Category Archives for "Mortgage Loan"

Homes For Sale In Desoto With No Closing Costs

Homes-For-Sale-In-Desoto-With-No-Closing-Costs

There are several Homes For Sale In Desoto With No Closing Costs available.  In fact, all homes for sale in Desoto can be purchased with no closing costs.  When you're looking to buy a home, there are several things to consider.  The most important thing to consider is the financing piece of buying a home.  That is of course, unless, you're paying cash for it.  

If not, I'd suggest you keep reading to find out how purchasing homes for sale in Desoto with no closing costs can benefit you.  Mortgage loans are broken down into a few essential pieces.  Most people know about the interest rate and the down payment.  Some people are aware of closing costs, but they are not completely aware of what the closing costs consists of. 

Typical Amount Of Closing Costs!

When you think of closing costs things like home owner's insurance and title insurance should come to mind.  Also, the appraisal and  the survey are parts of your closing costs.  Unfortunately, the majority of people think they closing costs are only things that the lender charges.  When in fact, most of the closing costs are completely third party charges.  

However, this article isn't about the amount of closing costs and who they go to, this is to help you get an idea of how you can buy homes in Desoto with no closing costs.  You can also check out all the homes for sale in Desoto By Clicking Here!  We have the amount of closing costs that can be paid next to the home.

The best way to do this is to work with a Hybrid Agent.  A #hybridagent is a Licensed Real Estate Agent, as well as a Licensed Loan Officer.  As someone who knows both sides of the transaction, a #hybridagent will be able to structure your transaction correctly.  Typically, most real estate agents would ask the seller to pay closing costs.  If that doesn't work, where do you go from there?  In most cases you would just have to pay the closing costs yourself.  A hybrid agent, since they are doing both sides of the transaction can and will "use a portion of the real estate commission to go towards your closing costs." 

Using the Hybrid Agent Model is by far the best way of getting your closing costs paid.  You literally have someone else paying them!  

#hybridagent

Another way this can be done is figuring out how much the home will appraise for.  If the house will appraise for more than the seller is selling the home for, you can easily raise the sales price and have the seller credit you the difference.  In most mortgage loans, raising the sale price isn't going to change your payment very much.  The alternative is having to come out of pocket for the closing costs.  Also, the seller still nets the same amount of cash they were going to before you raise the price so it's a win-win for both.  We want you to find a great home and get your closing costs paid.  Search For Homes For Sale In Desoto Here.

Typical Savings on Homes For Sale In Desoto with No Closing Costs

There is no typical savings amount, simply because all costs are different.  The closing costs are based on several factors.  Credit score, how much money you're putting down, also the price of the home can affect how much the closing costs will be.  However, let's use a hybrid agent example.  

If the price of the home you're buying is $300,000 and Real Estate Commission is 3%.  The amount of closing costs the agent would pay is up to $4,500.  That's $4,500 dollars that you don't have to pay.  

Most Recent Property Listings In Desoto

First Time Home Buyer In Desoto

First Time Home Buyer In Desoto

First Time Home Buyer In Desoto

First Time Home Buyer In DesotoIf you’re thinking about become a First Time Home Buyer In Desoto, there are several things to consider.  The main thing you have to do is relax a bit.  I totally understand that being a first time homebuyer can cause quite a bit of nervousness.    Just take a breather and let the professionals guide you through the process.  At the end of the day purchasing your first home isn’t going to be brain surgery.  It may seem like it but it’s actually going to be quite simple if you have the right people in place….  So take it easy.

First Time Home Buyer In Desoto Pre-Approval

Step 1 of The First Time Home Buyer In Desoto

The first step you should do before deciding to become a first time homebuyer is get check with your local loan officer “ME” and get prequalified for the mortgage.  You wouldn’t believe how many people actually go out looking for homes and are not qualified for the particular home they are looking at.  Nothing is wrong with looking at a few homes and getting excited about the home buying process, but the problem occurs when you look at a home and fall in love with it.  Then you find out that you can’t get qualified for that particular home, it can discourage the best of us.

Getting Pre-Qualified is the best way to go.  That way you don’t waste your time driving around town looking for that perfect home and end up disappointed.

