VA Approved Lender | Grove Mortgage LLC | NMLS License # 396191
Grove Mortgage home loans of Dallas, Texas - VA Loans, FHA and Jumbo Loans

Grove Mortgage Home Loans in Dallas, Texas


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Loan Program Education in Dallas, Texas

The Home Buying Process

The home buying process can seem intimidating at first, but we are here to make sure that it goes smooth and straightforward for you.
Getting started is as simple as filling out our quick and secure Free Quote form or give us a call.

1. Prequalify

Prequalifying is important because it gives you an estimate of how much home you can afford and what the monthly payments will be. This takes about 15 to 20 minutes and can be done over the phone, online, or in person. Once completed we can provide you and your Realtor with a Conditional Qualification Letter, which you can present with your offer to let the seller know you are serious and ready to purchase.

2. Getting Pre-Approved

During this time you and you realtor can start the search for homes in the price range that you have been qualified for. We will get all the necessary documents from you and start the underwriting process for your Dallas mortgage.

3. Find the home for you

It's time to structure an offer and negotiate a contract with the seller and to get the home under contract. This is a crucial part of the process because the seller is allowed to pay 4% or more of the sales price plus the title policy in most cases. If the contract is structured properly you can have very little closing cost out of pocket at closing!

4. Processing & Underwriting

During this time the home inspections and appraisal will be ordered. The loan will be processed and underwritten. The underwriter's job is to ensure that all the guidelines for the paticular loan have been met.

Once we recieve a Clear to Close from the Underwriter, the loan file will go to the Closing Department for the attorneys to draw the documents that you will sign at closing.

5. Closing

The closing will usually take place at a Title Company, where you will sign paperwork to finalize your new loan.

Items to bring to Closing:

Two forms of identification.

Cashier's Check (if required) for the funds that are needed to close, made payable to the title company.

2018 Conforming Loan Limits chart for Texas

Number of Units Texas Conforming Limits
1 $453,100
2 $580,150
3 $710,250
4 $871,450

Here is a link to Fannie Mae and Freddie Mac Maximum Loan Limits chart for the complete United States.

Conventional Loans vs FHA Loans.

Conventional mortgage rates are typically lower than an FHA Loan. Conventional financing does not require an upfront mortgage insurance premium when a borrower closes on the loan. With FHA financing, that fee for a 30 year loan is 1.75% of the loan amount.

One drawback to FHA loans is that the loan limits set for FHA loans are typically less than the loan limits for conventional financing ($453,100 in San Antonio, Texas). Currently the FHA Loan limit in San Antonio is $359,950. If a borrower is looking for a mortgage that exceeds the FHA loan limits for the area, the borrower would have to put additional money down on the property or finance under a conventional mortgage.

Please visit our FHA page to learn more about FHA loans in Texas

Fixed Rate

This is the best choice if you’re looking for a consistent long-term, stable loan. Fixed-Rate Mortgage means that the payment (principal & interest) will remain constant and throughout the entire life of the loan. Regardless if interest rates go up or go down your payment will remain the same. However if rates do go down you can usually refinance into that lower rate.

Fixed-Rate Mortgages are from 15 year to 40 years in length and the only thing different is the term (length) of the loan. The shorter the term equals a higher payment but also will cost you less in the total amount of interest that you will pay over the life of the loan.

Adjustable Rate

An adjustable-rate mortgage (ARM) means that the interest rate changes over the life of the loan — according to the terms specified in advance.

With an ARM:

  • The initial rate is usually lower than with a Fixed-Rate Mortgage.
  • The interest rate may be adjusted (up or down) at predetermined times with the Index that it is tied to.
  • The payment (principal & interest) will adjust . If the Index goes down so would your payment and if the Index goes up so would your payment.
  • There is more market risk to having an Adjustable-Rate Mortgage than a Fixed-Rate Mortgage!
  • There is more market risk to having an Adjustable-Rate Mortgage than a Fixed-Rate Mortgage!

Getting approved for a mortgage is simple

Contact your Dallas, Texas area VA home loan specialist at 210-656-1134

Start the loan process here

We are a VA Approved lender and Licensed Texas Mortgage Broker.

We proudly boasts an A+ rating from the Better Business Bureau. Better Business Bureau

Give us a call at 210-656-1134.

Compare our fees to the Big Banks!

Grove Mortgage Fee Big Banks
$0 Origination $3,800.00 (1%)
$0 Processing $495.00
$0 Underwriting $895.00
$0 You Save $5,190.00 $5,190.00

Actual loan estimate based on $400,000 30 year fixed conventional loan, 5% down payment, 3.75% interest rate

On an $400,000 purchase, you will save $5,190.00 in junk fees that the big banks charge.

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Dallas Home Mortgage Loans