texas: Reverse Mortgage Myths | Part 2 - 06/19/19 12:13 PM
Reverse mortgage myths part two. The truth about reverse mortgages is that most people just don’t understand them. I work with loan officers and Realtors every day, and the vast majority of them have no idea of how a reverse mortgage actually works.
 I am a certified reverse mortgage specialist and I have been doing reverse mortgages for over 10 years. FHA insured reverse mortgages technically called HECM, have been around since the 80s. Originally there were no credit or income qualifications and one could borrow a great deal of their homes appraised value. Because of that, many borrowers would cash out … (0 comments)

texas: How to divide home equity in a divorce or inheritance | Owelty Lien - 11/02/18 10:52 AM
Splitting equity in a home after divorce or inheritance can be complicated in Texas without a knowledgeable team to support you or using a Texas Owelty lien.  If you’re going through a Texas divorce or recently inherited  Texas real estate, you’re likely dealing with a lot of emotions, often times both positive and negative. The financial aspects of these situations can be difficult or challenging in Texas due to our strong homestead laws. That’s where we can help. At Service First Mortgage, we can help you with the Texas mortgage and Texas real estate issues you’ll encounter, specifically how to distribute home equity in a fair … (0 comments)

texas: Dallas Texas Friday Mortgage Rate Update for Week ending 09/14/2018. - 09/14/18 01:18 PM
Here is your Dallas Texas Friday Mortgage Rate Update for Week ending 09/14/2018.
From Zero Down to $3Million Jumbo.  I offer, Conventional, FHA, VA, USDA, Jumbo, Construction, Renovation, and special loans for Divorcing couples.  I can help you know what is the best program for you.  Find some of our loan options here.
Get your free customized mortgage plan today by calling 214.945.1066 or apply online.
Richard Woodward, NMLS 217454
Your Local, Direct, 5 Star Rated Mortgage Lender, Specialty Lending Manager
Office:  (214) 945-1066
www.mortgageprosus.com/5-star-reviews
Service First Mortgage  NMLS 166487
6800 Weiskopf Ave #200, McKinney, TX 75070
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texas: How To File Your Texas Homestead Form - 01/05/18 03:10 PM
Now is the time to file your Texas Homestead form if you closed on your home prior to January 1st. I like to remind people in the latter part of January because hopefully you’re done with your Holiday bills and you’re starting to get your tax information ready.

If you own a residence in Texas, you may be able to receive a homestead tax exemption. According to the Texas comptroller’s website, a homestead can be a separate structure, condominium or a manufactured home located on owned or leased land. Homestead tax exemptions exempt part of your home’s value from taxation. To receive … (0 comments)

texas: Why waiting a year to buy a home in Plano Texas home could really cost - 12/05/17 03:27 PM
Why waiting a year to buy a home in Plano Texas home could really cost you a lot of money.  I had a Plano Texas family talk to me today, they want to talk about how to buy a home. They wanted to wait a few years to save for a bigger down payment. WRONG 
This analysis shows you the cost of waiting just one year to buy a home. Let me show you how to buy a home today.
Ask me about programs for no money down of Down Payment assistance if you need it. I am here to help.  me now if you want to … (1 comments)

texas: Just Listed 3681 Silver Oaks Ln, Frisco, TX 75033 - 12/02/17 07:32 AM
3681 Silver Oaks Ln, Frisco, TX 75033 ACTIVEOPEN HOUSE: AUGUST 27TH 2-4 PM 1,590,000 Property Type: Residential Location: city, Frisco Beds: 5 Baths: 5 Sq Ft: 5904 Lot Sq Ft: 12196.8 Description Details Photos New listing in Frisco Texas. 3681 Silver Oaks Ln, Frisco, TX 75033.  New Modern Contemporary design that exudes both the Transitional architecture and design, meshing the two elements of modern and traditional elements. 5,904 sq ft of exceptional living space boasting a 2nd Master bedroom on first level with separate sitting area, dual vanities and huge closet. Gourmet kitchen with professional stainless steel appliances & custom cabinetry. Boasting exquisite ceiling treatments and eye catching … (6 comments)

