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Getting a Dallas mortgage loan can take a lot of work, but it can be rewarding, providing borrowers with real estate in some of the best neighborhoods in all of Texas and the nation. With all of the nearby jobs, recreation, and amenities, buying a home in the greater Dallas area with the aid of a mortgage loan can be an excellent investment. The key is to find the right terms for the best price.
Some of the most common home loan programs in the Dallas area include:
- Traditional fixed-rate mortgages–the interest rate remains the same for the duration of the loan and the monthly payment amount is constant.
- Adjustable-rate mortgages–these allow borrowers to enjoy lower interest rates for the first few years, after which they must be prepared to pay more each month as the rate resets based on market indices.
- VA lending programs designed for U.S. military veterans.
- FHA home loans are government-backed mortgages that are especially helpful for first-time buyers.
The interest rate associated with each of these programs is based partly on certain market factors and mostly on the strength of the buyer’s credit score. Even with poor credit though, it is important to shop around to find the best rates available as they do vary from lender to lender.
For those already invested in Dallas real estate, most lending companies offer refinance funding to help homeowners get out of bad mortgages, lower their interest rates, or pull out some of the home’s equity for various purposes.
David Winans Better Homes & Gardens Real Estate is an established real estate company in the Dallas area. Its professionals can help Texas buyers locate the perfect home and the perfect funding. Speak to a representative personally for more information by calling 972-774-9888, 817-540-2905, or 800-836-4374.