• Decreasing Interest Rates. When mortgage rates are dropping, refinancing can benefit you by lowering your monthly payment while keeping your repayment schedule similar to your original loan. Or you can choose to reduce your repayment schedule (ex. from 30 to 15 year) and keep a similar monthly payment.
• Increasing Home Values. If you're fortunate to live in an area where the market value of your home has appreciated, you may be able to take advantage of the increased equity in your home and use it to pay off high interest car loans and credit card debt. 

• Lower your rate and monthly payment. Take advantage of low interest rates and keep more of your hard earned money every month. The security of a low, fixed rate may be your best option.
• Cash out your home equity. Maybe you want to pay for home improvements, pay your child's college tuition bill, take your dream vacation, whatever. 
• Consolidate your debt. Using the equity in your home to pay off other debt with higher interest rates than the interest rate on your mortgage -- for example, credit cards, car loans, and student loans -- means you can save possibly hundreds of dollars a month.
• Pay off your mortgage sooner. Consider refinancing to a shorter-term loan, such as a 15-year mortgage. Your payments will be higher than with a longer-term loan, but in exchange, you will pay substantially less interest and pay off your home more quickly.

• Rate affects monthly payment. The lower the interest rate, the lower the payment. Use our mortgage loan calculator to help determine your monthly payment based on any given rate.
• Fixed Rate vs. Adjustable. A fixed interest rate gives  you a secure rate that does not change over the life of the loan. An adjustable rate can be attractive to homeowners who plan on staying in their home for a short period of time. learn more 
• Lower your rate with points. A discount point is an up-front fee that lowers your annual interest rate and total interest due over the life of your loan. Read Should you buy points?
• What is the Annual Percentage Rate (A.P.R.)? The A.P.R. is designed to represent the "true cost of a loan" to the borrower, expressed in the form of a yearly rate. This way, lenders can't "hide" fees and upfront costs behind low advertised rates. See also Rates and A.P.R.
• When to lock your rate. Did you know that interest rates fluctuate daily according to market conditions? Lock-in your interest rate to protect your rate from going up before you head to the closing table. Jenny will help you decide when the time is right. See Jenny's "Best Guess" Rate Lock Advisory Tool.  

Step 4: Understanding Loans

With access to hundreds of loan programs from top national lenders, Jenny can offer you the most complete and diverse mortgage programs in the industry from her extensive loan portfolio. She can help you decide which loan best fits your financial goals.

• Fixed Rate Loans. With a fixed-rate loan, your monthly payment of principal and interest never change for the life of your loan. Your property taxes may change, and so might your homeowner's insurance premium part of your monthly payment, but generally with a fixed-rate loan your payment will be very stable. Fixed-rate loans are available with 40-year, 30-year, 20-year, 15-year, and 10-year terms. You might choose a fixed-rate loan if you want to lock in a low rate and have the security of knowing it will never go up. View our refinance loan programs. 
• Adjustable Rate Mortgages (ARM). With an ARM, the interest rate varies based on a particular index, normally the prime lending rate. Most programs have a "cap" that protects you from your monthly payment going up too much at once. In addition, almost all ARM programs have a "lifetime cap" -- your interest rate can never exceed that cap amount, no matter what. You might choose an ARM to take advantage of a lower introductory rate and count on either moving, refinancing again or simply absorbing the higher rate after the introductory rate goes up. View our refinance loan programs. 
• Hybrid Loans. Hybrid loans are an attractive loan choice for borrowers who want an ARM, but feel the need for added interest rate protection during their first years in the home. A hybrid loan gives you a fixed rate term, usually three, five, seven or ten years, with adjustable rates thereafter. These loans are typically expressed as a 3/1, 5/1, 7/1 or 10/1 ARM. The advantage of a hybrid loan is that it gives you a lower fixed rate mortgage than you’ll typically receive with a 30 year mortgage. This is often an attractive loan choice for borrowers who expect to be selling their home within the first 10 years. Learn more or view our refinance loan programs. 
• Jumbo Loans. A home mortgage for an amount greater than $417,000 is called a Jumbo or non-conforming loan. Jumbo mortgages exceed the loan limit set by Fannie Mae and Freddie Mac, two government sponsored, shareholder-owned, private companies that work to make sure mortgage money is available for people to purchase homes. Although they typically have a higher interest rate, Jumbo loans are available for homebuyers who require loan amounts up to $5 million. View our refinance loan programs. 

