Mortgage Broker Dallas TX | Home Loans

Should You Refinance Your Mortgage in Dallas?

February 13, 2020 by Stonebriar Mortgage

As a Dallas area resident, you are hopefully paying competitive mortgage rates. But depending on when you took out your mortgage and what your borrower profile looked like at the time, you might be paying a lot more than your neighbors are right now.

If so, you might be wondering whether it is worth it to refinance in Dallas. Could doing so be your key to unlocking a lower mortgage rate?

Refinancing a mortgage has advantages and disadvantages. To figure out whether refinancing makes sense in your situation, you will need to determine whether the potential pros outweigh the potential cons.

Refinancing Carries a Cost

When you refinance your mortgage, there are closing costs. Typically, closing costs for a refinance range between 2% and 5% of your mortgage principal.

So, the question is whether the savings from refinancing will outpace that cost or not.

Refinancing in TX Can Offer Many Potential Benefits

Here are some of the ways in which refinancing your mortgage in Dallas or elsewhere in Texas could save you money:

You may qualify for a lower interest rate on your mortgage if rates have dropped since you took out your loan or if your borrower profile has improved.
If you pay for mortgage insurance now and qualify for a loan without a mortgage insurance requirement through refinancing, you could save money every month.
Has your adjustable mortgage rate been ballooning? Refinancing to a fixed mortgage rate could reduce your payments and keep them low in the future.
If it is possible to pay off your loan early, refinancing to get rid of prepayment penalties could end up saving you money, especially when you take into account the lower amount of interest you will end up paying in total.
If you have a number of high interest debts, you might be able to consolidate them into a lower interest mortgage.
Struggling to pay your other monthly bills and keep up with your mortgage? Refinancing to a longer mortgage term could be what you need to do in order to stay afloat each month and avoid high interest debt.

Try Our Refinance Analysis Tool

In our Resources section, you will find our Refinance Analysis tool.

With this tool, you can enter your zip code and answer a few questions to find out what your new low mortgage rate and payment amount could be if you qualify for a refinance today.

Call Stonebriar Mortgage Find Out How Much Refinancing Could Save You on Your Dallas Mortgage Now

Another way to find out whether you could benefit from a refinance is to come in for a consultation. Our mortgage experts can run the numbers for you and let you know exactly how much you could save over your loan term with a home loan refinance in Dallas or elsewhere in Texas.

If you are ready to start saving, please call us now at (214) 669-3307 to schedule your consultation.

Your Questions About Bank Statement Loans Answered

February 4, 2020 by Stonebriar Mortgage

If you are unable to complete the traditional full documentation loan process or you are looking for a streamlined alternative, you may be interested in our bank statement loan program.

With a bank statement loan, you do not need to prove your income using a W-2 or pay stubs. You furnish bank statements instead to demonstrate that you are financially viable.

Have questions about bank statement loans? Below, you can read through a brief bank statement loan FAQ for answers.

Q: Who can use a bank statement loan?

A: Anyone who is unable to apply for a loan with the traditional income paperwork is welcome to apply for a bank statement loan. That could include business owners, entrepreneurs, freelancers, and self-employed persons.

Investors of all stripes can also apply for bank statement loans. Doing so may be particularly useful if you invest in real estate, as you not only can get around the traditional paperwork, but also close more rapidly through the streamlined process.

Q: What do I need for a bank statement loan?

A: When applying for a bank statement loan, you do not need W-2 forms or pay stubs.

What you do need is a bank statement. Usually, this should cover 12-24 months. This becomes your proof of income.

Along with the bank statement, you need to provide verification of your identity. So, bring your social security card, driver’s license, or other identification card.

Something else you may want to bring is proof of any assets you own which could improve your borrower profile.

Finally, your credit score will be considered alongside your income and DTI ratio. So, make sure that your score is polished before you apply.

Q: Does it take longer to apply for a bank statement loan?

A: No. Actually, oftentimes, the reverse is true. It can take less time to apply for a bank statement loan since there is less paperwork to process.

Q: Is a bank statement loan different from a stated income loan?

A: A “stated income loan” typically refers to a bank statement loan. Lenders always are going to want to see some kind of proof of income, even if it isn’t with the traditional paperwork.

Q: Are bank statement loans safe and responsible?

A: Nowadays, bank statement loans are very safe. Again, the days of lenders not looking at proof of income at all are behind us. So long as a lender checks your income and you also carefully evaluate whether you can afford a mortgage, you should be good to go.

Apply for a Bank Statement Loan in Dallas Now

You probably have additional questions about bank statement loans which we may not have answered here. If that is the case, we would love to give you detailed answers during your bank statement loan consultation.

To get started, please give us a call now at (214) 669-3307. We look forward to meeting you during your consultation and walking you through the bank statement loan process.

What to Look for in a Mortgage Company in Dallas

December 11, 2019 by 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.

Relocating to El Paso, Texas

December 3, 2019 by Stonebriar Mortgage

Situated on the US-Mexico border, El Paso Texas is a beautiful area with rich cultural and recreational attractions. Many are speaking to Stonebriar Mortgage about relocating to El Paso, TX and why it’s a smart move. Read more about all the great things you’ll enjoy while living in this great bi-national community.