First Time Home Buyer In Desoto Should Also…

Make sure you’re working with a qualified Realtor.  Unfortunately everyone thinks it’s easy to sell real estate or be a Realtor.  Unfortunately not all Real Estate Agents are created equal.  In this Sellers Market, you definitely want to make sure that your realtor is qualified to make an offer on your behalf.  I can’t tell you the number of people I’ve got that is totally qualified to purchase a home and they can’t seem to win an offer.  It’s a sellers market and they are basically setting the price. Homes For Sales in Desoto, Cedar Hill and basically all of the Dallas Area are selling for above the list price.  If you’re working with an Agent and they are telling you that you can make an offer for less than what people are asking for, you may want to find a new agent.

 

First Time Home Buyer In Desoto Pre-Approval

In a perfect world you should work with a Realtor that has a relationship with the lender who has gotten your Pre-Approved.  With you being a First Time Home Buyer In Desoto, you don’t want to work with two people who aren’t familiar with how each other works.  You want this process to run smooth.  It’s Your First Home and it’s already stressful enough!  Simply just ask your lender who they recommend that’s familiar with your area.  I promise you, they’ll have a database of Realtors that can help and make your life much easier!

Loans Types For First Time Home Buyer In Desoto

There are several types of loans available for First Time Home Buyers In Desoto.

Our most popular loan options for first-time home buyers:

  • FHA Loan – Purchase your home with only 3.5% down. Closing costs can be a gift from a relative!
  • 30-Year Loan – Our most popular mortgage. Purchase your home with as little at 3% down or less than 3% equity. Get a low payment and the security of a rate that won’t change for the life of your loan.
  • VA Loan – No down payment, no PMI and flexible credit requirements make the VA loan a top choice for veterans and active military members.
First Time Home Buyer In Desoto Pre-Approval

 

 

Homes For Sale In Desoto

Homes For Sales In Desoto

Homes For Sale In Desoto

Homes For Sale In DesotoHomes for sale in Desoto are among the best-priced homes in the metroplex.  When you are looking in the Dallas Area you should really consider homes for sale in Desoto.  Desoto is perfectly placed in the Southern sector of Dallas County with an extremely easy commute to downtown Dallas.  Super Easy commute to Arlington as well.  Homes for sale in Desoto don’t come with all the traffic that you can expect to endure if you were to live in a higher congested area like Plano Texas.  In Desoto, you can actually enjoy the amenities of the city without feeling extremely crowded.I would expect that since you’re looking at this blog post, You already know the housing market is phenomenal.

Homes For Sale In Desoto- Housing Market

When I say the homes for sale in Desoto housing market is one of the best in the city, I’m speaking from experience.  I personal experience.  I live in Desoto and I love it!  Here’s why!  Back in 2006 when I purchased my home I used a builder that had homes in Desoto as well as Plano.  Fortunately for me I took the time to take a look in Desoto and I found the exact same house that I was looking for in Desoto.  It was about 80K Cheaper and it was the exact same home.  My commute to Irving where I was working at the time made it an easier decision to make.  Fight the traffic in Plano on the tollway every day or save 80K, spin less time in traffic and keep more money in my pocket.  I think you can agree with me that Homes for sale in Desoto wasn’t a bad option at all.  Desoto isn’t in the hustle and bustle of busy Dallas, but you’ve got the ability to get to it with no problems and then back home to the peace and quiet  of the suburbs.

 

Homes In Desoto Pre Approval

Homes For Sale In Desoto- Mortgage Loans

You definitely want to have your mortgage options in line when you are looking for Homes for Sale in Desoto.  The Desoto Housing market is HOT!  People have started to realize that Desoto is a much better option than moving farther and farther north and paying more so homes fly of the market fast!  To help you in your quest of getting your home offer accepted you definitely want to get Pre- Approved for your mortgage loan.  Mortgage Rates are at an all time low right now so it’s an awesome time to purchase.  Home Values are also up, so it’s the perfect storm for sellers.  Just recently a co-worker put his home on the market, and on the first day he had offers for 30K… Yes 30 THOUSAND Dollars over the list price! Sellers are having a blast, but agents are being extremely picky about who’s offer they select when there are homes for sale in Desoto.  Check out my Other Blog Post on Desoto Home Loans as well.

