanks for reading!