Congratulations! For what you say? For choosing Dallas. If your reading this article then I can come to the assumption that your getting a Dallas mortgage to buy a house in Dallas. This great city has a population of over 1.3 million people and growing. To add to this the wider metropolitan area has over 6 million people! It is one of the largest in the united states and the fastest growing. This is great news since your buying into a growing market.
Last year certainly wasn’t a great year the general real estate market for the nation. One exception to this is Texas, they where not ass hard hit ass the rest of the nation. Prices here where only down 3% in comparison to other parts of the nation which saw 20% and 30% drop in prices. Even so Dallas has had its fair share of price reductions, but this year is changing, the markets are starting to turn and pick up significantly.
This is great! If your getting a Dallas mortgage now then you will probably be buying at the bottom of the market. A great move by any investor! But you do need to watch out. If you dont not tread carefully you may end up paying for a mortgage that snt suited to your needs. It cost you a great deal and this loan is something that may be with you for 30 years! Here are some guidelines that can help:
1) Shop around: make sure you check every local lender you until you are CERTAIN that your getting the right price. Shop until you drop. Check on the internet, check in the local paper, check in your local bank. Once you know the full array of mortgage options available you can make an informed choice.
2) Credit scores: Make sure you fully understand your credit score. If your looking for that all to great pre-qualification then your going to need to have an excellent credit rating. You should check around at all of the three major credit agencies to see what you score is. The best situation possible would be to have a great score at all three as you never know which agency your bank will use when checking your credit report.
3) Set a budget and stick to it: Do you want the bank to foreclose on your house? No? Well then don’t get a home loan that you cant handle paying off! Its simple really. Make sure you know exactly what finances you can afford and don’t go a cent over.
4) Trust your lender: If you feel like you cant trust your lender the it is best to choose someone else. Test out their customer service; ask them to change a term in the contract, ask them to reduce the closing costs, what are their reactions? If they wont help you now what chance do you have once the loan is closed?
Follow these guide lines and you’ll do just fine. I hope this helps you in your search for a Dallas mortgage. Always keep in mind that the decision you make now will last close to a life time (maybe not, but sometimes it feels like that!).