The Richard Woodward Team Nexa Mortgage

Mortgage brokers offer a much wider selection of loan programs because they are not limited to the banks underwriting guidelines. They also are more highly regulated and most of the time charge less fees and lower interest rates.

As the nations largest mortgage broker, I would say a mortgage broker is better. Mortgage brokers are better because we offer much lower rates that banks or bankers, AND we can provide faster service. As a mortgage broker, I have loans approved in hours rather than days like when I was a mortgag banker. I don't have the huge overhead that banks and bankers have some most of the time, the origination fees are much less. And, because lender compete for my business, I have access the more technology than the banks or bankers.

Yes, we offer jumbo loans up to $3 Million Dollars. We have multible programs like 5% down up to $1.5 Million, loans for challenged credit, and jumbo loans for self-employed borrowers using bank statements to qualify.

We are actually both. We originate, underwrite, close, fund and service loans locally with our own funds - banker. And we also have many outlets for brokered loans for those clients with special needs.

Yes. We offer both reverse mortgage for refinance or cash and reverese mortgage for purchase. Unlike the big national companies, we offer very affordable options with local resources. Since we don't have a huge national advertising budget, we can pass the savings to our clients.

That is a loaded question. We provide no down payment loan options for VA home loans and USDA Home loans. Conventional loans require 3% down and FHA home loans require 3.5% down. Jumbo home loans may require as much at 35% down or as little as 5% down. Connect with us today for your customized quote or visit www.mortgageprosus.com/loan-options/ for more details.

Absolutely not! A reverse mortgage is just like any other mortgage. You simply give your home as collateral and retain ownership.

You may want to consider refinancing if you are interested in paying off high-interest-rate debt, shortening the length of your repayment term for your mortgage or lowering your monthly mortgage payment. Should you refinance your mortgage? Refinancing is not always a good idea. A mortgage refinance is a new mortgage that replaces your existing mortgage by paying it off. There are many reasons to refinance. However, one should work with an experienced loan officer that asks specific questions to learn your motivations and needs. One should also only work with the loan officer if they can provide you exceptional advanced tools that can demonstrate an analysis of your refinance. The loan officer should be able to answer questions like: What is the typical cost to refinance? Is It a benefit to refinance? www.mortgageprosus.com/how-to-refinance-your-mortgage/

Yes, we offer First Time Home Buyer Programs. There are several options. First time home buyer programs are great to help you buy your first Plano, Frisco, McKinney or Dallas Texas home. If you are a first time homebuyer, the prospect of owning your first home is exciting and perhaps daunting. There are several options that we offer. We offer a free consultation which will help us to determine which programs you qaualify for and what program works best for you. Call today (214) 945-1066 or visit www.mortgageprosus.com/loan-options/featured/first-time-home-buyer-programs/

We offer home loans in Dallas Texas and all over Texas, Kentucky, Ohio, Arizona, Colorado, and Oklahoma. If you would like a quick quote visit our website. www.mortgageprosus.com

Discount points are money that you pay up front on your mortgage in exchange for a lower interest rate. One "point" is equal to 1% of the loan amount, so on a $200,000 mortgage, one discount point would be $2,000. Discount points are tax-deductible, and mathematically, if the interest savings over the life of the loan is greater than the points paid, it can be worth it. Any professional loan officer should be able to provide you a written cost analysis that can show you the benefits. Call me today and I can help you. Richard Woodward (214) 945-1066.

A rate lock means that you're guaranteed today's mortgage interest rate for some predetermined period, typically 30 to 60 days. If interest rates have been trending upward, it's generally a good idea to lock in your rate. While the prevailing mortgage rate doesn't usually make a big move in a month or two, it's certainly possible.

The term "closing costs" refer to all of the charges you'll need to pay before and when your loan is closed. This can include origination fees, title insurance, prepaid escrows, and more. Closing costs can vary significantly, but generally, expect to pay around 2% to 4% of the home's price in closing costs. Lenders are required to disclose these fees to you in the initial disclosure on a form call a LE or loan estimate. Many will also provide you a cost worksheet that is easier to understand. I will always provide you a cost analysis with a video to walk you through the cost at your convenience.

You can get a VA or USDA home loan with no down payment and with as little as 3% down you can get a conventional mortgage, and an FHA loan with 3.5% down. However, with a conventional or FHA loan, you'll have to pay private mortgage insurance, aka PMI, if your down payment is less than 20% of the home's sale price. We offer down payment assistance programs as well to qualified home buyers.

Not necessarily, but it will certainly help. It is possible to get a conventional mortgage with a FICO credit score as low as 620, and you can obtain a higher-cost FHA mortgage with a score at 580. However, be aware that the lower your score, the higher your interest rate will be. On a $250,000 mortgage, the difference between a 620 credit score and an "excellent" 760 adds up to more than $86,000 in interest savings over the life of a 30-year loan.