Originally a rural farming community, Colleyville , Texas has a small town feel and big city amenities. Colleyville offers a public education system recognized as one of the best in the nation, a low crime rate, outstanding parks and recreation facilities, and a location close to the large employment areas of Dallas and Fort Worth .
Lush lawns and luxurious homes cover a landscape that used to be open farmland and pastures, but developers carefully preserved the area’s natural resources. Even in the newest neighborhoods, you can still find old trees that have been carefully nurtured. This clear commitment to careful development makes Colleyville an even more desirable location.
Colleyville’s neighborhoods feature architectural embellishments that add to the charm of the surroundings. These neighborhoods are considered to be the heart and soul of Colleyville. With all that it has to offer, Colleyville will continue to grow and develop, but always with its commitment to protecting the natural beauty of the land. There is something for everyone in the family in Colleyville, Texas.
There are many reasons to make Colleyville, Texas your home. If it already is your home, you may be thinking of refinancing your mortgage or taking out a home equity loan. We want to help you.
Getting Pre-Approved
Getting yourself pre-approved for your mortgage is a good idea. This will give you a good idea of how much you can truly afford to spend on your new home. It also lets the sellers know that you are a serious buyer for their homes. Many sellers are more likely to choose the buyer who has financing already in place over one who does not.
To get yourself pre-approved for your loan, you need to have certain paperwork to give to your lender. This paperwork allows them to decide what kind of loan you qualify for and for how much. Your lender needs to establish what your average household income is from the last two years of your federal tax returns. Your lender also has to have evidence of your steady work history. This is best shown from your W-2 forms for the last two years. If you are self-employed, you can use your 1099 forms. You also need at least the last two months of bank statements, pay stubs, and cancelled rent or mortgage checks. Your lender will also get a credit report during the pre-approval process.
Mortgage Options
There are many mortgages for you to choose from. Your biggest choice is between a fixed rate loan and an adjustable rate loan. The fixed rate loan gives you a higher initial interest rate, but that interest rate stays the same for the entire loan. This means that your payments stay the same during the entire loan term. An adjustable rate loan has a lower initial interest rate and lower payments for the first few years. Eventually, they begin to adjust according to the type of loan that you applied for. This may be related to your lender’s index, market fluctuations, and the set caps. Another choice is the interest-only loan.
This type of loan gives you ten years to pay only the interest. After those years, you start paying both the interest and the principal. An options ARM is an adjustable rate loan that works well if you do not know how much you will be able to pay each month. You will choose from a minimum payment, an interest-only payment, a fifteen-year amortized payment, or a thirty-year amortized payment every month. If you are looking for the lowest available interest rate, a balloon loan may be the loan for you. The drawback to this loan is that it matures in only five years. If you plan to sell your home quickly, this may be the best choice for you.
Refinance and Home Equity Loans
You may already own a home in Colleyville, Texas and simply be looking to refinance your mortgage or get a new home equity loan. Lenders have many options available if you want to pay off the old mortgage with a new, better mortgage. You can also take advantage of the equity in your home by choosing a cash-out refinance. If you want to keep your current home loan but still want to use your equity, you can apply for a home equity loan or line of credit.
You can find the best option for your situation today in Colleyville, Texas. Ask a lender about these and the other options for your mortgage, refinance, or a home equity loan. Get started by filling out the simple form below today.