Homes In Desoto Pre Approval

Homes For Sale In Desoto Realtor Search

Desoto is an awesome place to live.  Clearly you’re interested or you wouldn’t be reading this blog post for further confirmation.  Allow me to help you purchase your home in Desoto Texas.  The first step in Purchasing a Home In Desoto is to know how much you can be approved for.  I’m one of the Best Mortgage Professionals around I will make sure you get the best mortgage options possible.  Purchasing a  home shouldn’t be this big scary ordeal.  It’s actually quite easy.

I understand that some people may be a little hesitant because buying a home is a big step.  You may even have some credit challenges.  Don’t worry if you do… I’ve got people in place that are willing to help you.  If Credit isn’t a challenge I’ll walk you along the way.

My Total Costs Analysis will leave you feeling like a loan expert by the time we’re finished.  The goal is for you to feel great about your mortgage decision.

Homes In Desoto Pre Approval

Finding the Right Real Estate Agent in this market is going to be extremely important.  I’ve got a book of realtors that I know are extremely experienced when it comes to negotiating and making sure you get the home of your dreams.  In this market, you want to make sure you are going after the right home with the right agent.

Docs Needed For A Mortgage Loan

Ladies and Gentelmen The things you will need for a mortgage loan are really not that hard.  Too many people out there think they can’t qualify for a home loan.  Don’t let the fear of going through the loan process keep you from getting the home of your dreams.  Listed below are the things you’ll need before you apply.

I say you’ll need these things before you apply because it’ll make your Loan Guy “Me” a happy camper.  The easier you make my job, the easier it’ll be to approve you for a loan.   Let’s Take A Look At What You’ll Need!

1.  Last Two Years Full Tax Returns: This is not a Request Or Suggestion.  There is no way around it so please don’t ask.  Yes I’ll Need All Pages.  If it’s 200 Pages, we’ll need 200 Pages.  Sorry, but the underwriter will notice page 97 missing, so please make it easy and just get it to us.

2.  Last Two Years W2’s: Unless you are self employed and don’t have a W2, this is another Non-Negotiable.  This day and age you can pull this from your company’s website.  If you just happened to lose them.  Simply contact your Human Resource Department and they can get these to you.

3.  Last 30 Days Of Pay-stubs: Depending on how you get paid the number of pay-stubrequirements could vary.  If you are paid once a week, I’ll need to get your last months worth.  If you are paid twice a month I’ll only need the last two.

4.  Last 2 Months Bank Statements: We will need to gather the last two months of Bank Statements from you as well.  We need this in case that you need to bring money to closing.  If you are purchasing a home, this account should be the account you plan on using the down payment for.  If you put you earnest money down from a different account, I’ll need two months of that account as well.  Again this is a non-negotiable if you purchasing a home.  If you are refinancing and you don’t need any money out of pocket for closing, the bank statement “may” be optional.  I’ll always make the determination of if we need them.  However, some loans require reserves and if they do, it’s a Non- Negotiable.

5.  The last few are pretty basic items so I’ll list them out together. Obviously you’ll need Home Owners Insurance.  Just whoever you plan on using.  If you need a good agent, Of Course I’ve got some connections. Copy Of Your Current ID.  Believe it or Not It has To be Current.

I understand that it may be scary, but these are just some basic items that you’ll need to get your loan approved.  Each loan is different and could also require a specific document.  To make your life easier, be ready to provide any documentation that we request.  It makes the process a lot smoother when we can get information as soon as possible.  The faster you respond, the faster we can close your loan.

 

Renting Vs. Buying

Renting Vs. Buying

Renting Vs. Buying

Renting Vs. BuyingBuying a home can be a scary situation.  The thought of this big expensive monthly mortgage keeps a lot of people from taking action and participating in the so-called “American Dream” of home ownership.  As a loan officer I’ve heard all kinds of reasons why people don’t buy homes.  Some of them are quite funny and some of the are not funny at all.  Most times it’s a huge case of misinformation.  So much to the point that it’s actually sad at times to know that the General Public is so misinformed.  I thought that I should put together a post to let people know the truths behind home buying.

