Buying, selling and moving · 10 guides
Residential Mortgages: problems and fixes, explained by Maria
Maria Leach is the only residential mortgages member of BNI Preston Center. These guides are written for a Dallas–Fort Worth reader who has the problem right now: what is happening, what to check, when to call, and what it costs.
- Your mortgage payment went up and the rate did not change: escrow, taxes and what to do Your rate is fixed, yet the payment just went up. The cause is almost always escrow: property taxes and insurance. Here is how it works in Texas and the steps that can bring the number back down. Your rate did not change. Your escrow did.How an escrow account worksWhy the first year in a Texas home often brings a jumpFile your homestead exemption, if you have not already
- What actually sets your mortgage rate and closing costs, and which parts you control Two neighbors can buy similar houses on the same day and pay very different amounts for their mortgages. Here is what drives the rate and the closing costs, and which of those drivers you can change before you apply. The short answer: your file, your loan choices and the market on the day you lockSeven things a lender prices into your rateThe levers that belong to youPoints and lender credits: paying now or paying later
- Is refinancing worth it for you? How to tell before you pay a dollar in closing costs A lower rate is not the only reason to refinance, and it is not always enough on its own. Here is how to judge whether a refinance pays for itself, and what Texas rules mean for taking cash out. A refinance makes sense when the savings outrun the costs in timeSigns a refinance is worth a closer lookDoing the break-even math yourselfRate-and-term or cash-out: two different decisions
- From signed contract to keys: how long a mortgage takes and what slows it down The days between a signed contract and the closing table are full of steps most buyers never see. Here is what happens in each one, what usually causes delays, and what you can do to keep your date. It depends on the lender and the file, but much of the timeline is decided before the contractThe work that happens before you ever make an offerWeek by week after the contract is signedThe three-day rule nobody mentions until the end
- Fixing your credit before a mortgage: what you can do yourself and what to leave alone Much of what helps a credit file before a mortgage is free and within your control. Some well-meant moves make it worse. Here is the difference, and when it pays to get a loan officer involved. Yes, most of the work is yours, but sequence mattersStep one: read all three reports, line by lineDisputing errors the right wayMoves that help most in the months before you apply
- FHA, conventional or VA: how to tell which home loan fits your situation The three big home loan programs can all finance the same house, but they treat down payment, credit and mortgage insurance very differently. Here is how to tell which one fits you. The quick way to narrow it downHow the three programs differ at a glanceWhen a VA loan is the obvious first lookWhen FHA is the better fit
- Do you really need 20 percent down? Mortgage myths that keep buyers renting The 20 percent rule is the most expensive myth in home buying, and it has company. Here is what the loan programs actually allow, what down payment help really is, and the beliefs that keep qualified buyers renting. No, and believing it may be costing you yearsWhere the 20 percent idea comes fromMyth: you need perfect creditMyth: down payment assistance is a scam or a trap
- Building a home in Texas: one-time close or two-time close construction loan? Building a home means financing something that does not exist yet. Here is how construction loans pay the builder, what you pay while the house goes up, and how to choose between one closing and two. Two ways to finance a house that is not built yetHow a construction loan pays for the workThe one-time close, step by stepThe two-time close, step by step
- Before you apply for a mortgage: the questions that show whether a lender will close Most buyers compare lenders on rate alone and find out what really matters when a closing date slips. These are the questions I would ask if I were on your side of the table. Ask about the process, not only the priceWho will touch my file, and where do they sit?What exactly does your pre-approval letter mean?Do you add overlays to the guidelines?
- You want to buy a house but are not sure you qualify: from unsure to approved to closed Rent keeps rising, a friend just bought and you have a vague fear that your credit or savings will not pass. Here is what approval really depends on, what you can fix before applying, and how a clean loan process runs. The question people are embarrassed to askWhy the approval feels like a mysteryWhat to gather and check before you talk to anyoneWhen to stop researching and talk to a lender