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(Updated for 2022) If you’re a homeowner or home buyer in Texas, you’ve probably heard of homestead exemptions. Maybe that’s what brought you to our site. You’ve come to the right place! Below, you can learn all about Texas homestead exemptions, their basic requirements, and the application process.

What Is a Texas Homestead Exemption?

At its core, a Texas homestead exemption is basically a tax break for qualifying homeowners. It’s one of the many perks of buying and owning a home in the Lone Star State. A homestead exemption allows you to “write down” your property value, so you don’t get taxed as much.

As you probably know, residential property taxes are a major revenue source for the state of Texas. They help fund public schools, libraries, streets and roads, and more. They also compensate for the lack of state income tax. Texas is one of several states that do not impose a statewide income tax. As a result, they tend to lean more heavily on homeowners to generate necessary revenues.

And that’s where the Texas homestead exemption comes into the picture. The “residence homestead exemption,” as it’s officially known, is one of several tax breaks associated with homeownership. The state offers additional exemptions for military veterans, disabled persons, homeowners over 65, etc. But those are the subject of another article.

Click here for general information on homestead exemptions. Find your county here.

How Does the Standard Exemption Work?

Let’s talks specifics. Here’s how the basic Texas homestead exemption works. Section 11.13(b) of the state’s tax code requires public school districts to offer a $40,000 exemption on “residence homesteads” located within their districts. That’s legal jargon for a home that serves as a primary residence.

Other sections of the tax code offer similar exemptions:

• Section 11.13(n) gives taxing units the option to offer a separate homestead exemption of up to 20% of the appraised property value — but not less than $5,000.
• Section 11.13(a) requires a homestead exemption of $3,000 to be offered in those counties that collect flood-control or “farm-to-market” taxes.

The most common type of homestead exemption in Texas is the $40,000 reduction mentioned above, as outlined in section 11.13(b) of the state tax code.

So how does that exemption work?

Let’s say the local tax assessor or appraiser in your area determines that your home is worth $200,000. Under the standard Texas homestead exemption, you would be allowed to reduce the taxable value of your property by $25,000. So you would only be paying taxes on a $175,000 property value, versus $200,000. That could potentially save you hundreds of dollars annually.

Depending on where you live, you might have a separate exemption of up to $40,000. So this is something you’ll want to research at the local level, starting with your county’s tax website. Look for the “appraisal district” section of the website. That’s where you’ll find the homestead exemption rules and guidelines for your county, as well as any special requirements.

Prior to January 1, 2022, homestead exemptions could not be filed until the year after a home was purchased. As of 2022, homeowners may file for a homestead exemption immediately upon closing on their property, so long as an exemption has not yet been filed for that tax year.

Who Qualifies for It?

The good news is that there aren’t any strict qualification criteria for the general ($40,000) homestead exemption. You must have an ownership interest in the property and use it as your “principal residence.” In other words, you can’t use a homestead exemption on a second / vacation home. But that’s about it, as far as requirements go.

As it states on the Texas Comptroller’s website:

“A homestead can be a separate structure, condominium or a manufactured home located on owned or leased land, as long as the individual living in the home owns it. A homestead can include up to 20 acres, if the land is owned by the homeowner and used for a purpose related to the residential use of the homestead.”

Note: The general rules and procedures for a Texas homestead exemption come from state taxation officials. But the individual counties can implement them in different ways. So the exact requirements and exemption amounts can vary slightly from one county to the next.

Click here for general information on homestead exemptions. Find your county here.

How Do I Apply for It?

Applying for homestead exemptions in Texas is fairly straightforward, assuming you meet the basic eligibility requirements mentioned above. All you have to do is file a bit of paperwork.

The process can vary slightly from one county to the next. But in general, it works like this:

1. Visit the tax appraisal website for your county to find any specific instructions.
2. Obtain a copy of the “Application of Residential Homestead Exemption” (a.k.a., Property Tax Form 50-114) from your local appraisal district.
3. Complete the application with the required information about yourself and the property you’re claiming as a primary residence.
4. Submit the form in accordance with instructions provided by your appraisal district.
5. Provide any additional items your district might require (e.g., copy of driver’s license).
6. Follow up with your local appraisal district if you don’t receive any confirmation.

To learn more: If you have additional questions about this subject, you can refer to the “property tax exemptions” section of the Texas comptroller’s office. Their site offers more information on the topics covered above, along with a helpful FAQ section. You can find it with a quick Google search. You’ll also want to visit the “appraisal district” website for your particular county.

Have mortgage questions? Trinity Oaks Mortgage proudly serves the entire DFW Metroplex. Our experienced loan officers can answer any mortgage-related questions you have and guide you through the process. We look forward to hearing from you!

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We are so excited for TOM Talk Episode Ten! Our President, Michael Kuentz, interviews one of our expert Loan Advisors – Joe Savala. Watch below. We hope you’ll share these videos with your friends and tune in to learn more about our company and employees!

Transcript (Speakers: Michael Kuentz – President, Joe Savala – Loan Advisor) COMING SOON

Here at Trinity Oaks Mortgage, our mission is to help you find your way Home! When dealing with your home financing, we are not only working with one of your largest personal financial investments; we also are handling one of your biggest dreams. Since we work with matters so close to the heart, we serve you from ours. Contact one of our loan advisors today – click here.

Connect with us on Facebook, Twitter, Instagram or Youtube.

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We are so excited for TOM Talk Episode Nine! Our President, Michael Kuentz, interviews one of our expert Bilingual Loan Advisors – Catalina Irizarry. Watch below – transcript added for ADA. We hope you’ll share these videos with your friends and tune in to learn more about our company and employees!

Transcript (Speakers: Michael Kuentz – President, Catalina Irizarry – Bilingual Loan Advisor)

Words on screen; TOM TALK – POWERED BY TRINITY OAKS MORTGAGE

Michael Kuentz: So the question is donde te ves dentro de cinco anos? (Translation: So the question is, where do you see yourself in five years?)

Catalina Irizarry: Bueno, dentro de cinco anos en esta compania me veo Segundo los pasas de military branch me encataria se una manager de un branch algundia. Pero eso poco a poco. Primero ahora estoy conociendo, aprendendo. Pero aje quiero haga un futuro. (Translation: Well, in five years in this company, I see myself second to the military branch passes. I would love to be a manager of a branch somewhere. But that little by little. First, now I am knowing, learning. But here, I want to make a future.)

Words on screen; TOM TALK – Let’s talk with… Catalina Irizarry

Michael Kuentz: Hey, TOM family. Thank you so much for joining us for another edition of TOM Talk. It’s been a little while since we’ve had an opportunity to talk, but I’m so blessed to be joined by Catalina today. Catalina is one of our loan officers out in our Frisco branch. And if you have not had the opportunity to meet this young lady, I strongly encourage you to do so. She is a joy to be around. And just you know, just, she has a heart for this business, a heart for the Lord, and we’re blessed to have her on this team. So Catalina, welcome to TOM Talk.

