Located in well-populated Dallas County, Garland, TX is home to more than two
hundred thousand people. Garland TX is an ideal place for business professionals who work in Dallas, as it is part of the Dallas Area Regional Transportation System, providing easy transportation to work.
If you are looking for a Garland, TX mortgage or refinance loan, the first step is to choose the right loan to meet your needs. There are several types of loans on the market today.
Traditional Mortgages
Fixed Rate – These kinds of loans come with one interest rate for the life of the loan. Your payment amount will never change for your fifteen or thirty year term. These are great loans for individuals who need to carefully follow a budget each month.
Adjustable Rate – These kinds of loans have an interest rate that can change as the loan progresses. When you apply for this type of loan, your lender will want to discuss several terms with you. The adjustment interval is how often the interest rate on your loan will change. The index is how the lender figures the interest rate on your loan. The caps are the protections your lender puts in place to make sure your payment amounts do not change too much in one period. This type of loan is great for individuals who need lower starting payments than a fixed rate loan or for those who only plan to stay in the home for a few years.
Non-Traditional Mortgages
Interest Only Loans – If you think your income will go up in the next few years, this may be the perfect loan for you. It is a type of adjustable rate loan, but for the first ten years, you will pay only the interest, making your payments significantly lower than they might be with a traditional mortgage. After the ten years are up, though, expect much higher payments, as the principal will also be added to your monthly payments.
Options ARM – These kinds of loans work well for individuals who are not sure how much they will be able to pay each month. Choose from a minimum payment, an interest only payment, a fifteen-year amortized payment, and a thirty-year amortized payment each month.
Balloon Loan – If you are looking for the lowest interest rate on the market, this type of loan is likely to be best. The drawback to this loan, though, is that it reaches maturity in just five years, so unless you plan to sell your home quickly, this may not be the right choice for you.
When you have picked the right Garland, TX, mortgage or refinance loan for you, it is time to choose the right lender. Shop around for both interest rates and loan costs, and be sure to get both of them in writing from every lender you talk to. It will help to make your final decision. Do not forget to ask about things like prepayment penalties and mandatory arbitration.
If you are looking for a refinance, but you want a cash-out option or a home equity loan, talk to your lender about your individual needs, as some lenders have rules about how you can spend the money you get from the equity in your home.
When you have chosen the lender and the loan for your Garland, TX refinance, mortgage, or home equity loan, your lender will require some documentation. You will need to provide pay stubs, bank statements, and cancelled rent checks for the last two months. You will also need to provide your federal tax returns, W-2s, and 1099 forms for the last two years. Lenders need to know that you are currently employed, that you have an employment history of at least two years, and that you have the means to make a mortgage, refinance, or home equity loan payment.
If you are ready to get started, take a moment to fill out the form below. A lender will contact you right away to discuss your needs.
