Jimmy Smith's (jvsmithii) Blog

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Mortgage and Lending - NMLS#1089067
RECENT BLOG POSTS
What's the difference between an approval and qualification to buy a home? This is a hot topic in the mortgage industry in North Texas. With low inventory and multiple offer scenarios, before an offer is accepted, a solid buyer is desired. I believe that vocabulary and knowing what work the loan ...
08/22/2014
If you are buying a home in Texas, get a "Conditional Qualification" (Form A). It's not called a prequalification anymore. If you want more detail about the form read my latest blog about the differences between Form A and B:   http://activerain.com/blogsview/4457939/making-an-offer-on-a-home-in-...
08/21/2014
What is your interest rate? On a popular website for shopping rates, this is the number one recommended question that a consumer should ask a lender when shopping for a mortgage (home loan). The website has over 13 million monthly visitors. It makes sense; agree on price first, right? Not so much...
08/07/2014
Where's the realtor in the Zillow commercial? If you haven't seen the Zillow commercial of a family searching for the perfect home click or copy link below in your browser: https://www.youtube.com/watch?v=h2AfO-uqF5U   I think this commercial has been out since May. I just noticed it this past we...
08/05/2014
Making an offer on a home in Texas, get this or lose that home! Most folks know that the Texas real estate market is hot. When you find your dream home you may face competition when submitting your offer. In order to strengthen your offer, a completed Conditional Qualification Letter (Form A) sho...
08/04/2014
Fha Loan in Collin County in Texas, $200,00 home, how much do I need at closing? Bottom line please! There are three categories of monies out of your pocket that you will pay for at closing. Those categories are:   1. Down-payment for a conventional loan is 3.5%, which is $7,000. The down-payment...
08/03/2014
You want my sister's bank account statement when I'm buying the home? Yes, that might happen. If you are buying a home and seeking conventional financing, "large deposits" must be verified. The rules have recently eased. When bank statements (typically covering the most recent two months) are use...
07/17/2014
I'm married and I want an FHA loan in my name only. A couple of months ago, I received a call from a borrower who stated this. The couple wanted to buy a home in north Texas and had already been prequalified with another lender. They were shopping for the best rate on an FHA loan.   She was shock...
07/14/2014
How much money will I need to buy that $200,000 home in Dallas? Bottom line please! There are three categories of monies out of your pocket that you will pay for at closing. Those categories are:   1. Down-payment for a conventional loan is 5%, which is $10,000. The down-payment could be anywhere...
07/10/2014
Take the guesswork out of getting a loan to buy a home.  Before shopping for a home, pick a loan representative to review your financial situation and complete a pre-qualification. Who you pick will determine the amount of worrying and guessing you'll have to do. Here are three basic questions to...
07/10/2014
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Jimmy Van Smith

Residential Mortgage Loan Originator
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