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First-Time Homebuyer Dallas Mortgage: Frequently Asked
Questions (FAQ) - Part 2
Part 2: Obtaining Financing for Your Home Purchase
After finding the perfect home within your price range, the next step is to obtain your Dallas home
mortgage. Unfortunately, obtaining financing can be a bit overwhelming and confusing for some home
buyers. By answering a few simple questions, however, you will be far better prepared for the home
financing process.
How can determine how much I can afford?
The only way to know for certain how much you can borrow for a mortgage loan is to consult with a
mortgage lender. To contact a Dallas first-time homebuyer loan expert, call PrimeLending today: (800)
308-8503. You may also use one of the many available online mortgage calculators to help you get a
rough idea of how much you can afford.
How can I find a Dallas mortgage lender?
When choosing a lender, it is important to take the time to review various options in order to find the
best option for you and your family. Your real estate broker should be able to recommend a few lend-
ers in your area, but you should also look for potential lenders on your own. If you are interested in an
FHA loan, keep in mind that you must select a HUD-approved lender. Our PrimeLending mortgage
team is a HUD-approved lender and we are here to assist you with no application fees, great rates, low
fees and 30-day closings.
How long will it take to complete the loan approval process?
PrimeLending can close your loan in 30 days or less, while most other lenders complete the loan pro-
cess in 60-90 days.
© 2012 PrimeLending, A PlainsCapital Company. Trade/service marks are the property of PlainsCapital Corporation, PlainsCapital Bank, or their respective affiliates and/or subsidiaries. Some products may not be available in all states. This
is not a commitment to lend. Restrictions apply. All rights reserved. PrimeLending, A PlainsCapital Company (NMLS no: 13649) is a wholly-owned subsidiary of a state-chartered bank and is an exempt lender in the following states: AK, AR,
CO, DE, FL, GA, HI, ID, IA, KS, KY, LA, MN, MS, MO, MT, NE, NV, NY, NC, OH, OK, OR, PA, SC, SD, TN, TX, UT, VA, WV, WI, WY. Licensed by: AL State Banking Dept.- consumer credit lic no. MC21004; AZ Dept. of Financial Institutions-
mortgage banker lic no. BK 0907334; CA Dept. of Corporations- lender lic no. 4130996; CT Dept. of Banking- lender lic no. ML-13649; D.C. Dept. of Insurance, Securities and Banking- dual authority lic no. MLO13649; IL Dept. of Financial and
Professional Regulation- lender lic no. MB.6760635; IN Dept. of Financial Institutions- sub lien lender lic no. 11169; ME Dept. of Professional & Financial Regulation- supervised lender lic no. SLM8285; MD Dept. of Labor, Licensing & Regula-
tion- lender lic no. 11058; Massachusetts Division of Banking– lender & broker license nos. MC5404, MC5406, MC5414, MC5450, MC5405; MI Dept. of Labor & Economic Growth- broker/lender lic nos. FR 0010163 and SR 0012527; NH Banking Depart-
ment- lender lic no. 14553-MB; NJ Dept. of Banking and Insurance-lender lic no. 0803658; NM Regulation and Licensing Dept. Financial Institutions Division- lender licaense no. 01890; ND Dept. of Financial Institutions- money broker lic no. MB101786;
RI Division of Banking- lender lic no. 20102678LL and broker lic no. 20102677LB; TX OCCC Reg. Loan License- lic no. 7293; VT Dept. of Banking, Insurance, Securities and Health Care Administration- lender lic no. 6127 and broker lic no. 0964MB; WA
Dept. of Financial Institutions-consumer lender lic no. 520-CL-49075. PrimeLending, A PlainsCapital Company is an Equal Housing Opportunity Lender. 810 Hester’s Crossing, Suite 150 | Round Rock, Texas 78681
WWW.PRIMELENDINGDALLAS.COM CONNECT WITH US
SPEAK WITH A MORTGAGE EXPERT (800) 308-8503
Page 2 - First-Time Homebuyer Dallas Mortgage (FAQ)
What costs are included in my mortgage loan?
Most mortgage loans cover four parts. These include:
• Principal – the amount you borrowed
• Interest – payments made to the lender for borrowing the money; the longer the life of
your loan, the more you will pay toward interest
• Homeowners insurance – a monthly payment made to insure the property against
theft, fire, smoke and other hazards
• Property taxes – the annual city and/or county taxes assessed to the property, which is
then divided by the total number of mortgage payments you will make in a given year
In the early years of your loan, you will primarily pay toward interest. In the final years, your payments
will go mostly toward payment of principal.
What paperwork do I need when applying for a mortgage loan?