texas: Reverse Mortgages are changing effective October 2, 2017 - 09/06/17 03:46 AM
Reverse Mortgages are changing effective October 2, 2017. The Trump administration is planning to raise premiums and place tighter loan limits on some borrowers in a mortgage program that helps seniors supplement their incomes. This Wall Street Journal article indicates that HUD says the program needs a sounder financial footing.
The bad news is that the new rules are going to lower maximum loan amounts for reverse mortgage refinance borrowers and increase down payments for reverse mortgage purchasers.
The good news is that it is going to lower the monthly mortgage insurance premium. If you know of anyone looking to buy or … (2 comments)

texas: HomeReady Home Loans make ownership easier for Texans - 08/04/17 08:45 AM
Fannie Mae launched a new First Time Home Buyer program called HomeReady designed to encourage home ownership. For those clients looking for larger properties or that have higher credit scores, HomeReady is an excellent choice. As a home buyer, our team will provide you with all the tools and a customized analysis to ensure you are getting the best loan program at competitive rates to suit your needs. We are dedicated to you – the home buyer – and to the principle that all transactions should be on time and as agreed. As a top McKinney lender, we have options for … (0 comments)

texas: USDA Home Loans | No Money Down Home Loans for Texas - 07/21/17 08:48 AM
No Down Payment USDA Home Loans Makes Texas Homes More Accessible
One of the biggest challenges many Texas first-time home buyers or step up buyers face is a lack of down payment and the necessary funds for closing costs. However, even with the widespread availability of “no-money-down programs” evaporating in the credit crisis, one national no-down payment program still remains: USDA home loans or Rural Development Home Loans. The majority of Texas communities qualify for this program which could save home owners a considerable amount of money when compared to a FHA or conventional mortgages. In the heartland of America, eligible loan … (2 comments)

texas: Reverse Mortgage for Purchase in Texas. - 06/16/17 03:04 PM
Reverse Mortgage for Purchase in Texas. Home buyers 62 years of age or older are now eligible to purchase a Texas primary residence and make no payment for life. What better way to enjoy your retirement than in your own comfortable home with very flexible payment options. Texas home owners are not the only people eligible to purchase homes with Service First Mortgage’s Reverse Mortgage For Purchase program. Currently we offer Reverse Mortgage For Purchase in Florida, Arizona, Ohio, Kentucky, and Oklahoma.
How It Works
It easy really, you bring in a down payment based on your age and make $0 Mortgage Payments … (0 comments)

texas: 5 reasons you may want to refinance your Texas home this year - 06/09/17 08:29 AM
5 reasons you may want to refinance your Texas home this year. I know the market well and McKinney home owners can save thousands by refinancing, especially exiting FHA home owners.
Mortgage rates are near historical lows, but could climb. The Federal Reserve raised the Prime Rate this year and may raise it again this month. Mortgage rates may eventually follow, even though they’re not directly tied to the Prime. If your mortgage rate is more than 1% above current rates, it could make sense to refinance soon.
Call today for your FREE mortgage tune up analysis. No obligation.
Home prices have risen. In … (0 comments)

texas: First-time homebuyer guide for Texas Home buyers - 06/08/17 08:22 AM
If you are a first-time homebuyer you may not even know how to get started. If you’re even thinking about becoming a first-time homebuyer, then you actually have started the process. Becoming a first-time homebuyer does require you to do a little homework and make a commitment. It can also help you create wealth. According to an article published in the Huffington Post, ” In 2015, the average net worth of a homeowner in was $195,400, compared to just $5,400 for a renter, according to the Federal Reserve. The significance is even more staggering for people of color. Wealth from equity in a … (0 comments)

texas: Cash out Refinance loans in Texas, what you need to know - 04/13/17 05:06 AM
Texas Cash Out Refinance What you need to know about Texas cash out refinances By utilizing a Texas cash out refinance homeowners can tap into their homes equity and very low interest rates. Because Texas has very unique home equity cash out refinance laws we have put together a list of frequently asked questions regarding Texas home equity mortgages.
In recent years many Texas homeowners have elected to pay cash for their home purchases. This is due in part to the very competitive nature of the Texas real estate market whereby paying cash could help one secure the home they wanted. … (0 comments)

texas: How to divide home equity in Texas when divorcing - 01/17/17 09:31 AM
Refinancing while divorcing is a very hard thing to do.  Emotionally and financially, it can be very stressful.  Finding an experienced mortgage lender in Texas capable of handling this delicate situation is essential.
Texas is a common law state and if you are married and own Real Estate that is  considered your primary residence with a homestead exemption, both spouses have equal rights to the equity in the home.  Equity is the value of the home minus the mortgage loan amount.  The Owelty Lien is designed to give each spouse what is owed to them as detailed in the divorce decree states.  I have found that the Owelty … (2 comments)

