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Tom Burris' Blog

By Tom Burris | Mortgage Broker
or Lender in Dallas, TX
  • Mortgage Loan Do's & Don'ts

    Posted Under: Home Buying in Dallas  |  December 4, 2013 6:41 PM  |  700 views  |  2 comments

    Mortgage Loan Do's and Dont's

     

    We thought it would be helpful to have a real list with some real guidance. Remember, we are here for you throughout this entire process and look forward to celebrating you home! The list below is a little guidance while we work on your Mortgage Loan

    DOs

    * DO keep originals of all pay stubs, bank statements, and other important financial documentation.

    * DO provide all documentation for the sale of your current home (i.e., sales contract, closing statement,
      employer relocation/buyout program).

    * DO follow through quickly if our team contacts you for information or documentation.

    * DO notify us if you plan to receive gift funds.

    * DO notify us of any employment changes (i.e., change of employer; recent raise/promotion; change of
      pay status; such as salary to commission, etc.).

    * DO contact us if there is a major change in a monthly credit bill (i.e., sold a vehicle, paid off a large
      credit card or installment loan, etc.)

    * DO enjoy your home purchase experience. Your Mortgage Loan should be FUN!!

    DON’T'S

    * DON’T have your credit pulled numerous times (i.e., apply for a credit card, loans, co-sign for someone
    else, etc.).

    * DON’T open or increase any liabilities, including credit cards, signature loans, etc., during the loan

    process. Please check with your loan officer for any documentation that will be required and what impact
    this would have on your qualification ratios.

    * DON’T make major purchases during or prior to closing (i.e., new car, furniture, appliances, electronics)
    because this might impact your qualification ratios. Please confer with your loan officer to have her
    calculate what your ratios would be with any additional debts.

    * DON’T obtain and/or deposit sums of money over 1% of the loan (unless it is a normal paycheck)

    without notifying your loan officer. Guidelines require documentation as to the source of these funds (i.e.,
    copy of bonus check, copy of tax refund, copy of insurance settlement, gift letter with copy of check and
    deposit slips, etc.).

    * DON’T open or close or transfer any asset accounts without inquiring about the proper documentation

    required for our loan file (i.e., if you transfer all the funds in your stock account to your savings account,
    documentation is required).

    * DON’T obtain cash advances off your credit card(s).


    * DON’T change jobs/employer without inquiring about the impact this change would have on the approval

    of your mortgage loan.

    While this is not a complete list...... Your Mortgage Loan depends on YOU as well as your lender. Communicate with your Loan Officer throughout the process. Asking lots of questions can only help you. 


    The DallasLoanGuy’s license is sponsored by:

    Service First Mortgage Company
    6951 Virginia Parkway #301
    McKinney, TX 75071

    214-763-4629 cell/text/nights/weekends
    tburris@servicefirstmtg.com

    http://www.dallasloanguy.com/

    Dallas Mortgage Loan Resource

    NMLS# 335055

     

    http://dallasloanguy.com/mortgage-loan-dos-donts/

    Mortgage Loan Do's and Dont's

     

    We thought it would be helpful to have a real list with some real guidance. Remember, we are here for you throughout this entire process and look forward to celebrating you home! The list below is a little guidance while we work on your Mortgage Loan

    DOs

    * DO keep originals of all pay stubs, bank statements, and other important financial documentation.

    * DO provide all documentation for the sale of your current home (i.e., sales contract, closing statement,
      employer relocation/buyout program).

    * DO follow through quickly if our team contacts you for information or documentation.

    * DO notify us if you plan to receive gift funds.

    * DO notify us of any employment changes (i.e., change of employer; recent raise/promotion; change of
      pay status; such as salary to commission, etc.).

    * DO contact us if there is a major change in a monthly credit bill (i.e., sold a vehicle, paid off a large
      credit card or installment loan, etc.)

    * DO enjoy your home purchase experience. Your Mortgage Loan should be FUN!!

    DON’T'S

    * DON’T have your credit pulled numerous times (i.e., apply for a credit card, loans, co-sign for someone
    else, etc.).

    * DON’T open or increase any liabilities, including credit cards, signature loans, etc., during the loan

    process. Please check with your loan officer for any documentation that will be required and what impact
    this would have on your qualification ratios.

    * DON’T make major purchases during or prior to closing (i.e., new car, furniture, appliances, electronics)
    because this might impact your qualification ratios. Please confer with your loan officer to have her
    calculate what your ratios would be with any additional debts.