Catalina Irizarry: Amen. Thank you. Thank you, Mike, for having me. It’s an honor to be here with you guys.

Michael Kuentz: Of course. Yeah. So I know what you do. But tell us what is it you do here and how long have you been with it?

Catalina Irizarry: Well, I’m, I’m on loan advice, a bilingual loan advisor here, the Frisco branch. And I’ve been with the company only for four months. This is actually my fourth month. So, and I’ve been, I’m learning a lot of things and meeting a lot of people and it’s just, I just love what I do. I love, I love to serve people, and that’s, that’s what we focus on.

Michael Kuentz: Yeah. Well, I could tell that you know, Catalina and I had a chance to take the Frisco branch to lunch a couple of months back, I guess it’s been now maybe a few months and I had the chance to get to know her a little bit and she has a warm and inviting personality, and I think she’s going to do some amazing things in this business. And so you’re in month four, but I can tell you that you’ve got a lot of great runway ahead of you. So I’m excited for you. So tell me how you got started in this business.

Catalina Irizarry: Well before joining the military, I was a commercial property manager down in Florida, and I’ve always been fascinated by the real estate market. So I felt God was calling me back to it. So I started like kind of doing some research on what the requirements were to be a loan officer. And one day I was having lunch with a good friend and I was sharing with him, you know this calling to go back to work. And all of a sudden he said it, talk to me about a faith-based amazing mortgage company that he works for. And I was just, I just, at that moment, I just felt I wanted to be part of it and then I just asked him, can you please get me an interview with the Frisco Branch Manager? Even though it wasn’t holding a license at that time, I just really wanted to talk to the manager. And just to make the story short. I went from my interview two weeks before taking the license test. I passed the test and I got hired. So it seems to God’s plans and timings are always perfect.

Michael Kuentz: I’ve said that a thousand times and I’ll say it a hundred thousand more, you know, God’s timing is perfect. And that is a God story. What you just told. You know, we, our timing is so imperfect, but His is so perfect. And the fact that you had the interview, you took the test, you got hired. That is a perfect plan. And I got to tell you, passing that test is quite an accomplishment in itself, so well done. And then now it’s about starting to build that business, right. It’s starting to get to build those relationships. So let’s fast forward a little bit. Let’s go deep, deep, deep into the future. And I’m going to ask you a question. How would you like to be remembered?

Catalina Irizarry: I would like to be remembered as a person that like always likes to serve others, as someone that listens to people’s needs and went that extra mile to fulfill those needs. I want my clients to say Catalina not only sold me an interest rate or a loan, she listened to me. She advised. And she helped me achieve the dream of homeownership. That’s how I would like to be remembered.

Michael Kuentz: That’s good. Well, cause that’s it. And I, believe that you know, the mortgage business can be very transactional and that is not what we’re about at Trinity Oaks Mortgage. Catalina, you personify by your answer exactly what we are, and that is we’re you know, we’re life-giving people. That’s what we want to do. We want to provide a life-giving opportunity for people to help them realize some of their own financial goals and in most cases their biggest financial goals. So it’s great. It’s great that your heart’s in that place. Thank you. So how has – now I know this, but the world doesn’t know this. Well, I’m sure some people do, but how has your previous military experience helped you in the mortgage industry? And thank you for your service.

Catalina Irizarry: Thank you, Michael. I think teamwork is one of the fundamental skills in the military. And since I got to join the Frisco team a few months ago there were all these great ideas coming from our Sales Concierge, George. He wanted to find a way for the community up here, up north to know who Trinity Oaks Mortgage was. So so I immediately say, okay, let’s do it. We’re a team. So we just started gathering our ideas, and getting everything, you know, all the ideas together. And that’s when we started engaging in social media, we started creating videos. And just trying to keep like on social media, like posting like daily stuff pictures, things like that. And that we just wanted the community to know who Trinity Oaks Mortgage is and that is what we are doing right now. And I believe every loan officer has their own clients, but we really all work together with the same mission in vision. and there are not individuals in the Trinity Oaks Frisco, but I think there’s a team and that’s who we are and what we have in, in our brnch.

Michael Kuentz: Well, I feel that. I’ve visited your page and I’ve seen the great work and yes, I have seen George’s touch on it, so that’s good. I love what Frisco’s building. I really do. Brent’s leadership and the team that he’s building and you guys. You guys are a family within the broad family. And it’s great to see because you are, uh, you’re planting the seeds and that’s the most important thing is you’re getting your name out there. You’re planting the seeds. And Trinity Oaks is going to be a staple in the Frisco market. I’m sure of it. So, so do you have a mentor?

Catalina Irizarry: I do. I think, I think for many of us, our great leader Brent Freeman is our mentor. It is truly a blessing to be part of his team. Uh, but I think, uh, I have to say that here in the Frisco branch, we all try to mentor each other. We all have different skills, different strengths. We have former teachers, we have former real estate agents, bankers, army veterans. So, we really work together to accomplish the mission of helping people find their way Home. And we always make ourselves available for each other. No matter the time of day. Brent is truly a blessing for all the wise, but we, we kind of help each other out.

Michael Kuentz: Yeah. You lean on each other. That’s good because, you know, no matter God blesses us with different skillsets and, uh, uh, it’s nice to be able to pull all of those blessings together and all those skillsets together because the end product is a good one. Uh, so that’s great. Now, Brent is certainly one of my favorites. I can’t tell you, I wish we could clone him because he, uh, does so much for, he does so much for the broad business. Uh, but I know he’s helping you all collectively grow every day. So it’s great to, uh, great to hear that. So, success is always something we like to talk about, right. Every, you know, there’s, it’s easy to talk about the good things, but what about maybe your biggest failure and what did you learn from your biggest failure?

Catalina Irizarry: Well, I think we all have had many failures in life. But one, my biggest failure was, I think hoping to start an IT career right after I got out of the military. I’ve always been fascinated by technology computers. So I completed my associate’s and bachelors degree in such a short period of time in computer technology. And I was just going to interview after interviews and applying for jobs and I never got hired in an IT job. So that was a failure for me. But, you know, Isaiah 55:8 says “For my thoughts are not your thoughts, neither are your ways my ways, declares the Lord.” And so I learned to put all my plans into God’s hands, I learned that even when we don’t understand why things are not happening our way, we have to know there’s a bigger plan for us. And we have to let God be God and let Him fulfill His plans in my life. I mean, I honestly think that his plan was to get me into the mortgage industry, uh, to join this amazing company, not only to work, uh, selling loans, uh, but also to be able to serve and impact people with my faith in Christ.

