Mortgage Lenders in Dallas, TX
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About Rock Mortgage in Dallas
As the premier mortgage lenders in Dallas, Texas, Rock Mortgage offers a wide range of mortgage options to make it easy to find the right home loan for your needs. With a total population of 1.35 million people, a growing job and housing market, diverse culture, and a metropolitan cowboy vibe, it’s no wonder that Dallas is Texas’ third-largest city and the ninth-largest city in the U.S. As your local mortgage lenders in Dallas, TX, Rock Mortgage specializes in helping homeowners and new buyers in Dallas and the surrounding areas.
Why Use Rock Mortgage in Dallas
As local experts on housing In Dallas and the surrounding areas, we’re ready to partner with you to finance your perfect home. If you’re interested in purchasing a home in Dallas, Texas, consider the mortgage company known for building community connections. Widely known for its customer-first approach, on-time closings, constant communication, and innovative support programs for clients, Rock Mortgage is your Dallas area mortgage lender.
Find Out What Our Dallas, TX Clients Have To Say About Our First Time Buyers Loan Programs
Home Loans in Dallas
While purchasing your home can be a joyous occasion, it can also be a complicated and stressful one navigating the home financing process. We even have nontraditional loan programs if you have faced credit challenges or other factors that make it difficult to qualify for conventional financing. Our loan products available in Dallas include:
- FHA loans: Low interest and low down payment loans backed by the federal government. These loans are available for both first-time homebuyers and those who have purchased in the past.
- VA loans: Loans available to qualifying veterans, service members, and their families. These loans offer zero down payment.
- Conventional loans: The most common type of loan with down payments as low as 3%. Although these loans meet certain government lending standards and limitations, they are not usually backed by any government agency.
- Jumbo loans: Conventional loans that exceed the allowable limit of $647,200 (for 2022). These loans are used to purchase large homes or homes costing more than $1 million.
- Traditional and cash-out refinance loans: These loans are available when you lower your interest rate and take advantage of your home’s equity.
Our loan specialists will work with you to find the best home mortgage for your needs.
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 Dallas
Voted the No. 20 Most Diverse Cities in America by Niche.com, Dallas is a haven for foodies, outdoor enthusiasts, and young professionals. In addition to a reasonable cost of living, residents enjoy access to a variety of cultural events and culinary options, dozens of outdoor attractions, and a fast, reliable, and safe public transportation system via Dallas Area Rapid Transit (DART). Whether you’re looking for convenience, quiet evenings, or a breathtaking view not found elsewhere, Dallas is a city to meet your housing needs.
The Rock Mortgage team’s extensive knowledge about the Dallas housing market will walk you through the entire financing process, so you’ll know what to expect during your search and as you negotiate the price of your purchase. These are some key facts to consider when shopping for a home in Dallas, Texas:
- It is currently experiencing a seller’s market with more buyers than homes available.
- The city is seventh in the county for housing growth and stability, with a 228% increase since 1997.
- The median listing home price is $530,000, up 25% from the previous year.
- On average, homes sell for about 4% above the asking price and after 16 days on the market.
Hottest Dallas Neighborhoods
Covering over 385 square miles, Dallas is filled with more than 100 neighborhoods, each with its own character, history, and appeal. Whether you are looking for a neighborhood that’s family-friendly for your next phase in life or you’re interested in affordability and access to the downtown area, Dallas has the neighborhood for you. The most expensive neighborhood is Preston Hollow, with a median listing home price of $2,000,000. Pleasant Grove is the most affordable neighborhood, with a median listing home price of $218,000.
Based on the number of homes for sale and rent, the length of time homes are on the market, and the growth in housing appreciation, Realtor.com identified the following neighborhoods as Dallas’ hottest neighborhoods for home buyers, along with their ZIP codes:
- Lake Highlands: 75231
- Oak Lawn: 75204
- Cedar Crest: 75216
- Preston Hollow: 75229, 75230
- Old East Dallas: 75214
- North Oak Cliff: 75208
- Casa View: 75218
- Prestonwood: 75252
Visit Rock Mortgage Today
Rock Mortgage is dedicated to providing you with outstanding customer service, knowledgeable local agents, and competitive rates. With offices conveniently located on Memorial Drive in Houston and access from both the Katy Freeway and the Houston Tollway, we’re happy to help you finance your home in the Dallas area. Rock Mortgage is dedicated to providing you with outstanding customer service, knowledgeable local agents, and competitive rates. Call 832-230-3067 or contact us online today to schedule your conversation with our expert mortgage lenders in Dallas, TX.