Question 1

What's the difference between a broker and a bank?

Accepted Answer

A bank can only offer their own products. As a broker, I work with 50+ wholesale lenders and compare rates on your behalf. That usually means a better rate and more flexibility, especially if you're self-employed, buying new construction, or using a VA benefit.

Question 2

Should I use the builder's lender?

Accepted Answer

Builder lender incentives can look attractive but often come with a higher rate baked in. Before you commit to anything, get a second opinion so you understand the full picture. Most buyers don't realize they can use an outside lender on a new build at all.

Question 3

I'm self-employed. Can I still get a mortgage even if my bank turned me down?

Accepted Answer

Yes, and this is one of the most common situations I deal with in DFW. Traditional banks use your tax returns to qualify you, which means write-offs that reduce your taxable income also reduce what you can borrow. A bank statement loan solves this by using 12-24 months of your actual deposits instead. No tax returns, no W-2s, down payments start around 10%. It works for contractors, freelancers, business owners, realtors, consultants, and anyone else whose income doesn't fit neatly on a W-2. Getting turned down by your bank doesn't mean you can't buy a home. It just means you need a different program.

Question 4

Should I refinance right now?

Accepted Answer

It depends on your current rate, how long you plan to stay in the home, and what rates are doing. A good rule of thumb is that a refinance makes sense if you can lower your rate by at least 0.5-1% and you plan to stay long enough to recoup the closing costs, typically 2-3 years. I'll run the numbers with you so you can see exactly what your break-even point is and whether it actually makes sense for your situation. No pressure either way.

Question 5

How much do I need for a down payment?

Accepted Answer

VA loans: 0% down. FHA: 3.5% down. Conventional: as low as 3% for first-time buyers, 5% for repeat buyers. Putting 20% down eliminates PMI on conventional loans. Down payment assistance programs are also available in DFW.

Question 6

Does getting pre-approved hurt my credit?

Accepted Answer

A hard pull typically drops your score by about 2-5 points temporarily. I can also do a soft pull first to give you a directional read before we do anything formal.

Question 7

Do I pay you as my mortgage broker?

Accepted Answer

No, you don't pay me anything out of pocket. The lender pays me a commission once your loan closes. No cost to getting pre-approved, no surprise broker fees at closing.

Question 8

What is debt-to-income ratio (DTI) and how does it affect my loan?

Accepted Answer

DTI is the percentage of your gross monthly income that goes toward debt payments. Most conventional loans allow up to 45-50% DTI. For example, if you earn $8,000/month and have $3,200 in total monthly debt payments including your new mortgage, your DTI is 40%. FHA and VA loans can sometimes go higher with strong compensating factors. If your DTI is too high, I can often restructure the loan or find a program with more flexibility.

Question 9

What are closing costs and how much should I expect in DFW?

Accepted Answer

Closing costs in Texas typically run 3-5% of the loan amount and include lender fees, title insurance, appraisal, prepaid taxes and insurance, and escrow setup. On a $400,000 home that's roughly $12,000-$20,000. Some of this can be covered by seller concessions or rolled into the rate depending on the program. I give you a detailed Loan Estimate upfront so there are no surprises at the closing table.

Question 10

What is escrow and why does my payment include it?

Accepted Answer

Escrow is an account your lender manages to collect and pay your property taxes and homeowner's insurance. Instead of paying a large lump sum twice a year, those costs are divided by 12 and added to your monthly mortgage payment. In DFW, property taxes are high relative to other states, so your escrow portion can be a significant part of your payment. Texas homestead exemption can lower your taxable value once you file.

Question 11

What is the difference between pre-qualification and pre-approval?

Accepted Answer

Pre-qualification is a quick estimate based on information you provide with no verification. Pre-approval means I've actually pulled your credit, verified income and assets, and a lender has reviewed the file. In a competitive DFW market, agents and sellers take pre-approval seriously and pre-qualification much less so. I offer lender-reviewed pre-approvals that carry real weight when you make an offer.

Question 12

What is PMI and how do I avoid it?

Accepted Answer

PMI is private mortgage insurance required on conventional loans when you put less than 20% down. It typically costs 0.5-1.5% of the loan amount annually. On a $400,000 loan that's $167-$500 added to your monthly payment. You can avoid it by putting 20% down, using a VA loan (no PMI ever), using a piggyback loan structure, or by refinancing once you hit 20% equity. I'll show you the math on all options so you can decide what makes sense.

Question 13

What happens during underwriting?

Accepted Answer

Underwriting is when the lender's team verifies everything in your file: income, employment, assets, credit, and the property appraisal. They're confirming the loan meets their guidelines before approving it. This is where most delays happen if documents are missing or there are surprises. I prep your file thoroughly upfront so underwriting goes smoothly and we hit our 15-day clear-to-close target.

Question 14

How fast can you get a pre-approval letter?

Accepted Answer

Typically within 24 hours once I have your documents. In competitive situations I can often turn it around same day. I also provide lender-reviewed pre-approvals, not just pre-qualifications, which carry real weight when your clients are making offers in a competitive DFW market.

Question 15

I'm a realtor. Why should I refer my clients to you?

Accepted Answer

I work closely with agents and make sure everyone stays in the loop throughout the transaction. You'll always know where your client's file stands. I target 15-day clear to close, I answer my phone, and I don't disappear after pre-approval. My goal is to make you look good to your client, not just close a loan.

Question 16

How quickly can you close?

Accepted Answer

My target is 15-day clear to close once you're under contract. DFW is still competitive in many suburbs, and a pre-approval from a broker who can actually execute is worth more than one that might fall through.

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