Michael Kuentz: That’s good. Yes. So here’s the good news though, about your, your quest for technology and to be in that side of the business, guess what mortgage is fast becoming? And they’ve always taught mortgage has always talked about being a technology industry, but I firmly believe that where this business continues to go to, uh, is a very tech-centric, tech-savvy type business. Yeah. I don’t think it will ever necessarily replace relationships. I think that’s something that, uh, independent mortgage bankers, like Trinity Oaks Mortgage have a competitive advantage around because we have great people like you being able to build relationships, but you utilize the technology that, that exists out there to make that customer experience so much better. So I think the roots that you were planting will serve you very well because you understand how technology must play a part in this financial decision. So, and I can’t wait cause I’m so excited about the things we’re doing here to create a better customer experience, because we’re going to be able to meet customers no matter where they are. If they’re a baby boomer, if they’re a millennial, it doesn’t matter. We’re going to find a buying experience. That, uh, that background’s going to serve you?

Catalina Irizarry: I got a few customers, a few clients, not from the Dallas area. I have a customer who’s closing next month. He’s in Killeen, he’s on active duty. And when I first talked to him, he was like, okay. So do I have to go to Dallas to do all the paperwork for that application? I was like, no, we have an app. You can upload everything to the app. See the status of your loan. Like there is a lot of technology that is in our hands. And at the same time, I’ve had, uh, people that they don’t want to know anything about technology. It’s just, okay, now I’ll just meet you. We’ll meet be halfway. You gave me the paperwork, but we’ll make copies. That’s not an issue, you know, but when we have to take advantage of that technology,

Michael Kuentz: No, that’s great. Yeah. Meet them where they are. That’s what we are here to do. We’re here to meet them where they are. All right. So I got, uh, one final question and I’m going to do my very best and asking this question, and then I want you to do what you do best in terms of meeting our bilingual customers. So the question is donde te ves dentro de cinco anos? (Translation: Where do you see yourself in five years?)

Catalina Irizarry: Bueno, Dentro de cinco anos en esta compania me veo Segundo los pasas de military branch me encataria se una manager de un branch algundia. Pero eso poco a poco. Primero ahora estoy conociendo, aprendendo. Pero aje quiero gar un futuro. (Translation: Well, in five years in this company I see myself second to the military branch passes I would love to be a manager of a branch somewhere. But that little by little. First, now I am knowing, learning. But here I want to create a future.)

Michael Kuentz: We want to help you grow and develop into that. And we want to help you continue to learn and, and educate yourself through this business. We’re just so blessed to have you, uh, I know everybody on the other end of this today is blessed to hear your story. And so, Catalina, we appreciate you so much. Thank you for being a part of our team.

Catalina Irizarry: Muchas gracias ustedes. Thank you very much.

Michael Kuentz: Thank you. Have a great day.

Catalina Irizarry: You too.

Michael Kuentz: Bye

Catalina Irizarry: Bye.

Words on screen; TOM TALK – Thanks for watching!

Words on screen; TOM TALK – Connect with us on Facebook, Twitter, Instagram, and YouTube.

END OF TRANSCRIPT

Here at Trinity Oaks Mortgage, our mission is to help you find your way Home! When dealing with your home financing, we are not only working with one of your largest personal financial investments; we also are handling one of your biggest dreams. Since we work with matters so close to the heart, we serve you from ours. Contact one of our loan advisors today – click here.

Connect with us on Facebook, Twitter, Instagram or Youtube.

The post TOM Talk Episode Nine appeared first on Trinity Oaks Mortgage.

We are so excited for TOM Talk Episode Eight! Our President, Michael Kuentz interviews one of our expert Loan Advisors – Sharon Kane. Watch below – transcript added for ADA. We hope you’ll share these videos with your friends and tune in to learn more about our company and employees!

Transcript (Speakers: Michael Kuentz – President, Sharon Kane – Loan Advisor)

Words on screen; TOM TALK – POWERED BY TRINITY OAKS MORTGAGE

Michael Kuentz: Yeah. They say to forgive is to set a prisoner free and then discover that the prisoner was you.

Sharon Kane: Yeah.

Michael Kuentz: It is a freeing and it, you know, it doesn’t mean you forget you, you that’s not it, but to forgive is, is something that is so. Freeing and a release from you in a weight lifted. And so I’m so glad you discovered that. I think it’s all, it’s a great reminder for us all and that daily, we should be forgiving those around us.

Words on screen; TOM TALK – Let’s talk with… Sharon Kane

Michael Kuentz: Hey, TOM family, welcome to another edition of TOM Talk. You know, we’re excited. To be able to welcome Sharon Kane into the TOM Talk seat this week. It’s exciting because yeah, I haven’t had the chance to personally meet Sharon. And so to be able to talk to Sharon like this through Teams it feels really good. It’s been a, been a long time since we’ve talked. So Sharon, welcome to the TOM Talk.

Sharon Kane: Well, thank you for having me truly.

Michael Kuentz: Yeah, of course. Well, so let’s do some of the quick tactical questions. What do you do for us? How long have you been here and where do you reside in the state of Texas?

Sharon Kane: So, first answer is I’m a loan advisor. Which, those in the industry would wonder what a loan advisor is in comparison to a loan officer. And to me, I think there’s a drastic difference.

Michael Kuentz: Tell us. Yeah, please.

Sharon Kane: Gosh, a loan advisor as a counselor is a partner with the client. And the thing that I love about Trinity Oaks is we bring them into the fold of the family. I mean, we literally guide them as if they were a family member and as if it were something that we would want for ourselves. Right. I mean, it’s just, it’s all about. Cause we, we know, we know we all know others in the industry and the pace is so fast and many times the client is forgotten and they become another number right in the process.

The biggest thing that, and I’m, gosh, I know for a fact I work with the best people in the industry. I know it. I know it, I know it.. Yeah, I really do. Whether it’s my fellow brothers and sisters, or it’s the processors or the underwriters, because we, when there’s a calling and there’s a special need on a file or a client, everybody rallies it’s with heart. And many times, because of that, I have realtors. I have clients calling for family members that, you know, and just need us to take it over and fix it and get them Home, you know, it’s just.

Michael Kuentz: Terrific.

Sharon Kane: It’s something that’s just amazing. You know, it’s just, it’s a gift.

Michael Kuentz: It is. And I’m so glad you brought that distinction because Loan Advising versus just simply being a Loan Officer. And this is that we’re not trying to be disparaging towards the titling of these things, but I think we, within our industry, are moving into a new world where we’re helping people create wealth. And when you help people create wealth you’re not just simply a transactional person anymore. You are, you are advising. You’re a part of the future of their wealth creation. And so I think that is it’s paramount that we really draw that distinction. But through the process, like you talked about make them feel like they’re a part of something new and different and special because number one, we want them to come back to us the next time they think about home financing or the next time that they want to refer somebody. But we want to be that counselor, that special advisor throughout the process to where it makes it seamless and less stressful. So that’s good.

