WELCOME TO DFW PrimeLending
Owning a home has always been the “American Dream;” it still is. However, recent economic conditions have caused some people to give up on that dream. Here at DFW PrimeLending, our goal is to help make this dream a reality – for your family.
If your family looks forward to owning a home, having mortgage professionals you can trust is vital. It is important that the company you work with values integrity and honesty in their agents and throughout their entire organization.
REALTOR.COM RATES D/FW Housing Market As Best in the Nation
Realtor.com recently released a report that lists Dallas-Fort Worth as the area with the hottest housing market in the United States. This is based on April ratings by analysts who looked at the time taken to sell a property and the demand for housing.
Other cities that join Dallas-Fort Worth on the upper part of the 15-city list include San Diego, Boston, Santa Rosa, and Denver. While Houston is seeing some moderation in their housing market, it is likely Dallas will not be seeing a slowdown for a while yet. This is at least partly due to the diversified economy in the area.
The Texas Association of Realtors noted that properties for sale in Texas have reached an all-time low, but the market increased anyway. This would seem to indicate that sales this summer will again be competitive in 2015. The chairman, Scott Kesner, said, “The demand for Texas real estate is still strong, but our state’s housing market growth will not be sustainable if high homeownership costs, low housing inventory, and unfunded transportation needs are allowed to continue.” This refers to the 4.16% increase over the previous year in sales paired with the 8.8% drop in new listings, along with a 7.8% increase in median sales prices of homes across the state. Sales around Dallas were up 1.8% and Fort Worth saw a 4.4% increase, all of these from the same time frame in the previous year.
Lower oil prices are likely to affect Texas real estate prices, but had not yet at the time of the report. It is possible, according to economist Jim Gaines, that the second half of 2015 could see a slowdown once the oil prices stabilize, resulting in a lower level at the end of the year.
The report from Texas Realtors said that the area around Dallas had only enough houses for sale to last under two months. New builds are at a higher price level rather than the entry-level, where more inventory is needed. This, plus the fact that loans are more difficult to obtain, makes it difficult for first-time buyers to find something appropriate.
The demand in April plus the time to sell combined resulted in this list of the hottest markets across the nation, from Realtor.com:
- Dallas-Fort Worth-Arlington, TX
- Santa Rosa, CA
- Vallejo-Fairfield, CA
- Denver-Aurora-Lakewood, CO
- Boston-Cambridge-Newton, MA/NH
- San Diego-Carlsbad, CA
- Nashville-Davidson-Murfreesboro and Franklin, TN
- Ann Arbor, MI
- Detroit-Warren-Dearborn, MI
- San Francisco-Oakland-Hayward, CA
- Boulder, CO
- Santa Cruz-Watsonville, CA
- San Luis Obispo-Paso Robles-Arroyo Grande, CA
- Oxnard-Thousand Oaks-Ventura, CA
- Sacramento-Roseville-Arden-Arcade, CA
If you are interested in buying a new house in the Dallas-Fort Worth area, contact one of the loan officers at DFW PrimeLending by calling 972-250-9603. You can also reach us through our website: http://www.dfwhomeloanspecialists.com.
LOCK N SHOP Loan Program
Here’s some basic info about the lock and shop options. The most important part has to do with the lock deadlines.
Please let us know if you have any additional questions about the lock and shop.
- PrimeLending Lock and Shop is designed to allow borrowers to lock in an interest rate while they are still shopping for a property to purchase. It also includes the ability to float down the interest rate after sales contract is completed if the bond market has improved. Program is not applicable to refinance transactions.
- Lock and Shop rates will be different than regular lock rates.
- No up front lock fees.
- Lock Term = 75 days total, 45 to find a property + 30 to fund.
- Borrower must sign the Lock and Shop Agreement after locking.
- Borrower has 45 days from lock date to communicate they are under contract on a property.
- Lock will be cancelled if no contract by the 46th day from Lock Date.
- Property address changes are not permitted. No loan type/term changes.
- An extension of 20 days for 0.375 before property is found is allowed if requested before the 45 day mark.o Once under contract, borrower must sign Float Down Authorization.
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