Getting the lowest mortgage rate on a FHA, USDA, VA, Conventional or Jumbo mortgage program in Dallas, TX can be confusing with all of the various mortgage lender options in the DFW area. Homeowners in Dallas TX have more options to choose from than in many other areas of Texas or even nationwide.
1. Understand What/Who You Are Searching For – Many consumers begin their search on the internet for a Dallas mortgage lender. If you’re searching online for the lowest FHA, USDA, VA, Conventional, or Jumbo mortgage rates, you’ll want make sure that you’re actually looking for a licensed mortgage lender, loan officer, or mortgage broker. (For example, Josh Campbell – Mortgage Loan Officer – National Mortgage Licensing System NMLS # 493535) There are many companies online that set up websites for the sole purposes of harvesting mortgage consumer leads to sell to several different lenders.
2. Understand that Mortgage Rates Fluctuate and Select a Dallas Mortgage Lender that Understands the Mortgage Market – Regardless of the type of mortgage program you are seeking in Dallas, Mortgage rates are driven constantly by the markets – much like gasoline prices change daily, so do mortgage rates. In fact, mortgage rates are as fluid as the stock market. Because mortgages are converted into serurity instruments called Mortgage Backed Securities and then traded to investors, the price and yield (or interest rate) changes with supply and demand. As the investors seek safe places to put money, the demand for mortgages go up and the rates go down. This normally happens in times of uncertain economic outlook. Any type of economic headline can have a director or indirect influence on mortgage rates. If you’re working with an experienced Dallas Loan Officer that understands and follows these complex dynamics, you can stand a better chance of locking in an FHA, USDA, VA, Conventional, or Jumbo mortgage rate at the most ideal time.
3. Compare Mortgage Rate Options in Dallas – While mortgage rates are tied to the market and largely very similar from one Dallas lender to the next, there is a slight difference in interest rates from one lender to the next. While the difference may be nominal, you’ll want to be aware that lenders do have different pricing structures for a variety of different reason relating to how they run their business. Becuase there are several different basic business models in the mortgage industry ranging from lender/servicer model to independent mortgage brokers, rates might fluctuate slightly from one option to the next. In many cases, the best option is a Dallas lender that has a hybrid business model that has local processing and underwriting for efficient processing and quick closings – while also having several different mortgage investors to select from to ensure the lowest rates on FHA, USDA, VA, Conventiona, and Jumbo mortgage programs in Dallas. Josh Campbell, local Dallas Mortgage Loan Officer selects this type of mortgage model for his personal business to give his clients the best interest rate options and best service.
4. Work with an Experienced Loan Officer – Experienced loan officers will be able to help you understand all of the different options available to you and taylor fit a program best suited for your needs. There are some very important differences between FHA, Conventional, USDA, VA, and Jumbo Mortgage programs and the costs and features associated with each. Based on your objectives both short term and long term, one program may be a better solution to finance your Dallas home than another. For example, some loans carry additional costs to insure, and that could impact your overall payment. I’ve seen consumers get a lower rate and still end up paying more each month because the loan officer didn’t take the time to explain all of the options.
5. Local is better – When you work with a local mortgage office in Dallas, you tend to get better service and faster closings. Many consumers begin their search online looking for mortgage rates in Dallas, but then they end up working with someone in a call center in another area or state. This might create issues if that company isn’t familar with the dynamics of the local Dallas area. Furthermore, when processing and underwriting are not local or in the same location as the loan officer (as in the case with most of the big names in the mortgage industry), the time it takes close loans can be substantially longer and the communication between the loan officer and their processing team can be challenging when needing updates.
Whether you need to Get Prequalified or you are considering a Refinance in the Dallas area using a FHA, VA, USDA, Conventional, or Jumbo Mortgage programs email experienced Dallas Loan officer at email@example.com or complete the form below and Josh will contact you asap.