texas: Eliminating Private Mortgage Insurance From Your Texas Home Loan - 12/30/16 10:07 AM
Eliminating Private Mortgage Insurance From Your Texas Home LoanIn the market for a new mortgage? We'd be thrilled to discuss our many mortgage solutions! Call us at (214) 945-1066. Ready to get started? Apply Now.For loans made since July 1999, lending institutions are required (by federal law) to automatically cancel Private Mortgage Insurance (PMI) when the balance of the loan falls under 78 percent of your purchase amount - but not at the point the loan reaches 22 percent equity. (This legal obligation does not include a number of higher risk mortgages.) But you have the right to cancel PMI yourself (for … (0 comments)

texas: What are the steps to getting a mortgage? Video review of the process - 12/29/16 09:30 AM
What are the steps to getting a mortgage? Buying a home in Dallas Texas or other hot market? Shopping for a mortgage is the first step toward owning a home and perhaps the most daunting, especially if you are not prepared. Make no mistake, there's a lot involved in getting a mortgage loan. You wouldn't be here on our site if you could fill out a one-page application and get the best loan for you funded the same day. Prior to the mortgage crisis that occurred around 2008, getting a mortgage was as easy as picking out a new coffee table for … (2 comments)

texas: Video: Is an FHA Mortgage The Right Loan For Your Dallas Texas Home? - 12/20/16 01:33 PM
 Is an FHA Mortgage The Right Loan For Your Dallas Texas Home?
Why are FHA loans so accessible?
For a first time home buyer, a step up buyer, or buyers with bruised credit, a FHA loan makes it easier for Texas residents to qualify because the government guarantees the loan making it less risky for the lender and therefore easier to approve. However, each lender has set standards that they adhere to, which may differ from lender to lender. There are no income limits like many first time home buyer program, but you will need to have enough income to prove you can … (0 comments)

texas: 5% Down Jumbo Mortgage For Texas Home Buyers - 12/09/16 02:09 PM
Are you shopping for a luxury home in the Dallas Texas market? If so there's a good chance you will need a jumbo mortgage. A jumbo mortgage is defined as a mortgage that exceeds the conventional mortgage loan amount. As of January 1, 2017 the conventional mortgage limit in the Dallas Texas area will increase to $424,100.Most banks and lenders require a minimum of 20% down for jumbo mortgages. The Richard Woodward Mortgage Team of InterLinc Mortgage is proud to say that we offer jumbo mortgages with as little as 5% down for loan amounts of $850,000 or less.Buy your luxury … (0 comments)

texas: Can You Use A HomeReady Mortgage to buy Your Next Texas Home - 10/23/16 12:29 AM
Fannie Mae launched a new First Time Home Buyers program called HomeReady designed to encourage home ownership. For those clients looking for larger properties or that have higher credit scores, HomeReady is an excellent choice. As a home buyer, our team will provide you with all the tools and a customized analysis to ensure you are getting the best loan program at competitive rates to suit your needs. We are dedicated to you – the home buyer – and to the principle that all transactions should be on time and as agreed.™
There are many benefits for a borrower using HomeReady mortgages. … (0 comments)

texas: The Fed and Mortgage Rates What you should know - 10/12/16 06:19 AM
What is up with the Fed and Mortgage RatesHave you heard references to the Federal Reserve or "the Fed" in the news? These reports usually pertain to the Fed's raising or lowering of interest rates. The impacts of a rate decision can vary. Here are a few things to remember: 
The Fed sets target rates for bank-to-bank and Fed-to-bank loans. The Fed does not directly control fixed mortgage rates. In fact, fixed mortgage rates can change well in advance as the market anticipates any adjustments.  The prime rate is directly influenced by Fed moves. This rate is often used as the … (0 comments)

 
Richard Woodward  NMLS#217454, Service Beyond Expectations! Your Texas Lender (Service First Mortgage, NMLS #166487) Rainmaker large

Richard Woodward NMLS#217454

Service Beyond Expectations! Your Texas Lender

Dallas, TX

More about me…

Service First Mortgage, NMLS #166487

Address: 6800 Weiskopf Ave., Suite 200, McKinney, TX - Texas, 75070

Office: (214) 945-1066

Mobile: (972) 814-3587

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