Mortgage Recos in Dallas (mortgage broker, credit report, loan)

[jacob]

Any recommendations on mortgage bankers/brokers in Dallas area for getting the best rate ?

Do most lenders purely go by credit score in determining the interest rate ?

Or is income to debt, loan to property value, other outstanding debt, etc also looked at ?

[KantLockeMeIn]

I'd suggest using an 'Upfront Mortgage Broker'. You get a better rate, pay a fixed fee, and bypass the b/s.

http://www.mtgprofessor.com/upfront_...ge_brokers.htm

The mortgage professor website listed above is a great resource for general mortgage questions.

[GoPadge]

Originally Posted by jacob

Any recommendations on mortgage bankers/brokers in Dallas area for getting the best rate ?

Do most lenders purely go by credit score in determining the interest rate ?
Or is income to debt, loan to property value, other outstanding debt, etc also looked at ?

Smaller banks and credit unions tend to have more descression than nationwide banks. Having an existing relationship with a bank can also help.
But in the end the income to debt ratio is one of the set in stone rules. Outstanding debt, and sometimes more importantly available credit can cause issues. If you have large debts, you're better off paying off as much as you can. Also pull your credit report and look for the old, forgotten, paid off, but still open lines of credit. They will count against you. (Because once you buy a house, those forgotten Lowe's and JC Penney accounts become very attractive to refurnish the home.)