Grove Mortgage Home Loans | Dallas Texas | NMLS #396191
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Home buying in Dallas, Texas

Apply to Buy a Home

Buy a home with the best Mortgage Broker in Texas.

Purchasing your home with the local Dallas mortgage specialists at Grove Mortgage Home Loans.

Purchasing advantages verses renting

  • Tax benefits - You get to enjoy the write-offs that are available at tax time; mortgage interest is tax deductible.
  • Build wealth - As your equity increases so will your wealth.
  • Stabilize your payments - Monthly payments are relatively steady if your loan has a fixed interest rate, while your landlord can increase the rent.
  • Have a secure place for your family to live - A home provides a permanent place where your family can live and grow, and you can decorate or expand a house the way you like to create your dream home.
  • Gain a sense of community - Homeowners often are more involved in the well-being of their communities; many homeowners work together for better schools and less crime.

Apply

Getting started at Grove Mortgage is as simple as starting your application online or giving us a call.

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.

Preapproval

Getting pre-approved is important because it gives you an estimate of how much home you can afford and what the monthly payments will be. Once completed we can provide you and or your Realtor with a Conditional Qualification Letter, to present with your offer to the seller which lets them know your serious and ready to purchase.

Processing

Processing’s primary job is to verify all of the information you have provided on your mortgage application. This means checking your income verification (W-2s, pay stubs and/or tax returns), assets (checking and savings accounts), and outstanding debts (car and student loans)

Underwriting

Once you're under contract to purchase a home, your loan documentation will go to an experienced underwriter for review. The underwriter will verify financial information and other documents and request additional items as needed.

Appraisal

Lenders always require a home appraisal before they will issue a mortgage, they do this to protect their investment. The most important component in arriving at the value is what is called comparable sales (or comps in short). During an appraisal, an expert evaluates your home and property and gives you an estimate on how much it is worth.

Closing

The closing (also called settlement) will usually take place at a Title Company and that is where you'll sign paperwork to finalize your new loan. You should bring three things to closing: two forms of identification and a cashier’s check (if required).

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Find out how much you qualify for with No Cost, No Credit Check, and No Obligation!

VA

Texas VA home loans are for Texas Veterans and Active Duty servicemembers.

If you are Active Duty or a Veteran you can qualify for a Texas VA home loan up to $424,100 with $0 down payment and no PMI.

The Veterans COE and VA Funding Fee are two items that are very important in the home buying process because they let the lender know the amount of VA Eligibility you have and if do qualify for Exemption from the Funding Fee due to a service-connected disability.


Learn about VA Loans

FHA

FHA loans are one of the most popular mortgage loans available today especially for first time homebuyers.

Federal Housing Administration Loans, otherwise known as FHA, is a program that is run by the Department of Housing and Urban Development (HUD). FHA loans are home loans that are insured by the Federal Housing Administration (FHA).

One of the best things about FHA loans is that they require a low down payment (only 3.5%). FHA Loan limit vary here in Texas dependent on what county that the property is in. The range for Texas is $294,515 - $386,400. Here is a link to check your county.


Learn about FHA Loans

Conventional

Conventional mortgages are loans underwritten and insured by private lenders and investors. They are not insured or guaranteed by the government, thus it's available to anyone meeting the qualification requirements.

There are also established guidelines for borrower credit scores, income requirements and minimum down payments.

Conventional loans are "conforming" if they are generally $424,100 or less for a single-family home.


Learn more

Jumbo

A Dallas Jumbo loan provides financing for loan amounts higher than the maximum conforming limits set by Fannie Mae and Freddie Mac.

Jumbo loans are mortgages that are over the conforming industry standard or what is know as the conforming loan limit. Currently starting at $424,100 and may be higher in some geographical areas to $650,000 and for a Super Jumbo an amount over $650,000.

These loans are bought and sold on a smaller scale. They often require a larger down payment percentage and carry a larger credit risk for the lender so the interest rate is typically higher than a conforming loan that is under the conforming loan limit.


Learn about Jumbo Loans

Closing Cost for buying your home in Texas.

Generally costs between 3% and 6% of the loans principal. Closing costs can be divided into three main categories:

  • Lender fees: Fees can include origination, points, application, credit report, and appraisal.
  • Third-party fees: These fees vary by state and the actual company you select to close your loan. They can include fees for closing, title exam, title insurance, and recording.
  • Pre-paid items: These are items collected at the time of closing but are not really considered costs. They include items you pay whether or not you refinance (for example, interest, taxes, and hazard insurance).

 When trying to figure what all the closing cost are going to be, it is best to obtain a Loan Estimate (LE) from your Mortgage Broker. That way you can see a breakdown of all the fees that are being charged.

VA Loans allow you to finance 100% of the home, please see the VA loans page for more info.

What You Can and Cannot Deduct even for Jumbo Loans.

Every client's situation is different and handled with a unique, personalized approach. As a Mortgage Broker serving Dallas, Texas we focus on getting the right loan at the right rate for our client and it allows us to secure often hard-to-find financing.

Have a question about your particular mortgage goal, give us a call and speak with a mortgage specialist.

210-656-1134

Grove Mortgage Home Loans of Dallas