    * DON’T obtain and/or deposit sums of money over 1% of the loan (unless it is a normal paycheck)

    without notifying your loan officer. Guidelines require documentation as to the source of these funds (i.e.,
    copy of bonus check, copy of tax refund, copy of insurance settlement, gift letter with copy of check and
    deposit slips, etc.).

    * DON’T open or close or transfer any asset accounts without inquiring about the proper documentation

    required for our loan file (i.e., if you transfer all the funds in your stock account to your savings account,
    documentation is required).

    * DON’T obtain cash advances off your credit card(s).


    * DON’T change jobs/employer without inquiring about the impact this change would have on the approval

    of your mortgage loan.

    While this is not a complete list...... Your Mortgage Loan depends on YOU as well as your lender. Communicate with your Loan Officer throughout the process. Asking lots of questions can only help you. 

    - See more at: http://activerain.com/blogsview/4258661/mortgage-loan-do-s-don-ts#17284433

    Mortgage Loan Do's and Dont's

     

    We thought it would be helpful to have a real list with some real guidance. Remember, we are here for you throughout this entire process and look forward to celebrating you home! The list below is a little guidance while we work on your Mortgage Loan

    DOs

    * DO keep originals of all pay stubs, bank statements, and other important financial documentation.

    * DO provide all documentation for the sale of your current home (i.e., sales contract, closing statement,
      employer relocation/buyout program).

    * DO follow through quickly if our team contacts you for information or documentation.

    * DO notify us if you plan to receive gift funds.

    * DO notify us of any employment changes (i.e., change of employer; recent raise/promotion; change of
      pay status; such as salary to commission, etc.).

    * DO contact us if there is a major change in a monthly credit bill (i.e., sold a vehicle, paid off a large
      credit card or installment loan, etc.)

    * DO enjoy your home purchase experience. Your Mortgage Loan should be FUN!!

    DON’T'S

    * DON’T have your credit pulled numerous times (i.e., apply for a credit card, loans, co-sign for someone
    else, etc.).

    * DON’T open or increase any liabilities, including credit cards, signature loans, etc., during the loan

    process. Please check with your loan officer for any documentation that will be required and what impact
    this would have on your qualification ratios.

    * DON’T make major purchases during or prior to closing (i.e., new car, furniture, appliances, electronics)
    because this might impact your qualification ratios. Please confer with your loan officer to have her
    calculate what your ratios would be with any additional debts.

    * DON’T obtain and/or deposit sums of money over 1% of the loan (unless it is a normal paycheck)

    without notifying your loan officer. Guidelines require documentation as to the source of these funds (i.e.,
    copy of bonus check, copy of tax refund, copy of insurance settlement, gift letter with copy of check and
    deposit slips, etc.).

    * DON’T open or close or transfer any asset accounts without inquiring about the proper documentation

    required for our loan file (i.e., if you transfer all the funds in your stock account to your savings account,
    documentation is required).

    * DON’T obtain cash advances off your credit card(s).


    * DON’T change jobs/employer without inquiring about the impact this change would have on the approval

    of your mortgage loan.

    While this is not a complete list...... Your Mortgage Loan depends on YOU as well as your lender. Communicate with your Loan Officer throughout the process. Asking lots of questions can only help you. 

    - See more at: http://activerain.com/blogsview/4258661/mortgage-loan-do-s-don-ts#17284433

    Mortgage Loan Do's and Dont's

     

    We thought it would be helpful to have a real list with some real guidance. Remember, we are here for you throughout this entire process and look forward to celebrating you home! The list below is a little guidance while we work on your Mortgage Loan

    DOs

    * DO keep originals of all pay stubs, bank statements, and other important financial documentation.

    * DO provide all documentation for the sale of your current home (i.e., sales contract, closing statement,
      employer relocation/buyout program).

    * DO follow through quickly if our team contacts you for information or documentation.

    * DO notify us if you plan to receive gift funds.

    * DO notify us of any employment changes (i.e., change of employer; recent raise/promotion; change of
      pay status; such as salary to commission, etc.).

    * DO contact us if there is a major change in a monthly credit bill (i.e., sold a vehicle, paid off a large
      credit card or installment loan, etc.)

    * DO enjoy your home purchase experience. Your Mortgage Loan should be FUN!!

    DON’T'S

    * DON’T have your credit pulled numerous times (i.e., apply for a credit card, loans, co-sign for someone
    else, etc.).

