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Relocating to El Paso, Texas

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Relocating to El Paso, Texas

Situated on the US-Mexico border, El Paso Texas is a beautiful area with rich cultural and recreational attractions. Many are speaking to Stonebriar Mortgage about relocating to El Paso, TX and why it’s a smart move. Read more about all the great things you’ll enjoy while living in this great bi-national community.

An Area of Culture and Heritage

A variety of cultural places are open to explore in El Paso. There are missions dating back to the 1600s. Many come here to learn about the rich history. The Symphony has served the community for over 75 years, and the Local Plaza Theatre hosts famous musicians from around the world. A yearly music festival, Viva El Paso, happens in summer at the beautiful the NcKelligon Canyon Amphitheater. The event celebrates the city’s multinational heritage. Many El Paso residents are bilingual in English and Spanish.

Good Grades for Schools, Safety, and Jobs

El Paso has a great school system to provide for a well-educated family. The local community college serves around 35,000 people and the public K-12 schools are top quality. University of Texas at El Paso has been around for over 100 years. Its high-quality, thriving student life is a community tradition. Over at Texas Tech, Paul Foster School of Medicine recently expanded its medical school. It’s the first medical school to serve the US-Mexico Border and will add $10 Billion to the local economy.

The County Sherriff’s office reports that El Paso is top ranked for its peaceful community. Congressional Quarterly also ranked El Paso to be safest big city four years in a row. While it doesn’t rain often, make sure your home is prepared, as it does have heavier storms.

Great Food and Sunshine Year-Round

Locals have estimated the sun shines over 80% of the year in El Paso. With cuisine ranging from Italian, Fine Dining, BBQ, Tex-Mex, and more—you’ll never run out of new things to try.  Residents enjoy playing and recreating during the day and dining late into the night. If you enjoy golf, hiking, biking, swimming, volleyball, or basketball, there’s ample places to go. If you prefer relaxing in a deck chair or seeing the local attractions, there’s plenty to do. The sunshine attracts numerous year-round events.

Once the sun goes down, many El Pasoans stroll the streets late into the evening and enjoy rich local nightlife. There are quiet areas for fine dining. There are also up-town districts with bars and live music frequented by the local college students. Some say the best (and arguably, the first) margarita was invented at Tommy’s Place Bar in 1945.

Stonebriar Mortgage is here to help people in the Texas and California markets find the greatest new neighborhoods to live in—contact our team today!

Commercial Refinancing

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Commercial refinancing may seem complicated at first glance. Here at Stonebriar Mortgage, we strive to make it as easy as possible. In this week’s blog post, we are here to help you understand how to make the right choice when you refinance. Refinancing is a crucial step to accomplishing the financial goals of small businesses and real estate investors. Our team is here to discuss commercial mortgage refinancing options and programs available in California and Dallas, Texas.

Using Commercial Refinancing Programs

Many owners face ballooning commercial loan rates, especially after the mortgage crisis earlier this decade. These borrowers are often asked to pay a large sum in a short amount of time. For this reason, they need to refinance quickly or gain fast access to cash. You can even refinance one property to pay off a ballooning rate on another. Obtain a statement from your lender of the ballooning rate and submit it as a deal to broker the best option.

Refinancing Tips and Tricks for Commercial Loans

You will need to demonstrate what collateral you have to obtain financing for your deal. Obtain details on the type of property, its location, its size, and its value. Rent rolls will also be requested if your building has a lot of tenants. Speak to the lender and obtain exactly what they need in order to approve your refinancing. By making things easier for the lender, you’ll ensure the process is faster and more favorable.

Cash-Out Refinancing for A Commercial Loan

Cash-out refinancing is a type of loan used by commercial borrowers. Many have great reasons to use this system. Some use the cash to pay off other debts and begin to consolidate their mortgages. Be sure to be clear exactly how much money you need. Your cash may come from borrowing against the equity that is currently in another property.

