Mortgages Archives - Stonebriar Mortgage

What to Look for in a Mortgage Company in Dallas

December 11, 2019 by le-admin

Looking for a home loan in Dallas or elsewhere in Texas? To find the perfect mortgage, you will need to choose a mortgage company that is as dedicated to connecting you with it as you are to finding it.

Below, you can read some recommendations to help you choose a company to work with on your Dallas home loan.

1. A full spectrum of loan options.

There are many different types of mortgages out there to choose from, and each of them is ideally suited to a different situation.

If you work with a lender that features a limited selection of mortgage products, you may not find the home loan which is most affordable and convenient for you.

If, on the other hand, you choose a mortgage company with a diverse range of lending products, you stand a much better chance of being connected to the one which is going to be ideal for your needs.

2. A flexible application process.

Did you know that the traditional loan application process that requires a W-2 is no longer the only way that you can apply for a home loan?

That traditional process is still a great fit for many loan applicants, but with an increasingly large self-employed workforce, quite a few applicants are looking for a different way to apply for a mortgage.

Mortgage companies which offer a bank statement loan program (also called a stated income loan program) can help you qualify for a mortgage without providing traditional income documentation.

Investors shopping for Dallas properties with the goal of closing rapidly also may avail themselves of an alternative application process like this in order to save time.

3. Experience in the Dallas real estate market.

When choosing a mortgage company to work with, one of the questions you should ask is, “How much experience do you have in this market?”

A local Dallas mortgage broker can typically offer more than a nationwide big box lender in terms of local knowledge, resources and connections.

A larger network of lenders with more established relationships can translate to more loan products available and easier approval.

4. Convenience and speed.

Whether this is your first time shopping for a home or you simply have had a difficult time in the past working with another mortgage company, you might believe that applying for a home loan is necessarily inconvenient and stressful.

But with the right home loan company in Texas on your side, it can be fast, easy, and convenient to get matched with your ideal mortgage.

Features such as useful online tools, different channels of communication being offered, and great customer service (see below) can all speed up the process and make it a pleasant one.

5. Amazing customer service.

There is arguably nothing more important to look for in a mortgage company in Texas than outstanding customer service.

When you are making a huge financial decision such as selecting a mortgage, you want experts on your side that are dedicated to protecting your financial interests now and in the future.

Work with a broker that makes it clear through their actions that they are here first and foremost to make sure that your needs are met.

Consult Now With Stonebriar Mortgage

Stonebriar Mortgage is a Texas-based mortgage company with two decades of experience.

We are well-networked, offer many different types of loans, provide flexible, easy qualification, and can tackle scenarios such as self-employment with speed and efficacy.

We have helped so many homebuyers in the Dallas metropolitan area and throughout TX to move into the homes of their dreams with affordable home loans.

If you are ready to move into your Texas home, please give us a call now at (214) 669-3307 to schedule your consultation. We can’t wait to meet you and get you pre-approved for a home loan.

30 Year Fixed-Rate Mortgages

October 22, 2019 by Stonebriar Mortgage

Are you in the process of buying a property and securing a mortgage? You need to make important financial decisions about how you choose to finance the building. You must think carefully and look at various terms, percentages, and payment plans. You can also choose between a fixed-rate mortgage (FRM) or an adjustable-rate mortgage (ARM). 30 year fixed-rate mortgages are a common loan that is maintaining a steady rate in today’s market. In this week’s blog post, Stonebriar Mortgage discusses 30 year fixed-rate mortgages for Dallas, TX and California homebuyers and investors.

Understanding Fixed-Rate Mortgages

A fixed-rate mortgage (FRM) comes with an interest rate that will not change during the loan. Obviously, this is a great option if you are worried about the economy and fluctuating interest rates. Conversely, if the market improves and interest rates fall, it will be much harder for you to change the terms of your loan and take advantage.

With all this in mind, what is one to do? Well, if you are planning to own the property or home for a while, the fixed-rate option may be ideal. Rates will fluctuate more the longer you stay. With an FRM, you will have a predictable monthly mortgage payment and rate. Regardless, you can decide to change the rate type or terms of the loan later, as long as you’re approved.

Selecting a 30-year Term for your Mortgage

Once you have chosen to get a fixed-rate instead of adjustable-rate mortgage, you have options on the number of years you have to pay the loan. Shorter loan terms may have higher monthly payments, but you will pay less interest over the life of the mortgage. Many people choose to have 30-year terms. This can result in better cash flow thanks to the lower monthly payment. Many experts foresee that the rates of 30-year fixed loans will remain steady.

Benefits of a 30-year Term Mortgage

You can write off interest paid on mortgages in your taxes. Some report that the deductions you’re able to get are higher with 30-year term mortgages. In addition, if you use the mortgage for a multifamily property, the improved cash flow will help you in times when residents cannot pay rent or must be evicted. Since there is a better debt service coverage, 30-year mortgages may have a better chance of getting approved than a shorter term. The loan will be amortized over a longer period, as well.

Stonebriar Mortgage helps many commercial investors in the Dallas, Texas and California markets succeed with their financial goals. Our expert staff are here to help answer any questions you have on 30-year term fixed-rate financing for homes and multifamily properties. Contact our team today!

What are Asset Depletion Mortgages?

October 8, 2019 by Stonebriar Mortgage

Asset depletion refers to a method that lenders use to calculate a borrower’s monthly income. In this calculation, they will divide the assets by a set number of months. You do not have to cash in your assets; however, they are used to tell whether you will be able to make your monthly mortgage payments. In this week’s blog post, Stonebriar Mortgage explains how asset depletion works for homeowners in the Dallas Texas and California markets.

How Asset Depletion Mortgages Work

When applying for an asset depletion or asset dissipation mortgage, you are using liquid assets to qualify for a loan approval. If you do not have a traditional monthly income or W2 to use with your loan application, then asset depletion may really benefit you. Let’s say you have significant assets such as funds in a bank, investment or retirement account—these can be used during the underwriting process to prove your worth as a borrower. If you are self-employed, wealthy, or retired/almost retired—then this program may be right for you.

How Asset Depletion Mortgages Get Approved

Lenders may use different methods with this loan, but they generally all work the same. A formula will be used to calculate the income that could be made if your assets were totally liquidated over a set period. An assumption is being made that you would be able to sell or use those assets to obtain cash during the mortgage. Of course, it is not expected that you are required to do this. A lender will add the total calculated amount to any other income you are making to determine what mortgage to approve.

Let’s say you are making money from retirement or social security—this will be added to your asset worth in order to obtain a debt-to-income ratio. While you may have substantial assets, you still may not get approved for a high-value home—so be reasonable in what you plan to buy. You need to recall that they are using a formula and a set period to determine how quickly your assets can convert to cash.

Finding the Right Asset Depletion Mortgage

Stonebriar Mortgage loves helping individuals with high assets and non-traditional income find their dream home in the Dallas, Texas and California markets. Your debt-to-income may range from 40-50% to get approved. If you are currently getting any income from dividends, this will be subtracted from the total amount of assets to avoid double-counting. However, this income will still help you qualify for the right-sized asset depletion mortgage.

Working with the right team is important. Stonebriar Mortgage has experienced professionals here to help you find a home in Dallas, Texas and California using your assets to qualify.