Sharon Kane: Most definitely because many come, whether it’s just filling out the initial application or they’ve been to somebody else regardless, there is a fear factor and an anxiety factor, and I don’t care who they are. They could be the fifth time home buying. It’s just, there is so much fear-based there will it all go through? Will it, you know, whether it’s a new build or a refinance or, you know, existing home, regardless of the process, there is a fear-based and we are the calm in that, we are the calm when they’re at the dinner table and they start to think about things and worry. They reach out because we’re not eight to five, we’re there as a partner.

Michael Kuentz: That’s good. Yeah. And you know, you talk about the stress when you have a supply and demand issue. Like we have right now in our marketplace and you’ve got, you know, Not just 10,000 over asking the 25 and 50 and upwards of a hundred thousand dollars. In some cases over asking, it can be extremely stressful for that pre-qualified buyer. That’s trying to go out on the market. And make a winning offer on a home, right?

Sharon Kane: Oh my gosh, absolutely. It’s painful. And some just don’t have that equity to offer that much. So they have to go down the road and it just, yes, it’s heartbreaking, but that’s where we’re the encouragers because God has a plan and that perfect home is there for them. They have to just be patient. And if it happens and I could give you a list of people that it’s happened to. So it’s all in believing God has a plan and he will deliver.

Michael Kuentz: Amen on that. So you’ve been with us for how long now?

Sharon Kane: I’m excited to say one year and five months as of yesterday!

Michael Kuentz: Congratulations. That’s awesome. Okay. Where do you live?

Sharon Kane: So I’m outside, I’m in the Austin area, but I service all of Texas. I mean, I was just in Houston and I was in Dallas. Yeah, it doesn’t matter.

Michael Kuentz: You do some loans up in Colorado as well.

Sharon Kane: I do, I do. And I actually have one at the end of the month that I’m flying in for. So, Oh, my first time, home buyers and nurtured them every step of the way don’t spend, don’t spend, you know, it’s young couples, so we’re, they’re calling me, but we really want this couch. Wait

Michael Kuentz: Just wait.

Sharon Kane: Wait. I know you said that but it’s only, I know, but it’ll look prettier when you’re closed because you won’t have enough. So, you know, it’s all about that. Just getting them there

Michael Kuentz: That’s awesome.

Sharon Kane: I love what we do. I mean, it’s just the thrill of the fight sometimes. Then we get them there.

Michael Kuentz: What a difference-maker to that. You’re going to be on an airplane to go see them. And I can, I could probably answer this next question, but what makes you feel inspired or like your best self?

Sharon Kane: You could, because hands down it’s God the gift of giving, but you know what, Michael, it’s not just, it’s not just loans. And I, I know I echo a lot of my brothers and sisters within TOM because we all think the same way. I don’t care if we’re at the grocery store and someone needs help. There is not something more soul-fulfilling than helping. The gift of being able to help. Right. I mean, it just is, I don’t know. It just, to me, it hits me the soul and that we get we’re on the giving side and we get the gifts.

Michael Kuentz: Yeah.

Sharon Kane: And return. I mean, it’s just, it’s magic.

Michael Kuentz: Yeah. You know, it’s interesting. Cause I love how you put that. It, you know, our mission is to reach people for Christ and give to the kingdom, whether you do a loan with us or not mission is to reach people for Christ and give to the kingdom. And I think that is what makes it special. I hear more and more stories around the company. About people that may or may not do a loan with us. And in some cases they can’t do a loan with us. Cause they’re there, they’re not at that qualification stage, but somehow we’ve helped them. Or maybe people we just pass on the street, but I hear a special story. That’s the story is when we want to raise up, because our mission is further than a transaction. It’s further than just a home it’s, it’s truly helping them find their way to their eternal home. And that’s a big fundamental difference in our heart and how we serve people.

Sharon Kane: Yes, that’s, that’s absolutely huge. Huge.

Michael Kuentz: So I could probably answer this question. What drew you to start working for Trinity Oaks Mortgage?

Sharon Kane: Well, you know what I have to say? It was just an incredibly pinnacle time. It just, it happened overnight. I don’t know that, but I was starting to feel with my current company and I come from corporate America. So I know how it works on the world is big enough for all the mortgage companies. And but the company I was working for was actually changing their structure. And to me, it was not in the favor of the client. So that’s where I felt, gosh, I’m not fulfilling my heart’s desire, which is to truly make an impact and help. And that’s when I just happened to talk to somebody, a branch manager that was working for TOM that actually called me and said cause she too had worked for the prior company and said, gosh, you know, I know blah, blah.

So I, you know, I thought about and started asking questions. And then when I went, Oh my gosh, faith-based. Yeah, that was divine intervention, even though, you know, there was another company that, you know, I just didn’t, I didn’t even look back. I was so confused it’s to the point. I mean, you’re going to think this is silly, many did, but I hit the President’s Club with my prior company and I left like literally a day before the trip to The Bahamas and all this stuff, but I didn’t even look back that didn’t matter to me what matters. I mean, what fills the soul at the end of the day is that, so yeah, there, I have not looked back. I have not regretted a second of it. I mean, I just love it.

Michael Kuentz: That’s good stuff, hearing that you burned the boats is that say, you know, there’s a book that I, I try to go back and read every few years, it’s called Think and Grow Rich by Napoleon Hill. And it talks about there’s. The second chapter of the book is a, is a chapter on faith and, and certainly, you know, faith in our, and our Lord and Savior, but also faith in yourself as making the decision to be able to say, This is where my path is now. It’s no longer here. So thank you for being a part of TOM, because that, you know, you truly burned the boats to be here. So we appreciate that. And I hope to see you on President’s Club for next year. I’m sure you got the video and all that.

Sharon Kane: I did.

Michael Kuentz: So we look forward to having you on that trip once you hit the qualification. So. What is the best compliment you have ever received?

Sharon Kane: So mom, mom, mom, and you’re going to think that’s silly, but you know, not only just from my kids, let me call mom, wait, I’m going to call mom, wait, I’m going to call, you know, I have three adult kids and you know, that’s a compliment because usually, they know everything right.

Michael Kuentz: Right.

Sharon Kane: But aside from that, what, even in the industry, I became the mortgage mom. I mean, at a very early time and you know, my. Career. And there were people calling me mortgage mom, and I’m like, I’m not old enough to be your mother, but I also didn’t want to be in a box so those that were older than me. I said, you know, I know you’ve heard I’m called the mortgage mom, but I mom your file. I mother your file. I won’t mother, you, you know.

Michael Kuentz: That’s good.

Sharon Kane: But I said, all it means is that I’m going to nurture this every step of the way. I’ll keep it posted, et cetera. And it was so funny because I’ve been called, you know, mortgage mom, my My God gifted mom. I, you know that and yesterday a new one came up because of course, it’s how pinnacle mother’s day. And a new one came up my second mama, which I thought, and that was a client that closed last month, you know, so I thought.

Michael Kuentz: Oh, how touching.

Sharon Kane: But yeah, so I tried to not go into a box of mortgage mom because I don’t want to exclude those that wouldn’t fit that, but many do come as you know, for, for the mortgage mom.

