Real Estate Financing
Assisting you with all of your Real Estate Financing Needs

Pre-qualify for real estate financing - This is the first and most important step in the home buying process. You can use your lender or call one of the companies that we work with on a daily basis. 

    First Community Mortgage - Gay Smith  254-394-6567

    Heights Mortgage -            254-699-6900

    First State Home Loan -      254-953-3800

    Market Street Mortgage -    254-289-5626 Jimmy Alexander

When pre-qualifying for a home loan, I always advise that you do not call one of those on-line companies.  It appears that EVERYONE will pre-qualify, but many times they do not come through with the loan.  This delays the closing, and sometimes cancels it all together!

Applying for a Mortgage - Real Estate Financing

Your Realtor can help you locate lenders that have experience in your market, are reputable and reliable, and will work to make sure that you understand the mortgage process. You can also ask people that you know for recommendations or check with the Better Business Bureau.

These are a few things to ask when interviewing lenders:

What type of loan products do you offer for my specific situation? Do you have First-time-buyer, New Construction, Government & Military Programs, Low Income, Investment Property, and Local Grants?

What is your current interest rate and how long can you guarantee my rate?

Is it possible to “buy down” the rate, and if so, what will it cost? If I do buy down the rate, what is the “break-even” point?

Can you provide me with a “Good Faith Estimate” detailing all of the costs involved?

Once you receive the necessary documents from me how long will it be before you can close this loan? In other words, what is your processing time?

Items to discuss with your lender:

Of you will qualify for more than you actually want to spend. Have your lender discuss with you what your total monthly payments will be based on a certain loan amount, or tell your lender the amount of money you are comfortable with as a total monthly payment. They can then suggest a price range based on your budget.

If you have cash on hand, discuss with your lender where the money should be spent. Since they have looked at your financial situation they can recommend the best way to use your money to your advantage, and it might not necessarily be on a larger down payment. Perhaps they may advise you it would be more advantageous to pay off a debt or buy your rate down. A good lender will show you how your money can work BEST for YOU.