An Area of Culture and Heritage

A variety of cultural places are open to explore in El Paso. There are missions dating back to the 1600s. Many come here to learn about the rich history. The Symphony has served the community for over 75 years, and the Local Plaza Theatre hosts famous musicians from around the world. A yearly music festival, Viva El Paso, happens in summer at the beautiful the NcKelligon Canyon Amphitheater. The event celebrates the city’s multinational heritage. Many El Paso residents are bilingual in English and Spanish.

Good Grades for Schools, Safety, and Jobs

El Paso has a great school system to provide for a well-educated family. The local community college serves around 35,000 people and the public K-12 schools are top quality. University of Texas at El Paso has been around for over 100 years. Its high-quality, thriving student life is a community tradition. Over at Texas Tech, Paul Foster School of Medicine recently expanded its medical school. It’s the first medical school to serve the US-Mexico Border and will add $10 Billion to the local economy.

The County Sherriff’s office reports that El Paso is top ranked for its peaceful community. Congressional Quarterly also ranked El Paso to be safest big city four years in a row. While it doesn’t rain often, make sure your home is prepared, as it does have heavier storms.

Great Food and Sunshine Year-Round

Locals have estimated the sun shines over 80% of the year in El Paso. With cuisine ranging from Italian, Fine Dining, BBQ, Tex-Mex, and more—you’ll never run out of new things to try. Residents enjoy playing and recreating during the day and dining late into the night. If you enjoy golf, hiking, biking, swimming, volleyball, or basketball, there’s ample places to go. If you prefer relaxing in a deck chair or seeing the local attractions, there’s plenty to do. The sunshine attracts numerous year-round events.

Once the sun goes down, many El Pasoans stroll the streets late into the evening and enjoy rich local nightlife. There are quiet areas for fine dining. There are also up-town districts with bars and live music frequented by the local college students. Some say the best (and arguably, the first) margarita was invented at Tommy’s Place Bar in 1945.

Stonebriar Mortgage is here to help people in the Texas and California markets find the greatest new neighborhoods to live in—contact our team today!

Relocating to Austin, Texas

December 2, 2019 by Stonebriar Mortgage

Austin Texas has a booming real estate market, with a vast number of people relocating to the city each year. In fact, some reports show 150 people are moving to Austin on a given day. Austin is the capital city and hosts an array of cultural and economic opportunities. Currently, there is a huge tech start-up scene in the area. If you’re planning to look at new opportunities, the expert team at Stonebriar Mortgage is here to help you learn about relocating to Austin, TX and why it’s a great time to do so.

Researching the Various Neighborhoods of Austin, Texas

There’s a variety of neighborhoods and housing types to choose from in Austin. Each is suited to its own unique personality and lifestyle. Stonebriar Mortgage recommends you visit and spend some time around town before choosing a home. There are over 24 neighborhoods to choose from. We’ll describe just a few options to convey the range of community types.

If you head east of downtown, you’ll find a popular new development area with an eco-conscious community. Mueller has walkable paths, community gardens, local retailers, and very newly built efficient homes.

Heading to southwest Austin, you’ll find a more secluded living set-up with hike or bike trails and a golf course in Circle C Ranch. There’s an appealing array of local schools making it ideal for families. From gated mansions, to single-family homes, there’s a variety of housing for all types.

If you like a city scene, try out downtown Austin, where you’ll find luxury condos with garden or loft-style set-ups. There is a rich culture with arts and live music activities. You can also find a little escape from city life in the local lake and botanical gardens. If you like older style buildings, check out Clarksville’s renovated condos just outside of downtown. You can find an older early 1900s home, and the area is also bordered by the beautiful lake.

Abundant Opportunities in Austin, Texas

Austin has been rated frequently among the top cities for job growth. Though it is increasing, there is still a relatively low cost of living compared to income—making it a popular relocation destination for Californians. Many find the cost of local goods and services to be reasonable, as well. The projected growth of this city also makes it ripe with real estate investment opportunities.

An Inclusive, Eco-conscious Community in Austin, Texas

Austin is ranked the greenest city in Texas and hosts a transit and bike-oriented culture. American Council for an Energy Efficient Economy also ranked it the 6^th most energy efficient in the U.S. Austin also boasts an inclusive community, and is number 5 most inclusive in the U.S. Many businesses market themselves as being welcoming to all, regardless of orientation or identity.

Stonebriar Mortgage is here to help people in the Texas and California markets find the greatest new neighborhoods to live in—contact our staff today!

Mark Marshall

16:21 27 Feb 20

Micheal Owen with Stonebriar Morgage was able to structure our loan to reduce our required down payment and lower our interest rate. Very responsive customer service. Amazing Company.

Gary Logan

02:43 08 Nov 19

Mike is a hard worker that is very attentive to his clients which is why I was able to save money with a great loan rate that was processed much quicker than I thought possible.

C B

18:07 06 Nov 19

Stonebriar's interest rate was very competitive. Mike was able to find several ways to minimize closing costs. Customer service was excellent and responsive. The entire process from first contact to closing took 28 days. This was the best financing experience I have had.

DKD Energy

17:18 06 Nov 19

Mike was easy to work with through the funding process! He took good care of us and kept us informed throughout the process!

Reagan Judd

20:11 15 Apr 18

Stonebriar helped me with a refi on our house in Dallas and I couldn't be happier. We got the rate we wanted and the process was as smooth as it gets. Highly recommend!

Leigh Sendra

20:58 20 Jan 17

I would highly recommend Mike and his team when needing a purchase loan and/or refinancing an existing loan. Not only does he have over 20 years in the business, he gets things done fast & right! He was able to structure our loan and save us tons of money!

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