    * DON’T open or increase any liabilities, including credit cards, signature loans, etc., during the loan

    process. Please check with your loan officer for any documentation that will be required and what impact
    this would have on your qualification ratios.

    * DON’T make major purchases during or prior to closing (i.e., new car, furniture, appliances, electronics)
    because this might impact your qualification ratios. Please confer with your loan officer to have her
    calculate what your ratios would be with any additional debts.

    * DON’T obtain and/or deposit sums of money over 1% of the loan (unless it is a normal paycheck)

    without notifying your loan officer. Guidelines require documentation as to the source of these funds (i.e.,
    copy of bonus check, copy of tax refund, copy of insurance settlement, gift letter with copy of check and
    deposit slips, etc.).

    * DON’T open or close or transfer any asset accounts without inquiring about the proper documentation

    required for our loan file (i.e., if you transfer all the funds in your stock account to your savings account,
    documentation is required).

    * DON’T obtain cash advances off your credit card(s).


    * DON’T change jobs/employer without inquiring about the impact this change would have on the approval

    of your mortgage loan.

    While this is not a complete list...... Your Mortgage Loan depends on YOU as well as your lender. Communicate with your Loan Officer throughout the process. Asking lots of questions can only help you. 

    - See more at: http://activerain.com/blogsview/4258661/mortgage-loan-do-s-don-ts#17284433

    Mortgage Loan Do's and Dont's

     

    We thought it would be helpful to have a real list with some real guidance. Remember, we are here for you throughout this entire process and look forward to celebrating you home! The list below is a little guidance while we work on your Mortgage Loan

    DOs

    * DO keep originals of all pay stubs, bank statements, and other important financial documentation.

    * DO provide all documentation for the sale of your current home (i.e., sales contract, closing statement,
      employer relocation/buyout program).

    * DO follow through quickly if our team contacts you for information or documentation.

    * DO notify us if you plan to receive gift funds.

    * DO notify us of any employment changes (i.e., change of employer; recent raise/promotion; change of
      pay status; such as salary to commission, etc.).

    * DO contact us if there is a major change in a monthly credit bill (i.e., sold a vehicle, paid off a large
      credit card or installment loan, etc.)

    * DO enjoy your home purchase experience. Your Mortgage Loan should be FUN!!

    DON’T'S

    * DON’T have your credit pulled numerous times (i.e., apply for a credit card, loans, co-sign for someone
    else, etc.).

    * DON’T open or increase any liabilities, including credit cards, signature loans, etc., during the loan

    process. Please check with your loan officer for any documentation that will be required and what impact
    this would have on your qualification ratios.

    * DON’T make major purchases during or prior to closing (i.e., new car, furniture, appliances, electronics)
    because this might impact your qualification ratios. Please confer with your loan officer to have her
    calculate what your ratios would be with any additional debts.

    * DON’T obtain and/or deposit sums of money over 1% of the loan (unless it is a normal paycheck)

    without notifying your loan officer. Guidelines require documentation as to the source of these funds (i.e.,
    copy of bonus check, copy of tax refund, copy of insurance settlement, gift letter with copy of check and
    deposit slips, etc.).

    * DON’T open or close or transfer any asset accounts without inquiring about the proper documentation

    required for our loan file (i.e., if you transfer all the funds in your stock account to your savings account,
    documentation is required).

    * DON’T obtain cash advances off your credit card(s).


    * DON’T change jobs/employer without inquiring about the impact this change would have on the approval

    of your mortgage loan.

    While this is not a complete list...... Your Mortgage Loan depends on YOU as well as your lender. Communicate with your Loan Officer throughout the process. Asking lots of questions can only help you. 

    - See more at: http://activerain.com/blogsview/4258661/mortgage-loan-do-s-don-ts#17284433

    Mortgage Loan Do's and Dont's

     

    We thought it would be helpful to have a real list with some real guidance. Remember, we are here for you throughout this entire process and look forward to celebrating you home! The list below is a little guidance while we work on your Mortgage Loan

    DOs

    * DO keep originals of all pay stubs, bank statements, and other important financial documentation.

    * DO provide all documentation for the sale of your current home (i.e., sales contract, closing statement,
      employer relocation/buyout program).

    * DO follow through quickly if our team contacts you for information or documentation.

    * DO notify us if you plan to receive gift funds.

    * DO notify us of any employment changes (i.e., change of employer; recent raise/promotion; change of
      pay status; such as salary to commission, etc.).

    * DO contact us if there is a major change in a monthly credit bill (i.e., sold a vehicle, paid off a large
      credit card or installment loan, etc.)

