First things first.  Meet with Joe or Barb and let's talk about your real estate needs.   

The most important thing you need to do is to get pre-qualified with a mortgage company or a mortgage broker. This will determine the price range of the home you can afford.  There is a  difference between a mortgage company and a mortgage broker.  

The mortgage company is usually financially backed by a bank or other financial institution. When you deal with a mortgage company they usually will not shop for the best rate with other companies but try to offer the best rates that they have to you.

A mortgage broker will have groups of investor, some of them are the mortgage companies that you could deal with directly. A Mortgage broker will find the best terms from several investor sources.

People who appear on this website do not pay a fee or provide any financial participation to the site. 

This list is provided to give customers easy access to lenders that have done business with previous clients. 

We do not guarantee the service of any of the lenders listed. 

Mortgage Loan application checklist

Your Lender will need the following:

• Last 2 years signed tax returns

• Last 2 months bank statements

• Divorce decree (if any) showing child support or alimony payments (if any)

• Veterans applying for a VA loan will need a DD-214 (certificate of eligibility)

• W2's, 1099's, Pay Stubs, 401(k) details, cash value insurance policy etc.

• Full names and SSN's of all borrowers

• Photo Identification(s)

• Name, address, tel. number of employer(s) and a contact person for job verification etc.

• List and value of all liquid assets

• List of all liabilities; including creditor name, balance, minimum required payment.

Preferred real estate service providers

This list is being provided to you solely for the purpose of convenience to you.  If you are a client of The Joe and Barb Team, you are NOT committed to using the services of any of the following individuals or companies.   Please feel free to check the local yellow pages as well.  However, by using STRICT guidelines before adding anyone to his preferred vendor list you can be sure that these individuals will serve you well.  If they do not, please notify Joe and Barb right away so we can remove their name from this list.

• Lightning Mortgage (Jeremy Bagley or Mike Johnson) 972-713-6240 x206

• Crosspoint Mortgage (Chris Vento) 817-285-6108 x126

• Banker's Financial Group (Becky Walters) 972-304-4606
  

Click on the piggy bank above for more mortgage information!

TRUTH-IN-LENDING

Answers to the most commonly asked questions from buyers:

What is the Trust-In-Lending disclosure and why do I receive it?
The disclosure is given to you by your lender to disclose the costs of your loan so that you may compare these costs with those of other lenders or loan programs.

What is the ANNUAL PERCENTAGE RATE?
It is the cost of your credit expressed as an annual rate.  Because you may be paying loan discount "points" and other "prepaid" finance charges at closing, the APR disclosed is often higher than the interest rate of your loan.  This APR can be compared to the APR of other lenders or programs to give you a consistent means of rate and program comparison.

Why is the ANNUAL PERCENTAGE RATE different from the interest rate for which I applied?
The APR is computed from the amount financed and based on what your proposed payments will be on the actual loan amount credited to you at settlement.  In a $50,000 loan with $2,000 prepaid finance charges, a 30 year term, and a fixed interest rate of 12%, the payments would be $514.31 (principle and interest).  Since the APR is based on the amount financed ($48,000), while the payments are based on the actual loan amount given ($50,000), the APR (12.553%) is higher than the interest rate.

What is the FINANCE CHARGE?
The finance charge is the cost of credit expressed in dollars.  It is the total amount of interest calculated at the interest rate over the life of the loan, plus prepaid finance charges and the total amount of any required mortgage insurance charged over the life of the loan.

Copyright 2003 RE/MAX DFW Associates II

      Email: webmaster@joeandbarb.com