When using cash out refinancing, you are essentially borrowing money you already paid, including interest. However, in some situations it makes the most sense to create cash flow from what you have already invested. For example, if you are using the funds to purchase a second property. If this is something you’re considering, be sure to include the agreement of sale. In other situations, the cash can help you make needed repairs to an existing property. Be sure you have detailed cost estimates to submit with your refinancing package.

Many Great Ways to Use Commercial Refinancing

Other commercial borrowers use refinancing to generate working capital for another business. Perhaps you have a great investment opportunity in front of you and need access to the cash quickly. Whatever your reason, Stonebriar Mortgage is here to help. Take advantage of the great commercial refinancing options available today in California and Dallas Texas.

Nationwide High Balance Loans

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Nationwide high balance loans are a great option for homebuyers looking to finance a higher priced home. They can also be used for current homeowners wanting to refinance. This loan is a jumbo loan. Many receive a great 30-year fixed rate without having to meet strict underwriting requirements normally used on large mortgages. This week, Stonebriar Mortgage teaches Dallas, TX and California homeowners about the benefits of using Nationwide High Balance Loans.

Requirements for Nationwide High Balance Loans

Nationwide High Balance Loans are a type of jumbo loan. This loan exceeds conforming loan limits set by Government-Sponsored Entities (GSEs). Many counties in California and Dallas Texas have high value homes on the market that may require non-conforming loans. The Federal Housing Finance Agency (FHFA) sets conforming loan limits annually. Approval for refinancing using a Nationwide High Balance loan, therefore, is also impacted by the annual limit. If looking to refinance using this product, note that the loan must have met conforming limits at the time it was sold to Fannie Mae. Properties can be one- to four-units, condos, co-ops, or manufactured housing.

How to Qualify for a Nationwide High Balance Loan

If you are looking to gain approval for a Nationwide High Balance Loan, it is best to meet the below criteria:

  • A credit score of at least 620 or more. The lower credit scores may lessen the amount of funds approved.
  • A maximum 80% loan-to-value amount.
  • A debt-to-income ratio of less than 43%.
  • Use of the loan for a primary or second home.
  • Provide ample income documentation, but less documentation than for a jumbo loan.
  • Provide the down payment required by the lender, though many do not usually ask for 20% like with a jumbo loan.

Pros and Cons of Using Nationwide High Balance Loans

With Nationwide High Balance Loan approvals, some lenders prefer to avoid using manual underwriting. Some interest rates tend to be higher than for conventional loans. This is because you are asking for more money, so the loan carries more risk for a lender. There are lower limits on this loan than with a jumbo loan. If you need more than a nationwide high balance loan can offer, you may have to re-apply for a jumbo mortgage. A higher loan amount or lower credit score may increase your interest rates. However, if you have great credit, they may allot you a higher debt-to-income ratio than 43%. You also do not need traditional income documents required by other programs.

Stonebriar Mortgage will help you accomplish your homeownership goals in Dallas, TX or California. We work with customers of all types and enjoy helping investors. Contact our team today and discuss the many benefits of using a Nationwide High Balance Loan.

Small Business Loans

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The U.S. Small Business Administration (SBA) is a federal agency that was created to help and protect small business owners. The SBA gives out loans via private lenders to help small businesses with their capital and operating needs. Stonebriar Mortgage works with the SBA to help Dallas, Texas and California business owners. We help provide the loan, and the SBA insures it.  For this reason, we can get you a great rate on a small business loan. In this week’s blog post, Stonebriar Mortgage is here to help you learn all you need to know about small business loans in Dallas, TX and California.

Varieties of SBA Loans

One of the more frequently used SBA loans is known as the 7(a) Loan Program, which provides general small business loans for a variety of needs. Business owners can use 7(a) loans for working capital, for equipment or furniture purchase, for remodeling, or for revolving funds. Since the SBA insures the loans, they are guaranteed for up to $5 million.

