How To Get A Mortgage In Arlington
Your local Arlington mortgage company is here to help you get the home of your dreams.
How to Get a Mortgage in Arlington, Texas
The housing market in Arlington is highly competitive. Before you start meeting with sellers, you must be financially stable and knowledgeable about how to get a mortgage in Arlington, Texas.
If you’re ready to become a first-time homeowner in Arlington, here’s what you need to know to be successful.
Life as an Arlington, Texas Resident
Nestled between Dallas and Fort Worth, Arlington offers family-friendly fun with a suburban backdrop.
In Arlington, you can watch a Ranger’s game, ride the coasters at Six Flags, have a splash at Hurricane Harbor, or visit one of the many science centers and museums.
The median sale price for homes in Arlington is $675,000 as of October 2020.
Customers love our people
Call us today at (888) 505-1718
Reef Merhi
NMLS 878539 Branch ManagerReef Merhi
The most exciting and enjoyable part of a real estate transaction for Reef has always been financing. Today Reef enjoys managing Texas United Mortgage where he works and mentors borrowers, realtors, his team of loan officers, and staff! When not exceeding clients' expectations, Reef enjoys spending time with his wife Valerie and his two daughters. Reef’s hobbies include golf and tennis!
Prior to Reef’s Mortgage/Real Estate career, Reef graduated at Texas A&M University. After graduation, Reef took a teaching/coaching position at The Woodlands High School, located in The Woodlands, Texas.
Scott Foster
NMLS 1591277 Operations ManagerScott Foster
Scott attended college in his home state of Indiana while playing tennis in college. Wanting to start a new life after school in a new state he moved to Texas 13 years ago. When moving to Houston, he worked as a tennis coach teaching younger children. Alongside working with Reef, Scott also began to invest in real estate and flip houses.
After finishing his career in tennis he moved on to being a loan officer, where he now works at Texas United Mortgage, as a producing loan originator and the operations manager assisting Reef Merhi, Kristy Taylor and Team! He is very passionate about what he does and loves helping people. People know Scott as being a family man. He enjoys spending time with his wife and three children – Case, Cali & Crew. Scott’s hobbies include woodworking, golfing, fishing and playing tennis.
Claudia Seybold
Transaction CoordinatorClaudia Seybold
Fifth Generation Texan and resident of The Woodlands since 2004, Claudia has been in The Real Estate Industry since 2001. Over the years, Claudia has been instrumental in closing a wide range of transactions and has produced countless contracts in accordance with specified agreements and conditions.
Today, Claudia coordinates the borrowers paperwork assisting the team to ensure every deadline is met, and to exceed all parties expectations. Claudia is excited to work with such an amazing team as their Loan Coordinator. When not exceeding client expectations, Claudia enjoys spending time with her husband Travis, sons Ethan (22), and James Roy (7). Claudia is a member of Faith Bible Church and she is passionate about serving in the preschool department at Church. Claudia’s hobbies are boating/fishing, being outdoors, and working out.
David Webber
Business Development ManagerDavid Webber
with over 10 years of experience in the real estate industry, helping all throughout the transaction. Book some time with David and get service that you can count on.
281-724-8004
Daniel Ganoe
NMLS# 1646757Mortgage Broker
Daniel Ganoe
Mortgage Broker
Joy McClellan
Loan ProcessorJoy McClellan
How to Get Approved for a Mortgage in Arlington
Arlington’s housing market is highly competitive, so if you want to get in on the action, you need to position yourself as a highly qualified buyer.
Before you apply for your mortgage, you must be financially prepared. Cutting down your debt, boosting your credit score, and stocking away cash for your down payment are necessary steps to take before talking to lenders.
The better your credit and the higher your first-time homebuyer down payment, the lower your interest rate and other fees will be.
Different types of mortgages come with different requirements. In general, lenders are looking for borrowers with low debt and good credit.
You will also be required to provide extensive documentation of your identity, income, credit, and employment.
You can prepare for the application process by making copies of your photo ID, social security number, tax returns, pay stubs, bank account and asset account statements, and renting history.
Get Pre-Approved in Arlington
Before you officially apply for the mortgage, you can get pre-approved.
Pre-approval is important because it shows sellers that you have the financial chops to purchase their home if they decide to take your offer.
Your letter of pre-approval from your lender is your ticket into the competitive Arlington housing market. Without it, sellers won’t give you much attention.
To get pre-approved for a mortgage, you will have to meet with a lender and submit the same documents required to apply for a mortgage.
Be careful not to confuse pre-approval with pre-qualification.
While pre-qualification can help you determine a budget, pre-approval requires your lender to take an in-depth look at your finances.
Sellers don’t care about pre-qualification. They want to work with buyers who have been pre-approved.
Your Houston Mortgage Lenders
Long Experience
With over 30 years of experience, we’ve seen it all. Through ups and downs, economic crises and last minute loan technicalities, we know how to make home buying in Houston pain free.
Lower costs
We’re all about your bottom line. We work to find the best and lowest rates for you, and tailor the mortgage product to fit your budget. We’re a McKinney mortgage company that cares.
On time closing
Getting the paperwork and mortgage approvals can feel like a headache. We make sure the process go fast and smooth and ensure you’ll close on time.
How to Choose the Right Type of Home Loan
Mortgages aren’t one size fits all. While traditional home loans are common, FHA loans, and VA loans are also available to help people across all demographics achieve the dream of homeownership.
Before you meet with a lender, it’s important to understand the different types of mortgages and the requirements that come with them.
Conventional Mortgages
Conventional mortgages require a 3% down payment, a credit score of at least 620, and a debt-to-income ratio of less than 50%.
To get a low rates mortgage and avoid paying insurance premiums, it’s ideal to put down at least 20%.
Federal Housing Agency (FHA) Loans
With just a 580-credit score and a 3.5% down payment, you can apply for a government-backed mortgage through the Federal Housing Agency.
Keep in mind that a smaller down payment equals more interest paid throughout your mortgage’s lifetime.