About the Expert
About the ExpertKimberly, a native Texan, was a schoolteacher and lady’s assistant golf pro at a golf club before changing careers. When an industry acquaintance suggested she’d be a great mortgage lender, Kimberly ran with it and found her calling. She’s been helping clients secure mortgages on their homes for five years and enjoys providing them with friendly, helpful, personalized service at Commercial Bank of Texas in Lewisville.
Q&A
How should people select a mortgage lender?
Referrals from friends, colleagues, and family are an excellent place to start. Once you begin your search, look for the qualities of a good mortgage lender. They include personalized service, accessibility, availability, and being proactively communicative. Personally, I give out my cell number to clients so they can call or text me whenever they have questions.
Conversely, if someone doesn’t respond promptly, if you can’t get a quote quickly, or if it takes multiple calls to get a response, consider it a red flag and move on.
Should I shop for the best rate?
Of course, you want a good rate, but rate shopping can be tricky. Be cautious of lenders spouting rates without taking your personal information into consideration, such as your credit score and the loan-to-value ratio. Also, make sure the quoted rate includes all costs, fees, and discount points to be paid so there aren’t any unexpected expenses.
What advice do you give clients preparing to apply for a mortgage?
First, don’t be nervous. A good mortgage lender will ask questions and then guide and counsel you through the process every step of the way. One essential piece of information I give clients is not to apply for any new credit or make big purchases that would affect your debt-to-income ratio before they close. If, for some reason, you feel that you must make a substantial purchase, consult your mortgage lender first.
Another thing to avoid is making large cash deposits into your bank account. Especially during these uncertain times, we’re seeing more people keep larger sums of cash on hand in a home or office safe. Any funds deposited that are over 50% of what you make monthly will need to be traced.
When is a good time to refinance?
It depends on your goal, but if you want to save money, look for a rate that’s at least .75% lower than your current rate or better. Some people want to reset payments to achieve better cash flow for future investments or purchases. Others refinance because they’re getting priced out of their home in this sellers’ market. Property taxes and insurance are going up due to substantial housing price increases. So, let’s say you’re 10 years into a 30-year mortgage. If you refinance your property for a 30-year mortgage at your current principal balance, your mortgage payments will decrease.
What’s the typical closing date timeframe these days?
This depends on the appraisal timeframe more than anything. Here at Commercial Bank of Texas in Lewisville, we work directly with local appraisers from an approved list, which helps speed up the appraisal process. Typically, we can close in 30 days or less.
Why do you love what you do?
Helping people buy what is often their most significant investment is gratifying, and closing is a happy day. I feel that I help make a positive difference in my clients’ lives.
