Texas Mortgage Rates, Dallas TX Lender
What a year. We have seen rates as high as in the mid 6%'s and as low as the low 4% range on 15yr loans.
We are staring at the lows right now.... A great time to refinance to a low fixed rate that you will never have to refinance out of.... It is that low!!
Remember.... Refinancing has costs..... Either out of pocket or rolled into the loan. It doesn't always make sense to refinance your loan. If you think there is a good chance of moving for your job, you might be better off in your current loan.
Contact me today to determine whether your Mortgage Loan is performing for you the best that it possibly can!!
Tom Burris
DallasLoanGuy.com
Dallas, TX
I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!!
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When Credit Card Companies Lower Your Credit Limit
Has this happened to you? It may have happened and you didn't know it because it was tucked into the fine print of your recent bill. But if you aren't using the full limit..... Does this action by the credit card company help you or hurt you!?!?!?!?
It will hurt!! Plain and simple.
There is a term used by the experts in credit scoring.... And that word is Utilization. We are referring to how much of your revolving credit lines that you are currently using. And this is about 30% of your FICO Score.
So how can this hurt? Let's start with an example:
Joe owes $750 on his Visa card. The limit is $2500. Joe is currently using 30%(750/2500) of his credit limit. Experts agree that you should strive to keep that utilization % below 30% and the lower the better. Why? Because once you start approaching the higher percentages.... The FICO Scoring Method sees you as a great risk. Think about it.... Someone with 30% utilization vs someone with all of their credit cards maxed out.... Who is the better risk? Well, FICO knows.... and the person with the high utilization will have a much lower FICO Score as a result.
Ok.... So Joe is being responsible. His hot water heater breaks and he put that purchase on the card to the tune of 30% utilization. But then the credit card company lowers Joe's limit to $1000 to reduce their exposure to risk. Overnight, Joe went from a responsible 30% to utilizing 75%(750/1000) of his credit limit. Ooooops!!! Now what? Well, it is quite possible that Joe's respectable 720 credit score falls into the high 600s. Let's say 660 or so. What is the impact? Go try and buy a car with a 660 FICO and 720 FICO and see what interest rate difference you get. Try to buy a home on a conventional mortgage with a sub 680 FICO Score and see the if you are eligible for PMI.
But, Tom, I pay off the balance in FULL each month? So this doesn't affect me!!
Not so fast.... If you put $800 travel expenses on that $1000 limit credit card and that gets reported to the credit bureaus on the 4th of the month..... Yet you pay your bill on the 5th.... What number will FICO use? That's right, they will assume 80% utilization and dock you many points for it right then and there.
So, how can you protect yourself?
Keep more than one credit card.
Spread out large expenditures over a few cards.
Open a store card for that one time purchase(hot water heater example)
Know when your credit cards report your balance and pay history to Experian, Equifax & Transunion so you can pay off/down those cards before you apply for that big purchase like a car or new home.
Note: FICO says that it adds up all of your limits and all of your balances to calculate FICO. However, I have seen people suffer greatly by maxing out one card when they had 3 other cards with zero balance. Don't ask me why... This has been experienced by me more than once.
This credit scoring tip has saved many of my clients thousands of dollars... And it could save YOU many thousands too!!!
Did you know: That if a credit card company raises your interest rate that you have a right to cancel the card and pay it off under the old terms**?
** Remember: If you close that account, it lowers your total revolving credit available balance and could raise your 'utilization' which we discussed.
Tom Burris
DallasLoanGuy.com
Dallas, TX
I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!!
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Free Lifetime Hunting & Fishing License
What a great fundraiser! And what a great State Agency. Texas Parks & Wildlife does a fantastic job with conservation, not to mention what they do with all of the fantastic parks and lake acces facilities. I am a huge fan of Texas Parks and you should be too!!
What a great gift idea for that hunter/fisherman in your family.... And it only costs $5 to enter.
This is your chance to win a Lifetime Super Combo License, giving you the right to hunt and fish in Texas without ever having to buy another state license or stamp.
Only $5 per entry and you can enter as many times as you like!
Purchase your entries wherever Texas hunting and fishing licenses are sold.
Find a retailer near you or purchase online now!
Drawings will be held December 30, 2009 and June 30, 2010. Enter by December 27, 2009, and you will be eligible for both drawings! Entries for the June 30, 2010 drawing must be purchased by June 27, 2010.
All proceeds from the Lifetime License Drawing fees go directly to the Texas Parks and Wildlife Department for on-the-ground conservation efforts that help make Texas one of the best places in the country to hunt and fish.
2009-2010 Official Rules
Click here for more information on Lifetime Licenses.
* Winners not exempted from the Federal Duck Stamp requirement.
Tom Burris
DallasLoanGuy.com
Dallas, TX
I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!!
