frisco texas home loans: USDA Will Have Monthly Mortgage Insurance starting October 1, 2011 - 05/17/11 03:52 AM
USDA Will Have Monthly Mortgage Insurance
USDA Rural Development and its loan program were designed to help improve the economy and quality of life throughout rural America. The program continues to remain a wonderful option for qualifying homebuyers, with zero down payment required.But a change is coming!Beginning October 1, 2011, for the first time in the history of USDA, the Single Housing Guaranteed Loan Program will have an annual fee. This fee will be calculated based on the guaranteed loan amount and based on the average annual scheduled unpaid principal balance for the life of the loan. If you're thinking of purchasing … (4 comments)

frisco texas home loans: Shopping for the RIGHT Mortgage in Frisco Texas - 01/06/11 06:32 PM
Finding a Texas Home Loan in Frisco Texas that's right for you should be easy. Right? Whether you are refinancing your Frisco home or looking to purchase a home in Frisco, you should know up front that there are many Texas Home Loan Programs to choose from beyond the basic Conventional, FHA, or VA. In addition, there is a myriad of ways to structure the loan in terms of the amount, payment, rate, closing costs... the list of options may seem endless. Because there are so many options available to you, it's important to seek advice from an experience mortgage professional who has your best interest at … (4 comments)

frisco texas home loans: Texas Relocation - Part 3 Temporary Housing - 02/09/10 12:21 AM

Texas Relocation - Part 3
If you have followed the other two parts, then you are mentally prepared to move and have found a home in your new area. In Part 3 of 9, we will discuss Temporary Housing. A temporary home is used when there is a gap between the date you move our of your old home/rental and when you move into your new home.
Having a gap in your move can be caused by a few things. For example, if you purchased a brand new home that is being built. The home may not be ready for … (9 comments)

frisco texas home loans: Determining Your Budget: How Much Money Do You Need to Buy A Home in Texas? - 10/28/09 02:31 PM
How Much Money Do You Need to Buy a Home in Texas?  First and foremost, you should not just focus on the down payment, although that's not a bad place to start. When you contact a Mortgage Consultant, they will typically walk you through a few scenarios and help you determine which type of loan is best for your financial situation.
When buying a home, you need to consider the following cash factors:
Down payment - min. 3.5% FHA or min 5% Conventional of the purchase price Earnest money -usually requested by the seller, but overall will be deducted as … (10 comments)

frisco texas home loans: Should your life stop just because you're buying a home? In short... YES! - 10/26/09 04:39 AM
Should your life stop just because you're buying a home?  Truthfully, you never know what affect actions you take today will have on the mortgage you apply for. Even if you don't plan on refinancing or purchasing for another three to six months from now.
Something as simple as transferring money from your savings to your checking account can create hassles in the mortgage process. I know it may seem a bit much, but lenders are paying closer attention to mortgage transactions today. Sure, the transfer of money seems simple enough.. and maybe it is. But when lenders see a large sum … (35 comments)

frisco texas home loans: How about that... Home Sales rise 7.2% in Dallas from June to July - 08/22/09 06:41 AM
Its true! Home Sales have risen 7.2% from June to July.  Did you know this is the BIGGEST increase month-over-month in almost 10 years?  That is great news!
How did this happen?  Well, there are 3 main reasons that home sales have increased.
Lower Prices - Higher inventory has brought down many home values. This is good news for buyers, but not so great for sellers. Low Interest Rates - Rates were at an all time low in February 2009. But just because the media stopped talking about the rates does not mean they have jumped way up. Rates are still fantastically … (17 comments)

frisco texas home loans: I live in Texas and want to take cash out of my equity. What do you suggest? - 07/13/09 01:41 PM
Do you own a home in Texas? Have you thought about pulling cash out of the equity in your home for the following reasons:
College Tuition Consolidate Debt Pay-off your auto loan Home repairs, etc. What ever your reason, you should know your options and the specific guidelines for your state.
In the State of Texas, you have the option of completing a Section 50(A)(6) aka Texas Cashout Loan or a Home Equity Line of Credit (HELOC). The main differences in these products are the terms and the interest rates.
The first thing to note about the HELOC is that the rate is approx 2% higher … (9 comments)

frisco texas home loans: Do you have an Adjustable Rate Mortgage? Did your mortgage payment Sky-Rocket? - 07/09/09 11:36 AM
Mortgage rates are low, but this isn't the first time. Rates have been low in the past. As a matter of fact, between 2003 to 2005, interest rates were extremely low. It was the perfect time to take out an Adjustable Rate Mortgage (ARM)... or was it?
This adjustable rate mortgage made it possible for many buyers to get into a home of their own, and it allowed those homeowners to save thousands of dollars on their first few years of a mortgage. After all, it was probably higher than your rent payment. This was a nice stepping stone from rent, … (6 comments)

frisco texas home loans: Debunking Mortgage Myths - 07/01/09 03:09 AM
If you've been living on another planet, you might not have heard all the media reports about the mortgage market conditions. It's been front page news for months - lots of doom and gloom that make home owners and prospective buyers doubt the wisdom of home ownership.
Guess what? The news about mortgages isn't all bad. In fact, it's quite the reverse. But if you only listen to the media stories, you may be missing out on an opportunity of a lifetime. Let's take a look at the myths that have come up over the past few months:

Myth … (10 comments)

frisco texas home loans: Honesty.. It's more than just staying out of JAIL... - 03/22/09 07:18 AM

When we speak of HONESTY, we often are referring to those who lie and cheat and take advantage of clients.  I really think that the majority of professionals do not do these things.  Honesty is more than staying out of jail.
Honesty is not promising more than what you can deliver.  How many times is a Real Estate Agent pressured to promise that they can sell a house at a certain price so that they can obtain a listing?  it takes a very honest agent to admit they cannot sell the home at that price - especially when they … (17 comments)

frisco texas home loans: First Step to Buying a Home - Pre-Approval Letter - 03/18/09 04:27 AM

Buying a home can be a whirlwind process and can cause great questions like "Why should I get pre-approved?"  You made the choice to look for a home, perhaps you have even spoke with a Real Estate Agent.  Maybe you have looked at a few homes online or maybe even went to a few open houses.  The Real Estate Agent may suggest that you have pre-qualified or better yet pre-approved for your home mortgage.
Did you know you can improve your purchasing power by making sure you are pre-approved for a mortgage?
A pre-approval letter gives you a competitive advantage against … (9 comments)

frisco texas home loans: Economic Stimulus Package - Another round of changes, but we are getting closer - 02/12/09 04:45 AM
Its been all over the news. By now, Im sure you heard something about it.  The original push, specifically for Real Estate, was for a First Time Homebuyer to receive a tax credit of $15,000.  That amount has been reduced to $8,000.
The House and Senate have reviewed the plans and made some minor enhancements to the original proposed plan.  Below is a quick snap shot of the current plan and the proposed plan, as it pertains to Real Estate.  Does the below mean "Go out and buy a home", not necessarily, but it certainly doesn't hurt.
Our current Stimilus Plan … (16 comments)

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John Cannata

Texas Home Mortgage - Purchase or Refinance

Frisco, TX

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Address: 1515 Heritage Drive # 207, McKinney, TX, 75069

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As a resident of Frisco Texas and a licensed Texas Home Mortgage Professional, it is my job to remove the stress out of financing or refinancing your home. I do this by providing ongoing updates, being available for questions, and ultimately delivering 'as promised' with not surprises. My goal is to become your consultant for life and for you to rely on me to assist your family and friends as well. By follow JohnLoanGuy at




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