Michael Kuentz: Wow. So and. Happy post Mother’s Day to you. I hope you have a great day yesterday. And we celebrate moms. The sacrifice that moms make is something that dads couldn’t hold a candle to not to say that dads aren’t important, but moms truly are the nurturing, loving, toughest people. I know. So thank you for being a mom. We appreciate you.

Sharon Kane: It’s an honor to be a mom.

Michael Kuentz: Absolutely. So what’s the most important thing that you’ve learned in your life? You know, something that what was your life like before learning it? And then what is your life like now after learning it?

Sharon Kane: Really the most profound is forgiveness. And that is probably the most difficult, you know, there’s so many measurables of forgiveness, right. If there was a very devastating time in my life and my young adult life and, you know, I just, yeah, I was having trouble forgiving but knew that for my soul. And that God wanted me to forgive. And it just, it’s amazing how God did step in, but I was struggling with it. I will tell you I was struggling terribly with it. And what was amazing back then when I was in the corporate world and I was flying a bit. I’m telling ya the most emit it was divine intervention because every time, I mean, it had to have been three different flights all within this period of time that I kept going “Father in heaven, show me, you know, the way, show me a path where I can be at peace with this.”And. Right two-seater plane, you know, charter flights or whatever, you know, just connecting flights. And there’s a pastor of one denomination. There’s, you know, I mean, it was just one after another three different denominations and then they strike up the conversation and I went into it and boy, it was like, okay if there’s not a bigger sign and I was just at peace. So you can see that from that, I took it into a very complex piece, but a piece meaning P I E C E, which moved to peace of heart. And while many think that in, in forgiving that you can’t forgive the other person or, you know, everybody has their different pieces, but I was able to forgive that other person, not that I’m condoning that behavior or anything along those lines, but I was able to forgive and continue on, you know, and soul fulfilled.

Michael Kuentz: Yeah, they say to forgive. Is to set a prisoner free and then discover that the prisoner was you.

Sharon Kane: Yeah.

Michael Kuentz: It is a freeing and it, you know, it doesn’t mean you forget you, you, that’s not it, but to forgive is, is something that is so. Freeing and a release from you in a weight lifted. And so I’m so glad you discovered that. I think it’s all, it’s a great reminder for us all and that daily, we should be forgiving those around us.

Sharon Kane: So, and see, that’s the key, my goal. Once you learn it on the big thing, little things that forgiveness truly prevails. You just start to go. Ah, I forgive them. You can tell they’re in a bad mood or whatever the case may be, whether it’s at the car wash, you know, regardless, wherever it is.

Michael Kuentz: It’s good. It’s wisdom. Well, Sharon, I have thoroughly enjoyed this time with you. And I hope and pray that you continue to do great things for us here and that if there’s anything we can do for you, you know where we’re at, but it was so good getting to know you. And most importantly team, I hope you have enjoyed getting to know Sharon. So, Sharon, have a great day. Happy post-Mothers Day to you, and I wish you all the best.

Sharon Kane: Thank you. A pleasure, Michael. Thank you for taking the time out of your busy schedule. I know. Appreciate it. Bye now.

Michael Kuentz: Bye.

Words on screen; TOM TALK – Thanks for watching!

Words on screen; TOM TALK – Connect with us on Facebook, Twitter, Instagram, and YouTube.

END OF TRANSCRIPT

Here at Trinity Oaks Mortgage we love being your lender! When dealing with your home financing, we are not only working with one of your largest personal financial investments; we also are handling one of your biggest dreams. Since we work with matters so close to the heart, we serve you from ours. Contact one of our loan advisors today – click here.

Connect with us on Facebook, Twitter, Instagram or Youtube.

The post TOM Talk Episode Eight appeared first on Trinity Oaks Mortgage.

What makes Trinity Oaks Mortgage different from all of the other mortgage companies out there? Among other things, love. You’ll find that word within our core values. It’s the centerpiece for all that we do.

You don’t hear the word “love” used a lot within the mortgage industry. Many lenders focus on the bottom line, the nuts and bolts, the dollars and sense. Sure, those things matter. But we believe you deserve a lot more from your mortgage provider.

As a borrower, you want to succeed with your financing goals. That’s probably first and foremost in your mind. You want a good interest rate, a streamlined lending process, and an affordable monthly payment. In other words, you want to make a smart investment. And we can check all of those boxes for you.

At the same time, we believe you deserve more than these bare-minimum requirements. You deserve to work with a company that’s truly invested in your long-term financial success, a company that cares about you. That’s what you’ll find at Trinity Oaks Mortgage.

We strive to create lifelong relationships with each and every one of our clients, supporting you through the home-buying process and beyond. We will work closely with you to create a home financing strategy built around your specific needs and goals. That’s just one of the ways we show love to our clients.

Our core values drive us, day in and day out, to create a one-of-a-kind, world-class mortgage experience for our clients:

• Generous love
• Honest communication
• 2nd mile service
• Relentless pursuit of excellence

Generous Love

Our first of the 4 core values is Love. It’s an integral part of our company philosophy and central to how we conduct business. It’s how we treat people in general, both in and outside of our company.

There are many ways to show love, even within the context of a mortgage transaction. We show our employees and clients love through our actions, our time, and our talents. We want everyone we deal with to know they are loved and valued.

Honest Communication

Communication is a vital part of the home buying and mortgage process. There are many people involved with the process, and a lot of “moving parts.” Effective communication is the glue that holds it all together.

Over the years, we’ve learned the value of open and honest communications within the finance world. We take it so seriously that we’ve incorporated it as one of core values. If you use Trinity Oaks Mortgage for your home financing needs, you’ll enjoy honesty and communication through every step of the process.

2nd Mile Service

At Trinity Oaks Mortgage, we live to serve others and go the extra mile to accomplish that goal. That’s what this core value is all about. We deliver a “2nd mile service” by exceeding our customers’ expectations in every way possible. We encourage our team to spend extra time and make the extra effort for the benefit of our treasured customers.

Relentless Pursuit of Excellence

Our last of the 4 core values is “Relentless Pursuit of Excellence.” You’ve probably heard the expression: “There’s always room for improvement.” This is a great philosophy that can be applied to everything from sports to business to personal development. At Trinity Oaks Mortgage, we apply this concept to every aspect of our business.

We encourage our team members to strive for excellence in all they do. Among other things, this means we must be open-minded and willing to adapt to changing circumstances. As a customer, you’ll benefit from this directly. From application to closing and beyond, you’ll receive excellent care from the entire team at Trinity Oaks Mortgage.

Have questions? Trinity Oaks Mortgage offers a wide variety of home loan options, including FHA. Please contact us if you have questions about the FHA loan requirements in Texas, or other mortgage-related topics.

Connect with us on Facebook, Twitter, Instagram or Youtube.

The post How Our 4 Core Values Set Us Apart from Other Lenders appeared first on Trinity Oaks Mortgage.