Having all of the proper paperwork and documentation when you visit the lender will help make the
process go far more smoothly and effectively. Items you should bring with you when visiting the lender
include:
• Social Security numbers for you and any co-borrower(s)
• Copies of checking and savings account statements for the past 6 months
• Proof of any assets that you may have, such as bonds or stocks
© 2012 PrimeLending, A PlainsCapital Company. Trade/service marks are the property of PlainsCapital Corporation, PlainsCapital Bank, or their respective affiliates and/or subsidiaries. Some products may not be available in all states. This
is not a commitment to lend. Restrictions apply. All rights reserved. PrimeLending, A PlainsCapital Company (NMLS no: 13649) is a wholly-owned subsidiary of a state-chartered bank and is an exempt lender in the following states: AK, AR,
CO, DE, FL, GA, HI, ID, IA, KS, KY, LA, MN, MS, MO, MT, NE, NV, NY, NC, OH, OK, OR, PA, SC, SD, TN, TX, UT, VA, WV, WI, WY. Licensed by: AL State Banking Dept.- consumer credit lic no. MC21004; AZ Dept. of Financial Institutions-
mortgage banker lic no. BK 0907334; CA Dept. of Corporations- lender lic no. 4130996; CT Dept. of Banking- lender lic no. ML-13649; D.C. Dept. of Insurance, Securities and Banking- dual authority lic no. MLO13649; IL Dept. of Financial and
Professional Regulation- lender lic no. MB.6760635; IN Dept. of Financial Institutions- sub lien lender lic no. 11169; ME Dept. of Professional & Financial Regulation- supervised lender lic no. SLM8285; MD Dept. of Labor, Licensing & Regula-
tion- lender lic no. 11058; Massachusetts Division of Banking– lender & broker license nos. MC5404, MC5406, MC5414, MC5450, MC5405; MI Dept. of Labor & Economic Growth- broker/lender lic nos. FR 0010163 and SR 0012527; NH Banking Depart-
ment- lender lic no. 14553-MB; NJ Dept. of Banking and Insurance-lender lic no. 0803658; NM Regulation and Licensing Dept. Financial Institutions Division- lender licaense no. 01890; ND Dept. of Financial Institutions- money broker lic no. MB101786;
RI Division of Banking- lender lic no. 20102678LL and broker lic no. 20102677LB; TX OCCC Reg. Loan License- lic no. 7293; VT Dept. of Banking, Insurance, Securities and Health Care Administration- lender lic no. 6127 and broker lic no. 0964MB; WA
Dept. of Financial Institutions-consumer lender lic no. 520-CL-49075. PrimeLending, A PlainsCapital Company is an Equal Housing Opportunity Lender. 810 Hester’s Crossing, Suite 150 | Round Rock, Texas 78681
WWW.PRIMELENDINGDALLAS.COM CONNECT WITH US
SPEAK WITH A MORTGAGE EXPERT (800) 308-8503
Page 3 - First-Time Homebuyer Dallas Mortgage (FAQ)
• Recent pay stubs that detail your earnings
• A list of all of your credit accounts and the approximate amount you pay toward them
each month
• A list of account numbers and the balances due on any outstanding loans that you may
have, such as car loans
• Copies of your income tax statements for the past two years
• The name and address of your employer
How do I know which mortgage loan is right for me?
There are many different types of mortgage loans to select from. The more you know about your
options, the better prepared you will be to select the loan that is right for you. There are two pri-
mary types of mortgage loans to select from. These include:
• Fixed-rate mortgage – a type of loan where the interest rate remains the same through-
out the life of the loan
• Adjustable Rate Mortgage (ARM) – a type of loan where the interest rate and monthly
payments may change over the lifetime of the loan
While most people choose fixed-rate mortgages because they always know exactly how much their
mortgage payment will be each month, there are certain advantages to ARMs. For example, ARMs
typically start with lower monthly payments than fixed-rate mortgages. Also, the initial interest
© 2012 PrimeLending, A PlainsCapital Company. Trade/service marks are the property of PlainsCapital Corporation, PlainsCapital Bank, or their respective affiliates and/or subsidiaries. Some products may not be available in all states. This
is not a commitment to lend. Restrictions apply. All rights reserved. PrimeLending, A PlainsCapital Company (NMLS no: 13649) is a wholly-owned subsidiary of a state-chartered bank and is an exempt lender in the following states: AK, AR,