Renting vs. Buying- Myth 1 “I don’t Have A Down Payment”

I’d be willing to bet that most people out there would continue Renting Vs. Buying because they think that you need to have a 20% Down Payment in order to buy a home.  Fortunately this is not true.  It hasn’t been true for so long that I can’t even remember when it changed.  When people think this they are confusing having mortgage insurance on their loan.  When you don’t put down at least a 20% down payment some loans will have what’s called Private Mortgage Insurance.  PMI is placed on the loan to help protect the investor in case you default on the loan before you’ve got 20% equity in the home.  Some will call this a waste of money, and it some cases I can see it, and in some cases I don’t.  Back in the Sub-Prime days a lot of loans didn’t have PMI and a lot of loans defaulted.  When a loan is defaulted on the bank has to try and sell the home for at least the payoff amount.  In most cases it’s not a problem, but when you don’t have 20% equity in your home the bank could end up taking a loss.  If they have to take that loss and you don’t have PMI… guess who’s responsible for that difference.  You guessed it.  They’ll be coming after you.

If you have PMI on your mortgage loan and default, the bank can’t come after you for any additional cash.  They just have to take the loss and you can walk away from the home.  No worries because you paid for the mortgage insurance.  It sucks to have to pay for it, but it’s there for a reason and not a total waste of money.  I get it, the banks are lining their pockets a little, but for a first time home owners who’s thinking about Renting Vs. Buying, it’s a necessary evil.

Please don’t confuse this with “Home Owners Insurance” Home Owners insurance is there in case your house burns down or is hit by a storm etc.  All homes must have home owners insurance.

Renting Vs. Buying- “Myth 2 Banks Make It Tough”

Another myth out there is banks aren’t giving out loans anymore.  Mortgages are super hard to get approved for and the process takes 60 to 90 days.  If you’re reading this obviously you’re thinking about renting vs. buying and I’ll be the first to tell you.  That’s the furthest thing from the truth there could possibly be.  First the approval process shouldn’t take you more than 30 days and that’s from Start To Finish.  To be honest with you when you speak with me and I collect your information via appointment or telephone I can have your loan approved within an hour.  It’s the processing and underwriting piece that people get confused.  The automated underwriting system approves your loan based on the information that you provide.  That’s the easy part.  What stretches the process out to about two weeks is that information that you provided us has to be verified.

Banks are still giving out mortgage loans.  Your credit does not have to be perfect.  In fact your score can be as low as 580 in some instances.  You don’t need to have a 700+ like a lot of people have in their heads.  Of course the higher your credit score, the better your loan will be, but if you really want to get out of the Renting vs. Buying situation, you must call me to get your Total Cost Analysis for your specific situation.  Don’t let what you think is bad credit stop you from buying your home.  Trust me I’ve seen the worst of the worst credit and yours WILL NOT be the worst I’ve seen.

Renting Vs. Buying- Myth 3 “Homes Cost Way More Than Renting”

People think homes are going to cost them way more than what they are paying in rent.  In some cases it could be better Renting Vs. Buying but let’s look at it.  At the time of this article homes are probably at the highest costs they’ve been at in years.  There is a shortage of homes and pricing have slowly increased.  However with that shortage of homes, apartment owners and landlords have raised their rent as well.  When was the last time you renewed your lease and the rent went down?  Probably not in this decade…

Another thing to think about is what you actually get when you purchase a home vs. renting an apartment.  On average in Dallas Texas a 1 bedroom apartment is about 700 sqft.  The average rent is about 1000.  That’s pretty steep for a 700 sqft. apartment.  For $1000 dollars a month, you can land yourself in a decent home that is twice the size of your apartment, have your privacy and not have to worry about the kids blasting music through your walls or the neighbor above you doing insanity at 5 A.M in the morning.

Now let’s talk about what it costs you when you do continue to rent.  Don’t worry this isn’t one of those if you don’t rent you’re throwing away money.  Well sort of but I like to break it down for you and not make you feel bad because you don’t own a home.  When you rent a home or an apartment, you are truly building someone else’s equity.  What that means is by paying rent you are not wasting money.  You’re keeping a roof over your head and a place to live, but you are not putting money in your own equity bank.

When you pay down principle on a home you are essentially putting money in your own bank account.  If you home is 200K and you only owe 150k.  You have access to 50K.  This is how most normal people start building wealth.  It’s their home…  In the above example if things were to get really bad you could always sell your home and pull that 50k out.  When you’re renting you’ve basically built that 50k for someone else.  Now think about that number getting even bigger.  The more you pay into it, the bigger that account will be.  Now just ask yourself how long you’ve been renting.  How much equity could you have?

Check Out The Video Below For A Better Example