FHA loans are a popular financing option among home buyers in Texas. This program appeals to first-time buyers in particular, especially those with limited funds in the bank. FHA loans offer several key advantages, including a relatively low down payment of just 3.5%. As with all mortgage programs, there are certain guidelines and FHA loan requirements in Texas. Below, we will examine some of the minimum requirements for this program.

Minimum FHA Loan Requirements in Texas

Federal Housing Administration (FHA) loans are originated by mortgage lenders in the private sector, just like most other types of mortgage loans. Insurance is what makes the program unique. The federal government partially insures FHA loans, and that’s what distinguishes them from conventional or “regular” mortgage products.

The Federal Housing Administration falls under the Department of Housing and Urban Development (HUD). Among other things, HUD establishes the minimum guidelines for this mortgage program. Here are the basic eligibility FHA Loan Requirements in Texas.

Minimum Down Payment

Borrowers who use this program to buy a home must put down at least 3.5% of the appraised value or purchase price. That’s one of the key benefits offered by the FHA loan program. It allows for a relatively low down payment, reducing one of the hurdles to homeownership.

The down payment money doesn’t necessarily have to come out of your own pocket. When using an FHA loan to buy a home in Texas, you could obtain some of your down payment funds from a third-party donor. Family members and other approved sources can contribute money to your minimum required down payment — another big advantage.

But there are requirements for this as well. Down payment gift money must be thoroughly documented. The person providing the funds must submit a signed letter stating that they do not expect any kind of repayment.

Credit Scores

Credit scores are another important requirement when using a Texas FHA loan. Your credit score shows how you have borrowed and repaid money in the past. It’s based on information contained within your credit reports.

People who typically pay their bills on time tend to have higher scores, while those with a pattern of late or missed payments often have lower ones.

When it comes to the credit score requirements for Texas FHA loans, there are two important numbers you should know about — 500 and 580. According to HUD, borrowers must have a credit score of 500 or higher to be eligible for the program. To take advantage of the popular 3.5% down payment option mentioned above, borrowers must have a score of 580 or higher.

Debt-to-Income Ratios

When applying for a mortgage loan in Texas (whether it’s FHA, conventional or VA), you’ll probably encounter the term “debt-to-income ratio.” As the name suggests, this ratio compares your gross monthly income to your recurring monthly debts. It’s a risk-assessment tool.

Having a lower debt-to-income ratio can increase your chances for qualifying for an FHA loan in Texas. A higher-than-average “DTI” ratio can have the opposite effect, especially if it rises above the 50% mark. The goal here is to ensure that you, the borrower, are not assuming too much additional debt by taking on a home loan.

The debt-related requirements for Texas FHA loans are somewhat flexible. HUD allows for higher debt ratios in cases where the borrower has “compensating factors,” like extra cash reserves in the bank. Please contact us if you have questions about this or any other FHA loan requirement covered in this article.

FHA Loan Limits in Texas

Lastly, we have loan limits. When using an FHA-insured mortgage to buy a home, you’ll have to meet the loan limit requirements for your particular county. These limits represent the maximum amount you can borrow through this program.

Loan limits can vary from one county to the next, because they’re based on median home values. In 2021, the FHA loan limit for most Texas counties is $356,362. In pricier counties, like those that fall within the Austin metro area, the limit is currently set at $416,300. The Dallas-Fort Worth area has a limit of $416,300 in 2021.

Note: These figures apply to single-family home purchases in particular. There are higher caps for multi-family properties, such as duplexes and triplexes.

Have questions? Trinity Oaks Mortgage offers a wide variety of home loan options, including FHA. Please contact us if you have questions about the FHA loan requirements in Texas, or other mortgage-related topics.

The post FHA Loan Requirements in Texas: Updated for 2021 appeared first on Trinity Oaks Mortgage.

We are so excited for TOM Talk Episode One! Our President, Michael Kuentz interviews one of our amazing loan advisors at our Red Oak Branch, Matt Bassett. Watch below – transcript added for ADA. We hope you’ll share these videos with your friends and tune in to learn more about our company and employees!

Transcript (Speakers: [MK] Michael Kuentz – President, [MB] Matt Bassett)

(00:00-00:05): Words on screen; TOM TALK – POWERED BY TRINITY OAKS MORTGAGE

(00:05-00:10): Words on screen; TOM TALK – LET’S TALK WITH… Matt Bassett

(00:10-00:38): MK – Well, Hey Tom family! Happy 2021. I’m excited about what 2021 is going to hold for this group. I’m excited about what we did in 2020. You guys were amazing and in an unprecedented year you came and you stepped up and you delivered. You delivered for the family of companies. You delivered for yourselves and met a lot of your personal goals, but you delivered for our customers.

(00:39-01:27): MK – And that’s quite an accomplishment. Our goal of reaching people for Christ and giving to the kingdom is job one. That’s our number one mission. And you guys absolutely held up your end of the bargain. So thank you very much. You know, I’m excited about this communication plan that we’ve got going on. You know, you should have received yesterday, the email from our marketing team who does just an amazing job, but, this is going to be a great opportunity, to get to know our employee base, you know, it’s an opportunity for me to get to know some of them better and some of you better. But, ultimately we’re in a different world. Obviously we’re more virtual than we’ve ever been. And, and to see, to see the faces with the names that we hear about on a regular basis is what I really want to accomplish through this.

(01:28-01:51): MK – So, this should be a lot of fun and really to kick things off. I’m excited to welcome Matt Bassett to the hot seat. I don’t want to call it the hot seat. It’s the fun seat, but Matt, welcome, man. Thank you for, for being our first employee interview through the Tom Talk Communication plan.

(01:52-02:01): MB – Man, I’m excited. I feel like, you know, I’m on a game show pretty much. You know, hopefully I can meet expectations on this great venture for this!

(02:02-02:25): MK – I think you’ll succeed, and your life’s a game show for you sometimes. So you’re always keeping us, you’re keeping all of us on our toes as I know too well. And possibly even Christine Walton knows too well, judging by some of the videos. But, hey, turning attention really to you. Why do you believe that Trinity Oaks Mortgage is different than other mortgage companies out there?

(02:26-03:35): MB – I mean, in complete honesty. I think that we treat our customers as customers. So, it’s not in the sense of, they’re just another number, basically, you know, not another tally on the Mark or anything like that. They are basically almost, that best way to explain it is, we treat them as if they’re family to us. You know, we send a keepsake family Bible to them. I mean, the countless number of customers who send me texts, emails, or phone calls, just how grateful they are for that. And how that next family Christmas, you know, they’re going to have that laid out for them, for their family to see. And so, I mean, I think, you know, we’re not just trying to touch their lives. You know, financially, obviously, which is our job, but we want to touch their lives personally as well. And as John Houston’s motto is literally build lifelong relationships with them. I mean, I’ve had one customer, I think I’ve done like four or five, either Purchases or Refi’s with. And so something like that just, it makes you feel good on the inside and makes you feel like, you know, hopefully I’ve made an impact on their lives and maybe I’ll do four or five more with them.

