Trouble Securing a Loan for Your Prospective Dallas Home? Try Again

This country has definitely seen some topsy-turvy activity in the real estate market in the past few years.  Many mortgage lenders have been extremely strict in the amount of credit they would give out or who they would approve for a loan.  But don’t fret.  Things are looking up.

According to CNBC, lenders appear to be loosening their grip and it may be time sell your home and buy a new one.  Even if you’ve had trouble securing a mortgage loan for your prospective Dallas home, guidelines and requirements change regularly.  Contact a qualified mortgage planner to discuss your options before making any decisions.

With all of the economic development and expanding job market, prospective home buyers are coming out of the woodwork.  Unemployment rates are going down, interest rates are going up, and homes are increasing in value.  Combine these trends with mortgage lenders possibly getting more lenient with prospective home buyers, and you will see an expanding housing market.

According to the Federal Reserve, nearly ten percent of senior loan officers that were surveyed reported that they were more lenient and willing to give more credit to low-risk mortgage borrowers.  This could be a good indicator that if you’ve been turned down for a loan, or couldn’t secure a large enough loan for your prospective Dallas home, it’s a good time for you to give it another shot.  Particular in the market of Jumbo loans.  We are offering options on Jumbo loans with 10% down with no mortgage insurance.

With rising mortgage rates and increasing home prices, there is now much greater competition for homes.  In fact, the number of mortgage applications that have been turned in by prospective home buyers has increased a significant 11.5% nationally over the past year, according to the data compiled by CNBC.  There are now bidding wars, which were all but extinct during the recession and bursting of the housing bubble.  This newfound competition makes pre-approval that much more important.  Sellers are being advised to take the strongest offers that are presented, which can include a buyer’s ability to show the seller that they are qualified and pre-approved to buy their home.

If you’re interested in buying a home or selling your home in Dallas, give us a call, 972-499-0454!  We can help you get pre-approved so you can be ready to buy or help you find out if you need to sell before you buy.  Contact us today!