    * DO enjoy your home purchase experience. Your Mortgage Loan should be FUN!!

    DON’T'S

    * DON’T have your credit pulled numerous times (i.e., apply for a credit card, loans, co-sign for someone
    else, etc.).

    * DON’T open or increase any liabilities, including credit cards, signature loans, etc., during the loan

    process. Please check with your loan officer for any documentation that will be required and what impact
    this would have on your qualification ratios.

    * DON’T make major purchases during or prior to closing (i.e., new car, furniture, appliances, electronics)
    because this might impact your qualification ratios. Please confer with your loan officer to have her
    calculate what your ratios would be with any additional debts.

    * DON’T obtain and/or deposit sums of money over 1% of the loan (unless it is a normal paycheck)

    without notifying your loan officer. Guidelines require documentation as to the source of these funds (i.e.,
    copy of bonus check, copy of tax refund, copy of insurance settlement, gift letter with copy of check and
    deposit slips, etc.).

    * DON’T open or close or transfer any asset accounts without inquiring about the proper documentation

    required for our loan file (i.e., if you transfer all the funds in your stock account to your savings account,
    documentation is required).

    * DON’T obtain cash advances off your credit card(s).


    * DON’T change jobs/employer without inquiring about the impact this change would have on the approval

    of your mortgage loan.

    While this is not a complete list...... Your Mortgage Loan depends on YOU as well as your lender. Communicate with your Loan Officer throughout the process. Asking lots of questions can only help you. 

    - See more at: http://activerain.com/blogsview/4258661/mortgage-loan-do-s-don-ts#17284433
  • Lender Credit Towards Closing Costs and No Fee Loans --- 'Explained'

    Posted Under: Home Buying, Financing  |  December 11, 2012 1:00 PM  |  2,802 views  |  1 comment

    Lender Credit Towards Closing Costs and No Fee Loans --- 'Explained' 

    Lender Credit Towards Closing Costs and No Fee Loans

     

    The article below shows hypothetical interest rates for illustrative purposes only. This is not an loan offer.

    Your Lender advertises a $5,000 credit towards your closing costs. What does it cost you? <= Yes, it costs YOU!

    First: Let me offer you my favorite quote... Confucius Says: "He Who Seeketh The Lowest Rates and Fees Will Find Neither"
    What do I mean by that?

    Quite simply, rates and fees go hand in hand. Higher rates = lower fees and lower rates = higher fees. Still following me?
    Ok. Basically, it costs a Mortgage Lender to originate a loan.  You have the loan officer, the processor, underwriter, closer, funder, assistants to all of these people..... They all work on your file. They have to get paid. And lenders charge YOU the fees for their time. The question is: How do you want to pay them? Do you want to pay those fees up front? Or pay them over time with a higher interest rate? The latter of course is how 'No Fee' lenders charge you for those fees..... by jacking up the rate.

    You see, there is a value in holding a loan with a higher interest rate. That value is more profit for the lender. They credit you some costs/fees and take the higher interest rate in exchange. If you refinance or sell too soon, the lender loses. And that happens. More often though the you stay in the loan and make a higher payment to the lender which over time is equal to the fees you got credit at closing. But does the lender lower your payment after the re-couped the fees? Nope!! They keep your payment higher and make a big profit. <= basically, after you pay your fees on that 'no fee mortgage'.... You get to pay them again!!!

    Now, wait.... That isn't fair!!!  <= Or is it? The lender is taking the risk. They are helping you with lower fees. Most people NEED their fees subsidized to even qualify.... So there is benefit to both.

    Dallas Mortgage Rates

    But, you ask: "Why wasn't I given a choice?" My answer: "I don't know".
    You have a choice with The DallasLoanGuy.... Always have.

    So.. You ask. How much can I expect to get credited for by taking the higher rate?

    First: 'Points' are used to buy down your interest rate on your home loan. Basically it is prepaying some interest up front so you can enjoy a lower rate over the life of the loan. Negative points are rebated back to you to help cover closing costs.