(03:36-03:58): MK – That’s good. Now, I just got a letter today from another one of our customers that was thanking us for remembering them with the family heirloom Bible and said that each time they read it, they’re going to remember our generosity and that’s just important and makes my heart happy. How’d you get in this business? How’d you get in the mortgage business.

(03:59-05:13): MB – So I actually worked at John Houston before this. I started at John Houston when I was a senior in college. I was a superintendent, believe it or not. And that was a very, very stressful job. When you’re a senior in college, it was, it was hard. And then I spoke to Chad (Chad Miles), who’s the CFO over there and you know, and when I graduated, I started as a financial analyst. I love the company. It was just, felt like home. And then whenever TOM (Trinity Oaks Mortgage) started, I was actually working the payroll and just miscellaneous invoices to the accounting system for TOM, and the president at the time came to me, was like, Hey, I think you’d be a good fit. I’ve known him for a while. I knew him for awhile. I was like, you know, we just had a baby. There’s a lot, that’s a big jump. And so we just put our trust in God and we said, let’s do it. And we took the jump. Definitely, obviously when you’re going from a salary position, two commission based, I mean, yeah. That, you know, there’s, there could be some scariness on that. But, luckily we had, you know, great leaders, in the company, great employees who helped me, taught me and the proper way and everything like that. And I mean, it’s been a blessing, honestly.

(05:14-05:47): MK – Yeah, man. There’s, for those of you and for those on the call that have experienced going and taking that leap from the comfort of salary, into the, you know, the eat what you kill type situation. It can be, it can be a leap. And so I commend you for, for taking that, but putting your trust in God throughout that process. That’s great, Matt. All right, so 2021 is here. You had a great 2020. What’s one of your personal and/or professional goals for this year?

(05:48-07:09): MB – I think honestly, personal and professional. So professional, would be to exceed what I did last year, by at least two or three million. So, we had a great year last year. I think with, you know, everything with COVID, refinance boom, everybody knows about that. And so is that going to happen in 2021? We don’t know. We hope so, obviously. But, I think that just, you know, I think a two or three million would be good jump. Probably put me at about 160 loans or 150 loans for the year. So, that’s a lot of people that, you know, we can touch and, you know, hopefully make a difference and build a continuous relationship off of. Personal goal. I would love to lose 15 pounds. That would be nice. You know, I mean, I feel like COVID definitely did a number on me. So, but, you know, I have, you know, with a 10 month old, I have the excuse – a 10 month old and a five year old, but I have with a 10 month old, I can have the excuse of the Dadbod. That’s okay. I can still, you know, still use that. So, you know, lose about 10-15 pounds would be nice, just healthy weight. Maybe not go to McDonald’s as much during the day would be good too. But just, just a little healthier lifestyle basically would be the best way to say it.

(07:10-08:03): MK – I agree with you. I’m also on that, on that journey to lose a little bit. But, I liked the way when you talk about your goals, how you specifically talk about the number and the units where you want to be. I think that’s great counsel for anybody out there, that’s setting your goals. It can’t be a wish. Can’t be a dream. It needs to be, you know, something that you’re really writing down and holding yourself accountable to. So. Ah, Matt, I wish you the very best in that venture too. And so does the company. We want to see do very well because that does reach more people for Christ and that’s our mission. So that’s awesome. So I guess on your, on your journey, you know, you’d come across a lot of, folks that have been influential in your life, but you know, who has influenced you the most when it comes to how you approach your day to day at Trinity Oaks?

(08:04-09:50): MB – So there’s two answers on that. Both will be from a more of a business perspective, I guess. Outside the company would be my Mom. She was very successful in the corporate world and she kind of laid the stepping stones for me, you know, from a young age, basically how to approach business. And pushed me to be the best I can in everything. And so, obviously, there’s been times where we get in disagreements, but she is a very, very, very smart individual and I strive to hopefully be as successful as she was, in the business world. I mean, she definitely. She definitely pushed me when I was younger and to be as successful as possible. And I’m very grateful for that. Within the company, and I’m sure many employees would agree with me on this. Daniel Campa has pushed me to be the best loan officer possible. He is there for moral support. He is there for personal support. He’s there for businesses support. It doesn’t matter. I mean he gives 150% every single day. He will answer your phone call or text message, no matter what he’s doing, even if he is literally just bogged down and just buried, he will put us first. And I think that is definitely the definition of a servant leader, basically. Yeah, I hope one day. Yeah. I hope one day, honestly, I can, you know, develop the same CLT has. You know, he’s definitely somebody I’m trying to model off of. He’s been in business a lot longer than me, but I think, you know, he’s definitely somebody who has been a good role model to other loan officers as well.

(09:51-10:27): MK – Yeah. You know, it, when we talk about our, our family, we hear the saying that the Apple may not fall too far from the tree. Well, I can, I can say that, you know, what Daniel is doing for you all within the Red Oak branch is, is tremendous because he’s definitely taking pieces of who he is spreading that out to the team and it shows in the output. So I agree with you. He’s, he’s quite a, he’s quite an example of leadership. So what’s the biggest misconception that people have about the loan officer position?

(10:28-11:04): MB – So that’s kind of a funny question. It depends on who you ask. If you ask my five-year-old daughter, she thinks that for a living, I roll pens all day. So I don’t know what that means. And I don’t even have pens around me most of the time. So, but hopefully I’m making a bigger impact than that on her life. But she’s actually a very, very smart little girl. And so she will sometimes sit with me when I stay home and we’ll work together and everything like that. So maybe we’ll have another loan officer in the TOM family, you know, 15 years down the line.

(11:05-11:08): MK –It’s never too early to to recruit. It’s never too early.

(11:09-11:21): MB – So I’m saying, I’ll have her, I’ll have her start her resume now. And we’ll just update it every year. Basically we’ve already got, we’ve already got the Fannie Mae guidelines. We have it on tape. So when she goes to sleep every night, they’re just replaying in their head basically.

(11:21-11:22): MK – Just playing.

(11:22-12:41): MB – Playing and playing and playing. But I think, more from a customer perspective,  a lot of people think that we’re, you know, sometimes we’re just the eight to five basically company or, job position basically. When really honestly, you know, we try to be there for the customer 24/7. Weekends, after five, and everything like that. Obviously, you know, there’s family situations where we can’t. But you know, the biggest goal is to go above and beyond and above and beyond is beyond 5 o’clock basically working. So, I think, you know, we’re just, we’re not a normal hourly basically job, is best way to explain it. And I think, you know, customers, you know, they appreciate the extra mile where if it’s 8:30 o’clock and they send you a text message or something like that. And you respond, they’re like, Whoa, that’s, you know, that’s, I wasn’t expecting a text messages until the next morning, basically back. And they truly appreciate that. I believe. And that kind of just all separates us from other mortgage companies where, you know, sometimes you may or may not even a person, a loan officer may not even give you their personal cell phone to text or anything. So I think that’s definitely a separator between us and other companies as well.

