Mortgage questions, answered.
Straight answers to what people ask us most. Don't see yours? Call or send a message.
Do you only lend in Texas?
No. Our advisors work across Texas, our office is in Georgetown, and Gene Griffin is licensed in Texas and Colorado. Through Barrett Financial Group's referral team we can close loans in every state where Barrett Financial Group is licensed. You'll work with an advisor licensed in the state where your property is.
Are you a bank or a mortgage broker?
A mortgage broker. Massif Mortgage Group is a DBA of Barrett Financial Group, which lets us compare loans from wholesale lenders instead of offering one bank's menu.
Does it cost anything to talk with an advisor?
No. The first conversation is free and there's no obligation.
Will getting pre-qualified hurt my credit?
Our pre-qualification form doesn't pull your credit. When you're ready for a pre-approval, your advisor will explain the credit check before it happens.
My credit isn't perfect. Should I still reach out?
Yes. We look at the whole picture, not just the score, and we'll tell you plainly what it would take to get approved.
Can you help with down payment assistance?
Yes. We work with state and local programs and with assistance programs offered through our lending partners that aren't state sponsored.
How long does it take to close?
It depends on the loan and the property. Many purchases close in about 30 days once you're under contract. Your advisor will give you a timeline for your file.
Can you refinance my current loan?
We can look at it any time. Ask for a free refinance analysis and we'll show you whether it makes sense after closing costs.
How much do I need for a down payment?
It depends on the loan. VA and USDA can require nothing down for eligible borrowers, FHA starts at 3.5% for most borrowers, and conventional can start at 3% for qualified first-time buyers. Down payment assistance can cover some or all of it.
Should I get pre-qualified or pre-approved?
Pre-qualification is a quick estimate. Pre-approval means an advisor has reviewed your income, assets and credit, which is what sellers want to see with an offer. We can start with either.
How do I know if refinancing is worth it?
Look at the break-even point: closing costs divided by your monthly savings. If you plan to stay past that point, it may make sense. We'll run it for you.
Can I take cash out of my home in Texas?
Yes, with Texas-specific rules. Texas home equity loans have their own limits and requirements, and we'll walk you through them.
What is a DSCR loan?
A DSCR loan qualifies you based on the rental property's cash flow instead of your personal income. The lender divides the property's monthly rent by its monthly payment (principal, interest, taxes, insurance and HOA). A ratio around 1.0 or higher, meaning the rent covers the payment, is what most lenders look for, though some go lower. No tax returns or W-2s are required.
What is house hacking?
House hacking means buying a 2 to 4 unit property, living in one unit and renting out the others so the rent helps cover the mortgage. Because it's your primary residence, you can use FHA (3.5% down for most borrowers), conventional (as little as 5% down for qualified borrowers) or VA (no down payment for eligible veterans).
Can rental income help me qualify?
Often, yes. Depending on the program, we can use current leases or the property's projected rent to help qualify. On a DSCR loan, the rent is the qualification.
How do lenders size a commercial loan?
Most lenders check two limits and lend the lower one. The debt service coverage ratio (DSCR) limit asks how big a payment the property's net operating income can cover, often at 1.20 to 1.35 times. The loan-to-value (LTV) limit caps the loan at a share of the property's value, often 65% to 80%, depending on the property type and the lender.
What do I need to get started?
A short description of the property, the purchase price or current value, the loan amount you need and how you plan to use it. We'll tell you what else the lenders will want.