Mortgage Lenders in Arlington, TX
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About Rock Mortgage in Arlington, TX
The specialists at Rock Mortgage are your trusted and dedicated mortgage lenders in the Arlington, Texas, area. Arlington is one of the best cities in Tarrant County, with a population of about 400,000 and a dense suburban feel. We’re here to help you finance the home of your dreams in the Arlington area.
Why Use Rock Mortgage in Arlington, TX
Our outstanding customer service and dedication to clients are just two of the reasons why we’re a top choice for financing in the Arlington area. If you’re hoping to move to a new home in Arlington, our knowledgeable experts can help you choose the financing options that work best for you. Whether you’re an artist, parent, or outdoor enthusiast, there’s something for you in Arlington. As the mortgage lender known for building community connections, our mortgage company can be your first friend and neighbor when you move into your new Arlington home.
Find Out What Our Clients in Arlington, TX Have To Say About Our First Time Buyers Loan Programs
Home Loans in Arlington, TX
No matter the size of your family or the type of home you’re looking for, there’s a type of financing we offer that can help. From Veterans Affairs (VA) to Federal Housing Administration (FHA) loans, we offer products that suit each type of homebuyer. These are some of the options you can choose:
- FHA: Mortgages backed by the Federal Housing Administration are usually for first-time buyers, low-income buyers, or those with poor credit. When you get this type of mortgage, it’s insured by the FHA and may help you qualify for a lower down payment.
- VA: Members of the military and some military spouses can qualify for VA loans, which are guaranteed by Veterans Affairs. This type of loan may help you secure a down payment as low as 0%.
- Conventional: Our conventional mortgages are for average buying situations and often offer down payments as low as 3%, depending on credit and financial wellness.
- Jumbo: A jumbo mortgage is for those who want a home exceeding the maximum mortgage price. This price fluctuates based on neighborhood but is typically much more than what the average home sells for.
Cash-out: With a cash-out refinancing loan, you can refinance your home based on its current worth. This allows you to receive funds from your equity to use now.
The Federal Housing Administration was created by the National Housing Act in the early 20th century in an effort to address mortgage loan defaults occurring among property owners located across the U.S. during the Great Depression. Although an FHA loan is backed by insurance, it is issued by a private lender, such as Rock Mortgage.
Buyers who meet the FHA loan eligibility requirements must pay at least 3.5% of the total amount financed as a down payment. First-time buyers and lower-income buyers can often benefit from an FHA loan, as long as the property they plan to purchase qualifies for this type of loan.
The lending limit changes regularly, but the current limit (as of 2020) is $510,400 for most areas. In areas or neighborhoods where home costs are generally higher, the 2020 limit is $765,600. Most of the housing markets fall under the standard limit, although an experienced lending professional could help determine under which limit a home you’re considering would fall. If you want to purchase a home that exceeds the limit, Rock Mortgage can help you determine whether a jumbo loan would be the right fit.
Veterans and service members can claim this type of loan, as can some military spouses. A VA loan offers more benefits than most other loan types, so those who qualify can take advantage of these benefits. Homebuyers can often get lower interest rates and qualify for loans more easily than they would with another type of home loan. Additionally, a VA loan doesn’t always require the buyer to put anything down or pay for private mortgage insurance, which can put homeownership within reach for lower-income buyers or those who have a smaller budget for the monthly payment.
Texas Cash-Out Refinance Loans
Refinancing a mortgage loan allows a property owner to take a percentage of the difference between the current home value and the remaining loan value in cash. Under state law, the percentage is up to 80% of the equity in the home. Obtaining a Texas cash-out refinance loan is often one of the fastest ways to get cash, as well as one of the cheapest when it comes to the repayment of interest.
This loan type differs from a traditional refinancing loan in that it allows the property owner to get cash, rather than simply negotiating a lower interest rate on the loan. The cash that comes from this type of loan can be used for a variety of purposes, including making improvements to the home or catering to the personal needs of the property owner.
Housing Market in Arlington, TX
Arlington is a popular place to live, and the market reflects the demand for homes in Arlington neighborhoods. With Rock Mortgage’s extensive knowledge of financing and home buying, you’ll know exactly what to look for when assessing the housing market in Arlington. These are some things to keep in mind while shopping for a new home in Arlington, Texas:
- Of the homes for sale in Arlington, 89% are houses, 3% are condos, and 8% are townhomes.
- The median price you can expect to pay when purchasing a home in the Arlington area is around $375,000.
- Homes in Arlington can range from $149,000 to more than $2 million in value.
- Most homes in the Arlington area may sell for between $277,000 and $412,000.
Hottest Arlington Neighborhoods
Homebuyers love Arlington for its proximity to great sporting events and favorable weather. If you’re a fan of professional football, you can catch games at one of the largest domed structures in North America right at AT&T Stadium. Though Arlington generally has good schools and excellent family activities, the atmosphere does change based on where you choose to live. These are some Arlington neighborhoods to consider if you have your heart set on a home in the area:
- Viridian, 76005: Home to AT&T Stadium, Six Flags Over Texas, and Sea Life Aquarium, this neighborhood is perfect if you’re a sports lover or adventure-seeker. With low crime rates and excellent schools, this neighborhood is a win for families.
- Downtown, 76016: If you want to experience the best of what Arlington has to offer in small shops and local eats, Downtown is the neighborhood for you. This neighborhood has plenty of high-rise condos for premium living.
- East Arlington, 76014: East Arlington is a bustling area full of things to do, including unique local restaurants and sports teams. This is a more affordable neighborhood with space between homes.
Pantego, 76013: This small, newer neighborhood is home to plenty of retail stores and local restaurants. It’s great for first-time homebuyers and features different home types like condos and townhomes.
Visit Rock Mortgage Today
Rock Mortgage is your source for financing information and friendly, passionate service. We can help you find the price range and mortgage options that work best for you while eliminating stress from the process. Reach out today to speak with one of our experts and learn more about how we can help you get into your new Arlington home.