(12:41-12:48): MK – And I think that is, you know, you’re, you’re living up to what you talked about with John (John Houston) and that’s building lifelong relationships.

(12:48-12:48): MB – Mhmm.

(12:49-12:48): MK – So that’s very good. Obviously there’s the balance, right? We need to be. dads and husbands and brothers and sons and all of that too, but obviously we want to, to serve our customers too. So I appreciate that.

(13:05-13:05): MB – Sure.

(13:05-13:13): MK – So what’s a random fact about you that most people do not know. Remember this is G Rated.

(13:13-14:02): MB – So, this (laugh) this a hard one. So I mean if, honestly, actually, if you know me, a lot of people who know me. I’m pretty open about everything. So I got to say, I had to think of stuff that maybe a lot of people didn’t know about me. So, one is, I mean, I guess the best way to think about that, you know, fun is essentially, I have my dual citizenship. So, I’m a citizen of Canada and the United States. My dad was born in Canada. All my family is from Canada, except for my mom. She’s from New York, upstate New York. So yeah, I mean, I’m definitely, if anything happens to me in the United States, you know, I can go up to Canada, eh,  get my maple syrup and, you know, see all my family up there. So, yeah.

(14:02-14:04): MK – That is a fun fact.

(14:04-14:21): MB – Yeah you know, they all actually, you know, some of them actually harvest their own maple syrup from their trees and they ship it down to us. And so it’s actually, I look forward to it every Christmas. So this it’s the best maple syrup. I mean, we’ve got some true Canadians in our family up there, so.

(14:21-14:45): MK – That is awesome. Well, Hey Matt, we appreciate you. We appreciate what you do for this company. We appreciate the fact that you live out our core values daily. You keep us on our toes. You make you make work fun and, I wish you the very best this year in 2021. In your personal goals, your professional goals. And just all the great things you’re going to do for us. So thank you for your time today, buddy.

(14:46-15:15): MB – I appreciate that, Michael. And I appreciate you guys having me. Last thing is, I just want to say that. You know, I really do love this company. I think we do make a big difference. And,  just the appreciation you guys have for us. I mean, a lot of times we, you know, either loan officers or just higher up individuals in the company will go above and beyond for us. And we don’t even know about what’s going on on the back end. So, just thank you guys for everything.

(15:15-15:21): MK – You’re welcome. All right, buddy. Have a great rest of your week and weekend and, good luck to you.

(15:21-15:23): MB – I appreciate it. Thank you sir.

(15:23-15:24): MK – Okay, bye.

(15:25-15:30): Words on screen; TOM TALK – POWERED BY TRINITY OAKS MORTGAGE

(15:35-15:35): Words on screen; Thanks for watching! Connect with us on Facebook, Twitter, Instagram, and YouTube.

END OF TRANSCRIPT

Here at Trinity Oaks Mortgage we love being your lender! When dealing with your home financing, we are not only working with one of your largest personal financial investments; we also are handling one of your biggest dreams. Since we work with matters so close to the heart, we serve you from ours. Contact one of our loan advisors today – click here.

Connect with us on Facebook, Twitter, Instagram or Youtube.

The post TOM Talk Episode One appeared first on Trinity Oaks Mortgage.

With the end of the year fast approaching, a lot of home buyers in the Dallas metro area are looking ahead to 2021. And many of them share the same overriding question. Will 2021 be a good year to buy a home in the Dallas-Fort Worth area?

From a market standpoint, now could be a great time to make a purchase. Those who postpone their home-buying plans until later in 2021 could encounter higher housing costs. So an argument could be made for buying sooner rather than later.

Understanding current housing market trends can help you answer this question. So let’s take a look at where the market is now, and where it might be going in 2021.

Dallas-Fort Worth Home Prices Rose Steadily During 2020

The Dallas-Fort Worth real estate market showed surprising strength throughout 2020. In the early days of the coronavirus pandemic, some feared that the real estate market might experience a downturn. Instead, home-buying activity continued at a steady pace.

According to a recent report from the MetroTex Association of Realtors, the median home price across the Dallas-Fort Worth area rose by nearly 13% from November 2019 to November 2020. That’s remarkable, when you consider the fact that we were dealing with a pandemic and economic slowdown during much of that period.

This relates back to the question at hand: Will 2021 be a good time to buy a home in Dallas? From an investment standpoint, the answer for many folks is yes. Home values in the area have shown resilience over the past year, due to strong demand from buyers. So it’s logical to assume that prices will continue to hold up going forward.

In a December 2020 press release, the research team at Realtor.com predicted that the median home price for the Dallas-Fort Worth-Arlington metropolitan area would rise by around 4.4% during 2021. Analysts from Zillow made a similar prediction, suggesting prices in the DFW area could rise by more than 5% over the next year or so.

So a sense of urgency might be warranted, among home buyers. Those who make a purchase earlier in 2021 could shield themselves from higher costs down the road. According to the Realtor.com report mentioned earlier:

“Buyers will need to act with a sense of urgency if they want to lock in a low rate before home prices increase even more in 2021.”

Speaking of low rates, that’s another reason why 2021 could be a good year to buy a home in the Dallas area.

Mortgage Rates Hovering at Record Lows, for Now

During the latter half of 2020, mortgage rates dropped from one record low to another. According to the weekly survey conducted by Freddie Mac, the average rate for a 30-year fixed mortgage was 2.71% for the week of December 10, 2020. That was the lowest average in more than 50 years. From an interest-rate standpoint, right now is a great time to buy a home in the Dallas-Fort Worth area.

Unfortunately, we can’t say with certainty how long this low-rate environment will last. Home buyers today can benefit by locking in some of the lowest rates we’ve ever seen. But that could change over the coming months.

In their mid-November forecast, the Mortgage Bankers Association predicted that 30-year mortgage rates could average 3% during the first half of 2021. Beyond that, they expect rates to creep up slightly. If this forecast proves to be accurate, it means that Dallas-area home buyers could encounter higher home prices and higher rates during the latter part of 2021.

Summary: A Good Time to Buy in 2021

We’ve covered a lot of information in this report, because we believe in keeping home buyers well informed about current market conditions. Here are five important takeaways:

• Home prices across the DFW metro area rose steadily during 2020.
• Forecasters are predicting a continuation of this trend going into 2021.
• Home buyers who purchase over the coming months could face higher prices.
• Mortgage rates are currently hovering at historically low levels.
• For many reasons, 2021 could be a good year to buy a home in the Dallas area.

Have mortgage questions? Trinity Oaks Mortgage proudly serves the entire DFW Metroplex. Our experienced loan officers can answer any mortgage-related questions you have and guide you through the process. We look forward to hearing from you!

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