Other varieties of SBA Loans include:

  • Disaster loans, which come with low-interest rates and aid business owners to repair and replace equipment and property after a natural disaster or unexpected event. These SBA loans are available for up to $2 million.
  • Certified Development Company/504 loans, or Real estate and equipment SBA loans, are used for the purchase of land, improvements, new construction, or long-term equipment and machinery. These loans may also be approved for up to $5 million.
  • SBA Microloans were created for small business owners that need a small, short-term loan. This simpler loan option provides funds up to $50,000.

Stonebriar mortgages works with businesses of all types. We are here to help you learn which type of SBA loan your business may need and gain approval for. Our professional staff can help review your finances and also make sure the loan helps create the best option for your financial future. We can show you the great SBA loan competitive rates. These can be very competitive against a traditional business loans, which is great for a small growing business.

Small Business Loan Requirements from the SBA

In order to understand the repayment term for your SBA loan, you will need to review in detail how you intend to use the funds from your lender. For example, with working capital or daily operation loans, the maximum term is up to seven years. With a purchase of new equipment, the maximum term is up to 10 years. In real estate purchases, the term can be up to 25 years. The interest rates and term will vary.

Getting Help with Your Small Business Loan

Stonebriar Mortgage works with business owners in Dallas, TX and California to get the funding they deserve for their ultimate success. Contact Stonebriar Mortgage today to get started!

Bank Statement Loans for Investment Properties

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Right now, it is a great time to invest in real estate. News reports that home sales are booming, especially in California and Dallas, Texas markets. If you are an investor, entrepreneur, or have nontraditional sources of income, then you may have a hard time securing a standard mortgage. You will not qualify for programs such as FHA Loans or VA Loans. Many lenders have other types of financing for people without regular tax statements and W2s. Stonebriar Mortgage helps real estate and other home speculators learn all the benefits of using Investment Property Loans to purchase homes in Dallas, TX and California.

Obtaining Approval for an Investment Property Loan

Many real estate investors or self-employed may not be able to show income to qualify for a conventional loan. Despite this, many can maintain a good credit score and financial stability, which can get them approved for other types of financing. Some conventional loans or bank statement loans may still be available to you. As you go to obtain approval for a mortgage, seek out an Investment Property Loan that can use variety of documents to prove your ability to pay the mortgage.

“No Income” Mortgages

With a “no income” mortgage, the underwriters will have to prove that you have other financial assets to pay a loan and calculate how much you can afford. Therefore, your documentation must be able to show that cash flow and funds from assets or interest will generate enough funds. Often, they will determine how much you can afford to pay on a mortgage from dividends, profit and loss statements, etc. Alternatively, you may have a hefty sum of cash to put a down payment, and so less financing is needed. There are many commercial programs for multi-unit properties that use Investment Property Loans.

Bank Statement Loans

One great way to obtain approval for an investment property loan is through a bank statement loan, these programs will include:

  • Ability to secure a loan for a high-value home, with high limits;
  • Ability to secure a loan without providing W2s or tax returns;
  • Ability to show a debt-to-income ratio that can sometimes reach up to 50%;
  • Ability to secure decent rates, with some investors securing loans in the 5% range;
  • Ability to use equity-based financing;
  • Ability to get rental, vacation, or owner-occupied homes;
  • Ability to use personal or business bank statements; and
  • Ability to secure flexible financing terms (fixed or adjustable rate).

Contact Our Reputable Mortgage Broker Today to Get Started

For those looking to maximize their investment opportunities in the Dallas, TX and California markets, our esteemed mortgage broker at Stonebriar Mortgage is ready to assist you. By leveraging alternative investment property loans, you can capitalize on expanding property markets. Our team prides itself on delivering tailored solutions that accommodate diverse financial situations, ensuring you have the necessary guidance and resources. Whether you’re new to real estate investments or looking to expand your portfolio, contact Stonebriar Mortgage to explore loan options designed to maximize your financial potential. Start your investment journey with us today!