    Let me show you how this works. Look at thee chart to your right. These are all of the hypothetical rates that you can get in today's market. Which one do you want?  You like that 2.75% don't you? I thought so. Ok. That will cost you 3.875% of the loan amount in POINTS!! (we are looking at the 30 day column on the chart because most loans take 30 days and are locked for 30 days)
    Whoa!! Is that something you would be interested in?
    Well, that 3$ rate still looks good. It will cost you 2.875% of the loan amount in POINTS!!
    Still hurts? Why not take a very comfortable 3.25% rate? It has negative points. Points that can be applied towards your closing costs. The (.625%) in negative points is worth $937.50 to the lender when they sell you loan. And they can rebate that back to you to help cover some closing costs.
    Remember that $5000 in closing costs your lender/builder promised you? On a $150,000 loan multiplied by 3.5% = $5250. <= your lender needs to make 3.5% on your rate to make good on their offer......
    You are looking at the chart, aren't you?
    4.125% is the corresponding interest rate that they would have to offer you in order for them to make enough money on the loan to rebate $5000 back to you in the form of closing cost help. How does that sound?
    Well, it is up to you.... I am not a financial adviser. I am just here to show you that you have OPTIONS when it comes to how your loan is priced. And you might decide to negotiate the seller pay some fees. That is an option your realtor can help you with.

    Want to know YOUR options? Call the DallasLoanGuy TODAY!!!

    Tom Burris
    DallasLoanGuy.com
    NMLS# 335055
    Dallas, TX

     214-763-4629  cell/text/nights/weekends(really!!)

    http://www.dallasloanguy.com/
    The ORIGINAL ‘Loan Guy’ from Texas…. Often imitated, never duplicated!!!
    >Search Dallas area MLS for FREE. No registration =>  http://www.ntreisinnovia.net/cgi-ntr/BR_login?0501134

    I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!!

    Your Texas FHA Expert and Dallas Mortgage Expert.



     http://dallasloanguy.com/lender-credit-towards-closing-costs-and-no-fee-loans/




    The DallasLoanGuy’s license is sponsored by:

    Service First Mortgage Company
    6951 Virginia Parkway #301
    McKinney, TX 75071

    214-763-4629 cell/text/nights/weekends


    NMLS# 335055


  • FHA Rule on Collections Accounts Delayed. New Date July 1, 2012

    Posted Under: Home Buying  |  April 9, 2012 11:14 AM  |  1,464 views  |  No comments

    FHA Rule on Collections Accounts Delayed. New Date July 1, 2012


    For those aware, HUD has changed some underwriting guidelines and now will require collections that total $1,000 or more to be PAID before closing.

    There have been 2 comments by HUD since the release of Mortgagee Letter 2012-3 that outlined these changes.


    1. First, FHA offered guidance on collections that resulted by circumstances beyond the borrower's control. Ex. Death of spouse, hurt on the job, ect.

    2. HUD has delayed the original roll out date for these changes to July 1, 2012


    I also understand that HUD will be taking public comments on the issue.

    The FHA Collections rule spurred on in increase in applications recently. Not many more can get in before the roll out date.

    http://dallasloanguy.com/fha-rule-on-collections-accounts-delayed-new-date-july-1-2012/



    Tom Burris
    DallasLoanGuy.com
    NMLS# 335055
    Dallas, TX

    214-763-4629 cell/text/nights/weekends

    http://www.dallasloanguy.com/
    The ORIGINAL ‘Loan Guy’ from Texas…. Often imitated, never duplicated!!!

    I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!!

    Your Texas FHA Expert and Dallas Mortgage Expert.

    Search Dallas area MLS for FREE. No registration =>  http://www.ntreisinnovia.net/cgi-ntr/BR_login?0501134

  • First Time Homebuyer $7,500 Tax Credit Information - With IRS Form 5405

    Posted Under: Home Buying  |  January 21, 2009 9:55 AM  |  3,210 views  |  1 comment

    First Time Homebuyer Tax Credit Information     <= Link to pdf with FAQ and IRS Form.

     

    I am getting lots of questions about the $7,500 First-Time Homebuyer Tax Credit authorized by the Housing and Economic Recovery Act of 2008.

    Seems that many believe to be a Down Payment Assistance Program. And it is not.....

    But, it could be used to pay closing costs on a FHA Streamline Refinance of a recently closed FHA loan!!! I have a borrower doing that now.

     

    REALTORS: Please feel free to share the above document. I suggest you print one and keep it with you as you are working with clients. And, as always, I am available for follow up questions.

     

    Tom Burris
    DallasLoanGuy.com

    Dallas, TX

    "Your Dallas Mortgage Consultant"

    http://www.dallasloanguy.com/
    Dallas Loan Guy logo

    Texas Home Loans Dallas Mortgage Loans

    I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!! 

    While I personally focus on Texas Home Loans and First Time Home Buyers.... I do lend in other areas.

 
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