Mortgage Lender Serving Rockwall County, Texas
You’ve served…Now let us serve you.
If you’re buying a home in Rockwall County, your mortgage decision involves more than finding an interest rate.
Property taxes, insurance, down payment, loan program, monthly payment, closing costs and the property’s location can all affect your financing strategy.
As a local mortgage professional serving Rockwall County, I help buyers understand those numbers before they make an offer.
How I Help Rockwall County Buyers
First-Time Buyer Strategy
We’ll work through any credit issues, buying power, estimated payment, cash needed to close, loan options and the steps between pre-approval and getting your keys.
Patti Jo’s Guide:
Even with down payment assistance, you always need at least 1.00% of the purchase price to put down as earnest money plus about $500 for home inspection (ask your realtor for the cost!) and $650 for an appraisal (can be put on a credit card!). These funds will be required 3-5 days once you’re under contract
VA Loan Expertise
Understand entitlement, eligibility, funding fees, appraisal requirements, property considerations and how to make a VA-financed offer confidently.
Patti Jo’s Guide:
Don’t let anyone tell you that a Conventional loan is better. This is not true! The VA Loan is the best mortgage loan. No mortgage insurance, zero percent down and ALWAYS has the lowest interest rate compared to every program!
*If you have a 100% serviced connected disability, you are exempt from ALL property taxes. If the home has a PID or a PUD, this is not a tax but a loan paid back to the developer of the subdivision. This you are NOT exempt from and will be required to pay this.
Renovation Financing
Buying a property that needs updating?
We’ll determine whether renovation financing makes sense before you rule the property out.
Patti Jo’s Guide:
You can finance just appliances if you want. If you know you are going to want to change the flooring or update a kitchen or bathroom or just want a jacuzzi tub, don’t use a high interest rate credit card, roll it into the loan. The rate will be lower and the payment is minimal.
Payment Strategy
Purchase price alone doesn’t determine affordability.
Property taxes and homeowners insurance play an even bigger role than just the interest rate.
Patti Jo’s Guide:
I’ve had a client who looked at two homes priced for sale on the same street for the same price and one home was $200-$300 more per month than the other one. Thankfully I researched this before they walked through the door.
Frequently Asked Questions
How much house can I afford in Rockwall County?
Your affordable purchase price depends on more than income. Your debts, credit profile, down payment, interest rate, property taxes, homeowners insurance, HOA costs and loan program can all affect your buying power.
A mortgage pre-approval can help establish a realistic price range based on the complete monthly housing expense.
Patti Jo’s Guide:
The number one item I see preventing clients getting into their preferred price point is an auto payment. If you are thinking of buying a car and looking to buy a home before you payoff the car, call me first and let’s review your budget!
How much money do I need to buy a home in Texas?
The amount depends on the loan program and transaction. Some eligible buyers may qualify for low (3.00%-3.50%) or no-down-payment financing, while other buyers may choose to put more down to change their monthly payment or mortgage insurance.
Your total cash-to-close may include the down payment, closing costs and prepaid expenses, minus applicable credits or assistance.
Patti Jo’s Guide:
If you are a First Time Homebuyer, Rockwall (and Kaufman) County have grants that you may qualify for. While we’re on a call, we’ll go over the requirements to see which ones you may qualify for.
How long does mortgage pre-approval take?
A pre-qualification can be done the same day and while on the same first phone call. A pre-approval is the required documents backing up the pre-qualification. The timing depends on the complexity of the borrower’s financial profile and whether required documentation is available.
Patti Jo’s Guide:
When you’re ready, keep a separate file folder and label it “Home Loan Docs” and keep the following in there:
- Driver’s license (not expired)
- Most Current Paystubs
- Last two years of W-2s from ALL employers
- Most Current Bank Statement and/or 401k funds of where Funds to Close will come from
Before You Tour the House,
Know the Numbers.
Send me the address and approximate purchase price and down payment you’re considering and we’ll look at the financing scenario together.
