What is the best rate you have found for a mortgage loan in Dallas?

Deal Score0

My wife and I are looking to buy a home in the near future. What is the best rate that we should expect? We have great credit and even better street credit.

5 Comments
  1. Reply
    mazziatplay
    January 25, 2011 at 12:44 am

    You know, rate is only one piece of the puzzle and besides, by the time you are ready to buy who knows where rates will be.

    You would be better served by choosing the best lender to work with, one who will act with your best interests at heart and not just with their commission in mind.

    We all sell to the same investors, after all, so there isn’t going to be a lot of play in the rates. The play is going to be in the cost of the financing and the quality of the personalized service you receive.

    I’d be happy to give you some pointers on choosing the right lender, feel free to email me.

  2. Reply
    stevendlane
    January 25, 2011 at 1:43 am

    Depending on the type of loan your are looking for, down payment amount, loan to value etc. the current market rate for a thirty year fixed note is 5.875 %. If I can be of any assistance please contact me.

  3. Reply
    Laurin Jeffrey
    January 25, 2011 at 2:37 am

    I know you have vastly different mortgage options in the US over what we have here in Canadam, but I would caution against some of them.

    Avoid amortizations over 25 years – I know they give you a better monthly payment, but you are paying way more in interest and leaving yourself vulnerable if prices go down.

    Avoid interest only mortgages, since you are only ever paying interest, never principal, thus you are not paying off your mortgage at all.

    Avoid cash back mortgages, you get a higher rate in return for money up front, meaning more interest is being paid – by you!

    Avoid anything over 100% financing, you are just asking for trouble if prices ever drop.

    Get a nice and simple 5-year term with a 25-year amortization and stay in the safe zone. You have got to be able to get that with a rate in the 5.5-6.5% range.

    And don’t be afraid to shop around, make the banks work to get your business!

    Laurin Jeffrey
    Toronto Condos and Lofts
    http://www.jeffreyteam.com

  4. Reply
    kemperk
    January 25, 2011 at 2:46 am

    pure hard money lenders of which there are
    about 6 left in the US.

    no 1003/no fico/no front fees/no recourse.
    no appraisal fees.

  5. Reply
    loanmasterone
    January 25, 2011 at 3:32 am

    Non -recourse loans are decided by each lender. They decide if they can give a non-recourse loan based on the history of the entity attempting to get the mortgage.

    If you are trying to get a mortgage through a corporation and the corporation is only one year old the corporation does not have the qualifications to qualify for a mortgage.

    Since the corporation does not qualify the lender now want to have personal guarantees.

    Your corporation must qualify as if it was an individual. It must be able to prove the ability to make the monthly mortgage with enough funds left to pay other necessary corporate debts.

    The corporation must also be in business at least two years, have a current credit report, 2 years of income taxes, bank accounts with reserves.

    A lender is not gonna lend to a corporation that is not qualified to borrow money. That is why the personal guarantees.

    Ask yourself this question would you lend to a one year old corporation with $ 3,000 in the bank, with no income taxes and have not established a Dunn and Bradstreet?

    If you do find a bank or other lender that will take a chance on lending you money to this type of corporation with no personal guarantees then the interest rate will be extremely high and for a very short term.

    I hope this has been of some use to you, good luck.

    “FIGHT ON”

    Leave a reply

    Register New Account
    Reset Password