Educating Real Estate Agents On How To Use Modern Technologies To Better Their Business Will Never Be The Same!
On November 17th, 2009 dozens of the most respected educators in the real estate industry converge to host the first of its kind, Virtual Real Estate BarCamp.
Virtual Real Estate BarCamp is a 1-Day Learning Extravaganza.
From 9am until 4pm PST, three concurrent webinar "rooms" will each host 9 different sessions, for a total of 27 different presentations.
There is something for everyone and everything for someone, and best of all, IT IS FREE and attendance is unlimited!
Click below to:
Register.
Learn more.
See who is coming.
Check out the Session Calendar.
Get sponsorship info.
Attendance is projected to be at least 1000 agents, nationwide.
Do not miss out on being part of this ground-breaking event.
Session topics include:
...and much more, with new sessions being added every day.
And if that wasn\'t cool enough, individuals from around the country are volunteering to host In-Real-Life MeetUps for after the event.
Learn all day, and then meet to have a beer with local participants. This is going to be a blast!
We hope to see you there!
Tom Burris
DallasLoanGuy.com
Dallas, TX
I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!!
Real Estate & Mortgage Industry Networking Event for Realtors, Lenders, Builders & Vendors.
AMP Networking promotes & provides FUN events, education and travel opportunity to deepen business and social relationships, improve networking, and further career opportunities for real estate and mortgage industry professionals. Our member invitation list is over 10,000, and 500 people attend our Mortgage Industry Networking events every month in Dallas, Plano, Tarrant County, Houston & Austin.
Bring your BUSINESS CARDS for ENTRY!
Share food, drinks & networking with friends in the Real Estate & Mortgage business
Retail Loan Officers
Realtors
Builders
Mortgage Brokers
Loan Processors
Wholesale Lenders
Credit Reporting
Doc Prep Attorneys
Title Companies
PMI Companies
Appraisers
Surveyors
Insurance Agents
Financial Consultants
Placement Firms
Credit Repair Reps
other Vendors
Come see your old friends and make new ones!
Delicious Appetizers and Happy Hour Drink Specials
are provided by your Strategic Partners
Join us for a FAMOUS good time!
Homepage
http://www.AMPNetworking.com
Tom Burris
DallasLoanGuy.com
Dallas, TX
I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!!
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North Texas Mortgage Banker providing FHA/VA/Conv loans for purchase or refinance. We fund mortgage loans across the entire Great State of Texas!! 214-763-4629 cell/text - available night/weekends.
Your Texas FHA Loan Resource &
FHA Streamline Refinance Headquarters
Texas Home Loan Blog
At DallasLoanGuy.com, when we pre-approve a client.... they close, and close on time. PERIOD!!
Live chat applet => Texas Home Loan Chat <= Ask me a mortgage question NOW!!!
North Dallas Mortgage Loan Officer serving the entire Great State of Texas.
I have been a loan officer for over 4yrs. A salesman all of my life, I wanted out of technology sales really bad. I joined a credit repair company to head up their IT dept. It was there that I became exposed to real estate lending. Folks told me that the refi boom was over and that I was getting in at the wrong time.... boy were they wrong!! I have learned to network for referrals rather than rely on the phone to ring from yellow page ads. A lot of lenders have not cultivated that market and are suffering.
My knowledge of credit scoring has served me well in this industry. I have helped countless folks raise their score(at no charge) to get into a better loan program. Let me tell you... if you send your clients to a credit repair company, you ARE doing them a disservice. Those companies are more interested in collecting money for credit repair than doing actual credit repair. So many folks have been burned by them. http://www.dallasloanguy.com/docs/about_credit.pdf <= this FREE book is a great tool for realtors and lenders alike. If your borrower, cannot qualify today, they soon will be able to raise their scores with this knowledge. (Note: While I do not condone someone trying to get legitimate derogatories off their reports.... I do feel strongly that EVERYONE deserves a fair and accurate reflection of their credit history in their reports)
I am married. My wife, Lori, is a nurse. Two kids, both boys, Ethan age 7yrs and Evan age 2 yrs. They Keep me on my toes!!
I like to fish and hunt. Camping too. I don't have much time for that these days, but soon the boys will be old enough to go with me.
I like networking. Just keeping up with old friends and making new ones. I love chatting about the business. I like to learn something new every day. So i welcome comments and suggestions. Even constructive criticism is met with a smile.
Although I do consider myself a professional, I am pretty laid back guy. Approachable and friendly.
http://www.dallasloanguy.com/wordpress/ <== Check out my Blog at my website.
If you or anyone you know needs a Texas Home Loan, or Texas FHA Loan please do not hesitate to call me day or night. And if you call the office line, please do not forget to ask for Tom Burris.
http://neighborsgo.com/dallasloanguy
DallasLoanGuy.com provides free one-on-one credit consultations to ANYONE who will FIRST take the time to read my free book about credit and purchase a scored credit report. This information can save people thousands of dollars over the life of their loan.