Step 5: Get Prepared

Now that you're familiar with rates and loans, it's time to prepare for the steps ahead by getting to know your credit profile and gathering a few things you'll need to start your loan. Also, now is the time to figure out what your costs will be.

• Review your credit report. Getting to know your credit history before you apply for a loan will help you understand what kind of mortgage you'll qualify for. You can find out important information like your credit score and any mistakes you may wish to dispute to help improve your credit rating. Before and during the mortgage process, you should refrain from making any credit purchases that may show up on your report and adversely affect your ability to get the mortgage you want. Jenny has worked with borrowers of all credit levels and will work with you to provide a solution that fits your needs. Learn how to obtain a copy of your credit report.
• Free Mortgage Tune-Up Review. A personal one-on-one consultation with Jenny where you can discuss your goals and find out your best options. She will order and receive a copy of your credit report within seconds, review your credit report with you, and provide you a preliminary mortgage plan, usually all done within 10 minutes over the phone. Call 972.731.0165 today for your no-charge consultation.
• Locate your financial records. Save valuable time by gathering together the loan documents that you may need to get your loan approved. Traditional loans require typical documentation to verify income, employment, and assets. Click for a list of required documentation. If you are self-employed, retired, or work on commission, you may qualify for a low-documentation loan which requires fewer documents but usually with a higher interest rate and possible penalty fees. 
• Understanding loan costs. The key to understanding loan costs is to figure out what the fees are actually for. Also known as "closing costs", these fees represent the cost of doing the loan. Closing costs you may be responsible for include loan-related costs, tax costs, and insurance costs. Read more details about closing costs.
• Jenny's Low Fee Promise. Unlike the big banks with high overhead, Jenny's promise as President of North Dallas Mortgage LLC is to keep your rates and fees as low as possible. With substantially lower overhead, Jenny is positioned to create an attractive loan program to fit your needs and earn your repeat business.

• Get the right fit. The key to getting your loan approved is to make sure you get the right "fit" from the start. This fit will make sure you and your loan meet the Lender's Underwriting guidelines, the basis for approval. Based on the data from the loan application you provided, Jenny will develop a loan program around you and use her extensive knowledge of Lender's requirements to make sure that every loan she starts is a loan she closes.
• Submit loan documention. During the pre-approval process, you will receive Jenny's Welcome Packet which includes your loan application, disclosures, and an initial checklist of documents we will require to process the loan. You may also be required to provide additional documentation during loan processing if more information is needed. View refinance checklist.
• Order Property Appraisal. In many cases, lenders need a professional, independent appraisal of your property to ensure that it is worth at least as much as they are being asked to lend on it. If required, Jenny will order the appraisal and schedule the date with you. Typical appraisal fees are $350-500. Learn more about appraisals.
• Order Title Search. Your loan closing will most likely occur at a Title, or Escrow company. Prior to closing, we will work with the Title company to order a title search, title insurance, a survey of your property's boundries, and a flood certificate. If a new survey is required, typical third party survey fees range from $350-500.
• Obtain a copy of your existing Homeowners Insurance. Homeowner's insurance, as the name suggests, protects you from damage or loss to your home or the property in it, and is a requirement of many lenders. Learn more
• Lock-in your rate. A rate lock or a rate commitment is a lender's promise to hold a certain interest rate and a certain number of points for you for a specified period of time while your application is processed. This prevents you from going through your whole application process and at the end of it finding out the interest rate has gone up. Jenny will recommend the right time to lock-in your rate to prevent any rate changes during the processing period. Learn more about rate locks. See also Jenny's "Best Guess" Rate Lock Advisory Tool. 
• Underwriting. Once you have submitted the necessary loan documents, Jenny will review your loan file and prepare it for submission to Underwriting for loan approval. At this time the Underwriter may request any additional information they need to help the decision-making process. Once the Underwriter has granted final approval, your loan will be ready for the next step: loan closing.