CO, DE, FL, GA, HI, ID, IA, KS, KY, LA, MN, MS, MO, MT, NE, NV, NY, NC, OH, OK, OR, PA, SC, SD, TN, TX, UT, VA, WV, WI, WY. Licensed by: AL State Banking Dept.- consumer credit lic no. MC21004; AZ Dept. of Financial Institutions-
mortgage banker lic no. BK 0907334; CA Dept. of Corporations- lender lic no. 4130996; CT Dept. of Banking- lender lic no. ML-13649; D.C. Dept. of Insurance, Securities and Banking- dual authority lic no. MLO13649; IL Dept. of Financial and
Professional Regulation- lender lic no. MB.6760635; IN Dept. of Financial Institutions- sub lien lender lic no. 11169; ME Dept. of Professional & Financial Regulation- supervised lender lic no. SLM8285; MD Dept. of Labor, Licensing & Regula-
tion- lender lic no. 11058; Massachusetts Division of Banking– lender & broker license nos. MC5404, MC5406, MC5414, MC5450, MC5405; MI Dept. of Labor & Economic Growth- broker/lender lic nos. FR 0010163 and SR 0012527; NH Banking Depart-
ment- lender lic no. 14553-MB; NJ Dept. of Banking and Insurance-lender lic no. 0803658; NM Regulation and Licensing Dept. Financial Institutions Division- lender licaense no. 01890; ND Dept. of Financial Institutions- money broker lic no. MB101786;
RI Division of Banking- lender lic no. 20102678LL and broker lic no. 20102677LB; TX OCCC Reg. Loan License- lic no. 7293; VT Dept. of Banking, Insurance, Securities and Health Care Administration- lender lic no. 6127 and broker lic no. 0964MB; WA
Dept. of Financial Institutions-consumer lender lic no. 520-CL-49075. PrimeLending, A PlainsCapital Company is an Equal Housing Opportunity Lender. 810 Hester’s Crossing, Suite 150 | Round Rock, Texas 78681
WWW.PRIMELENDINGDALLAS.COM CONNECT WITH US
SPEAK WITH A MORTGAGE EXPERT (800) 308-8503
Page 4 - First-Time Homebuyer Dallas Mortgage (FAQ)
rate on these loans is generally less. On the other hand, the rate and payment could potentially go up as
often as once or twice per year. Since the adjustment is tied to a financial index, such as the U.S. Trea-
sury Securities index, you can monitor trends and get a good idea of whether rates are likely to go up
or down. Still, you are taking a risk when you choose to go with this type of mortgage loan.
To contact a Dallas first-time homebuyer loan expert, call PrimeLending today: (800) 308-8503.
Read more first-time homebuyer Dallas mortgage articles.
© 2012 PrimeLending, A PlainsCapital Company. Trade/service marks are the property of PlainsCapital Corporation, PlainsCapital Bank, or their respective affiliates and/or subsidiaries. Some products may not be available in all states. This
is not a commitment to lend. Restrictions apply. All rights reserved. PrimeLending, A PlainsCapital Company (NMLS no: 13649) is a wholly-owned subsidiary of a state-chartered bank and is an exempt lender in the following states: AK, AR,
CO, DE, FL, GA, HI, ID, IA, KS, KY, LA, MN, MS, MO, MT, NE, NV, NY, NC, OH, OK, OR, PA, SC, SD, TN, TX, UT, VA, WV, WI, WY. Licensed by: AL State Banking Dept.- consumer credit lic no. MC21004; AZ Dept. of Financial Institutions-
mortgage banker lic no. BK 0907334; CA Dept. of Corporations- lender lic no. 4130996; CT Dept. of Banking- lender lic no. ML-13649; D.C. Dept. of Insurance, Securities and Banking- dual authority lic no. MLO13649; IL Dept. of Financial and
Professional Regulation- lender lic no. MB.6760635; IN Dept. of Financial Institutions- sub lien lender lic no. 11169; ME Dept. of Professional & Financial Regulation- supervised lender lic no. SLM8285; MD Dept. of Labor, Licensing & Regula-
tion- lender lic no. 11058; Massachusetts Division of Banking– lender & broker license nos. MC5404, MC5406, MC5414, MC5450, MC5405; MI Dept. of Labor & Economic Growth- broker/lender lic nos. FR 0010163 and SR 0012527; NH Banking Depart-
ment- lender lic no. 14553-MB; NJ Dept. of Banking and Insurance-lender lic no. 0803658; NM Regulation and Licensing Dept. Financial Institutions Division- lender licaense no. 01890; ND Dept. of Financial Institutions- money broker lic no. MB101786;
RI Division of Banking- lender lic no. 20102678LL and broker lic no. 20102677LB; TX OCCC Reg. Loan License- lic no. 7293; VT Dept. of Banking, Insurance, Securities and Health Care Administration- lender lic no. 6127 and broker lic no. 0964MB; WA
Dept. of Financial Institutions-consumer lender lic no. 520-CL-49075. PrimeLending, A PlainsCapital Company is an Equal Housing Opportunity Lender. 810 Hester’s Crossing, Suite 150 | Round Rock, Texas 78681