Texas Home Loans. We cover the entire state of Texas.
$0 down financing. <= I do more of these than anything else. Literally no out of pocket on most deals. "Zero Down Home Loans are still avalable"
Investment loans(although i really don't like to do them...), I have done plenty.
Free Credit Consultations!! Includes a free book on understanding credit and the credit repair secrets. This is a no hassle, no bull kind of deal. If you do not have a copy of your credit report, I can provide you one at my cost. The typical credit consultation session is 1hr. Can be done at my office, your home, Starbucks, or wherever. The only rule is that you need a scored trimerge credit report and must have read my FREE e-book before we start. NO, I will NOT do credit repair for you.
All I ask for in exchange is a chance to do a loan for you, or even better, you send me referals for home loans.
http://www.dallasloanguy.com/resources.shtml <= look for the e-book "About Credit" here.
Remember, this is a "Free credit consultation" with no other obligation from you but to purchase a scored credit report.
FHA, VA, Conventional financing.
A-Paper loans.
Loans for less than perfect credit. Even if the credit is down right ugly. My best effort will be to put my client into a conforming a-paper loan. But subprime loans are there for when they are needed.
Home for Heroes!! Flexible underwriting guidelines for those in Noble Professions. Includes: Teacher Loans / Police & Firefighter Loans / Medical Worker Loans.
Texas Blogs
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**************************************************************************************************** The deal went very well. Thanks so much for all your effort. You really pulled my booty out of a jam. YOU DA MAN!!! Thanks! P.R. Remax, HoustonBrian Brady wrote at 1:10pm
To anyone watching:
Tom Burris is my "go-to" guy in Texas. While I lend in 50 states, Texas is sort of it's own country; it's one state I avoid.
I recently asked him to help a dear friend of mine, who moved to Texas. She was talking to two lenders: one of which was ripping her off blind, the other of which she was able to use because of Tom's coaching.
Tom can't fund EVERY deal so he backed off when someone else was more suitable; that's integrity.
Tom can't fund EVERY deal in Texas but he should fund yours. He receives an unqualified recommendation from me.
Truly, no one else could have done it.
****************************************************************************************************
Tom,
Of course we're now on the homestretch and we still don't know if underwriting is going to tell us to kiss their behinds or not...BUT I wanted to personally thank you for your time, patience, honesty, and everything you've done for us. You represent your profession very well. As you know we were faced with dealing with some not so good brokers but you sir, have really impressed me. I will send EVERY person I know your way not because you're a "yes" man but because you are a "honest" man who will lay the facts out for your clients and work with them to the best of your abilities.
Thank you Tom. Again and again. And again.
Love,
The Doss Family
****************************************************************************************************
From: ******************
Sent: Tuesday, November 06, 2007 5:46 AM
To: Tom Burris
Subject: RE: How's the new house?
I'm overjoyed, but exhausted. Moving is no joke. I have limited access to the internet after 2pm; my services are not setup at HOME :-) yet. I am working on my dallasloanguy.com testimony right now!!
I can't thank you enough for all of your help. Never in my wildest dreams would I have thought that the process would go as smoothly as it did.
I've got to share photos of what we've done with the place.
K. R.
Houston, TX
****************************************************************************************************
From: *****************
Sent: Wednesday, January 10, 2007 12:27 PM
To: tomburris@dallasloanguy.com
Subject: FW: update
Hey Tom- how are things treating you? Just wanted to let you know that everything is great over at the new house and Nick and I are expecting our first child. Thank you for everything you did to help make this happen for us.
Hope you have a great new year!
**************************************************************************************************
From: ****************************
Sent: Tuesday, August 22, 2006 10:37 AM
To: Tom Burris
Subject: RE: Good faith estimate
When I first contacted you, I was basically scared to death about what my options were going to be when my present mortgage starts to "adjust" this November. Thanks to your work, I feel much better now.
(So are you going to use that for a testimonial on your website) LOL
Thank you,
Lisa
******************************************************************************************************
I want everyone to know that I first started asking Tom questions even before my BK was discharged. There were several months I emailed and called him even before I applied for my mortgage. He was great throughout the whole process and even called to follow up after we moved in.
Tom was always a calming influence and patiently listened to me when I was freaking out. Overall it was a fairly quick close--less than 30 days from when I first put in an offer on the house.
Oh--and there was only one big surprise at the closing table..... fees were LOWER than quoted!!!!
THANKS TOM!!!!!! See ya when it's time for re-fi 
******************************************************************************************************
Tom,
Before we heard about you.... we NEVER thought we could own a home. Every time we got our heads above water, something would happen. We would make a mistake or the medical bills would be back.
Thank you, thank you, thank you for taking the time to work with us. You have made our dreams come true
Susan
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