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So how exactly can you find a loan officer in Dallas Texas?
There are so many banks, brokers and lenders available in the DFW metroplex (that’s Dallas Fort Worth, for you out of towners) that it can be extremely time consuming to shop around for the best mortgage interest rate and lowest lending fees. And in most cases it is not needed. With the way the government is regulating the industry its pretty hard for one lender to pig out and charge higher rates. Rates are usually pretty uniform these days and the old days of shopping for a mortgage are over.
So how important is it that you get the lowest mortgage interest rate and fees? Let’s just do a simple break down, with some math.
If we take a 200,000 loan amount and attach a 5% interest rate to it for 30 years, the principle and interest payment is $1,073 per month. If we take that same 200k and use a 5.25% interest rate, that’s a monthly payment of $1,104. That’s only $31 more each month or $372 a year. Let’s just say it is a dollar a day difference in payment.
Sure, I know it adds up over the long haul, but most home owners live in a home for 5 years on average. Assuming this statistic is correct; if you took a .25% higher interest rate than normal (which is not normal) you would still only be out $1,860 over a 5 year period. Peanuts in comparison to what the average borrower thinks.
So we shop around for lower rates and fees when they are really not what a home buyer/owner should be relying on.
If you want to find a loan officer in Dallas Texas, you need to find one that will:
A: Answer the phone and communicate with you. In this stressful time you are going to want someone to hold your hand through every step of the way.
B: Know the underwriting guidelines like the back of his/her hand. Today’s lending environment requires more paperwork than you can possibly imagine. You need a loan officer who knows how to put that paperwork in the right order so the bank will approve it.
Those two qualities in a loan officer are of paramount importance. You don’t want to waste your time (something we never have enough of) by applying for the wrong loan, or not being able to find out from your loan officer where you are in the mortgage process.
If you or anyone you know is looking to buy, sell or refinance a home, get in touch with me and I will see to it that you have the best experience you could imagine with such a stressful process. It would be my pleasure to assist you in finding the right person for you. My contact info is Jeremy Woodson of US Home Loans at 214.934.4149.
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