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Tom Burris | Texas Mortgage Dallas Mortgage FHA

Is your lender a responsible organization? - Personal info found in trash

http://abclocal.go.com/ktrk/story?section=news/local&id=6724615

Some Baytown homeowners are concerned after they discovered that boxes filled with documents containing their personal information, including names and Social Security numbers, had just been tossed in the trash.

I can only cringe.... I know outfits like this still exist. Thankfully this one went out of business.

And do I even need to say it? These applications were taken by Royce Homes. <= I don't know about you but if I were getting a home loan, I would go to a professional loan officer.

These companies who are realtors but can also do your loan and even sign you up for credit repair or even get you a loan modification..... (I wonder if they do windows)..... Are not professional loan officers. It is hard enough keeping up with my piece of the pie that I wouldn't dare try and be a realtor too.... or offer all kinds of side services.

And the more astute buyers should be able to recognize that a professional loan officer will be good enough to make a living doing just loans. There are lots to go around right now... Biz is good!!

Don't forget about the First Time Homebuyer Tax Credit. This is not a loan.... but a tax free grant!!

Tom Burris
DallasLoanGuy.com

Dallas, TX

"Your Dallas Mortgage Consultant"

http://www.dallasloanguy.com/
Dallas Loan Guy logo

Texas Home Loans Dallas Mortgage Loans

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!! Subscribe to My Blog and stay informed about current lending changes!!

While I personally focus on Texas Home Loans and First Time Home Buyers.... I do lend in other areas.

First Time Home Buyer Tax Credit - Quick Reference Guide

The First Time Home Buyer Tax Credit has been the hot topic in real estate lately.... What's in, what's out?

Well, here it is... A great little quick reference chart that will answer 99% of the questions out there by consumers.

As always, please consult a CPA regarding your specific situation.

http://dallasloanguy.com/blogpics/Tax_Credit_Chart.jpg

See chart at above link.

Tom Burris
DallasLoanGuy.com

Dallas, TX

"Your Dallas Mortgage Consultant"

http://www.dallasloanguy.com/
Dallas Loan Guy logo

Texas Home Loans Dallas Mortgage Loans

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!! Subscribe to My Blog and stay informed about current lending changes!!

While I personally focus on Texas Home Loans and First Time Home Buyers.... I do lend in other areas.

SEO Testimonial from a recent article I wrote...

I recently put together a bunch of info about the First Time Home Buyer Tax Credit and included the IRS form to submit along with your tax return.

I just got an email that I have copied below.... It speaks for itself.

THANK YOU!!!!!!
For days I have been attempting to find out how to claim the tax credit for the house I purchased in December.
Using the "freedom" turbo tax on-line service does not prompt one to answer a query regarding a recent home purchase.
Reading through the 1040 form does not either.
After being placed on hold twice with the IRS toll-free number, I finally learned the form number. What I thought I was told and what I wrote down is "5504".
And of course there is no such form number at the IRS site!!!
Thank you so much for having the form listed at your site. After several Google searches, I found you which lead me to the form on your site at http://www.dallasloanguy.com/FTHB_Tax_Credit_Info.pdf.
I am MOST appreciative.
I do not have a land-line phone ... so cell ph minutes are precious to me right now.
Nor do I have internet access at home (nor a printer) ... so library minutes are precious to me as well.
I just had to write/type and say thank you.
YAHOO!!!
Blessings,

XXXXXXX XXXXXXXX

Tom Burris
DallasLoanGuy.com

Dallas, TX

"Your Dallas Mortgage Consultant"

http://www.dallasloanguy.com/
Dallas Loan Guy logo

Texas Home Loans Dallas Mortgage Loans

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!! Subscribe to My Blog and stay informed about current lending changes!!

While I personally focus on Texas Home Loans and First Time Home Buyers.... I do lend in other areas.

To Pay or Not To Pay... That's the Point!!!

Mortgage Discount Points.

How do I know when I should pay them? Are they a good deal or not?

They are a great deal if the borrower stays in the loan long enough. And, do I have to say it? They are a bad deal if the borrower doesn't stay in the loan long enough.

Quite simply: Divide the cost of those points by the monthly reduction in mortgage payment and you will have a breakeven point represented in number of months. Stay longer than this number and your investment starts paying dividends. Stay in the loan less months than the breakeven number and you wasted your money.

So, this has been written about many times. What's the point? Well, the point is that 'Discount Points' are a FANTASTIC deal right now!!!** Why? Because the yield paid to lenders for each 'coupon rate' (your interest rate) is very similar for each rate. Your 'point' buys a lot more than it did just a month ago.

Not convinced? It's YOUR LOAN. Your loan officer should let you have your loan YOUR WAY. But take the time to learn and understand 'points' and what they can do for you!!

An example:

Amortizing a $200,000 over 30yr, a 5.25%*** interest rate = $1,104.41 monthly payment.
One discount point could get you down to 4.75% with a payment of $1,043.49 monthly payment.
Savings = $61 per month. That 1% discount point / 61 = 32.78 months. Stay in the loan for 33 months and you will have spent your money wisely...... as that $61 savings keeps coming EVERY month. But, with that said, if you sell or refinance before you reach month 33 then you wasted your money on the discount point.

1% discount point doesn't always buy a .5% reduction in rate. It does now!! Have your lender calculate a couple of options for you!! And remember, discount points can be paid in smaller increments. .5% discount would get you .25% reduction in rate.
A month ago, you couldn't buy as much discount for the same money.

** Rates and points benefits fluctuate daily.

*** Rates for illustration purposes only and not an offer to lend. APR varies.

Tom Burris
DallasLoanGuy.com

Dallas, TX

"Your Dallas Mortgage Consultant"

http://www.dallasloanguy.com/
Dallas Loan Guy logo

Texas Home Loans Dallas Mortgage Loans

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!! Subscribe to My Blog and stay informed about current lending changes!!

While I personally focus on Texas Home Loans and First Time Home Buyers.... I do lend in other areas.

Realtor/Lender Happy Hour in Addison, TX

AMP Networking Event - Dallas
Realtors, Builders, Lenders, & Vendors.
officially 5:30 to 7:30 but stay later!

The Dallas/Ft. Worth Association of Mortgage Professionals Partiers will once again converge on the BlackFinn to release a little steam and put hump day behind us....

Happy Hour specials all evening. Music trivia contest and $1.50 burgers.

http://www.blackfinndallas.com/events/wednesday_trivia.html

Bring business cards.... You might like these cool people.

See ya there?

Tom Burris
DallasLoanGuy.com

Dallas, TX

"Your Dallas Mortgage Consultant"

http://www.dallasloanguy.com/
Dallas Loan Guy logo

Texas Home Loans Dallas Mortgage Loans

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!! Subscribe to My Blog and stay informed about current lending changes!!

While I personally focus on Texas Home Loans and First Time Home Buyers.... I do lend in other areas.