FAQ's

This list of questions represents the most common questions we receive from customers. If you do not find the answer you're seeking, please contact us and we'll endeavor to resolve your question as quickly as possible.

How much money can I borrow for my mortgage?

Choosing the right mortgage is one of the most important financial decisions you will have to make. While many web sites offer you calculators to determine how much you can borrow, that is only a start to the loan process and doesn’t adequately explain the alternatives that are available or fully explore all of the factors that can determine how much you can borrow. We encourage you to call us and schedule a time to meet with one of our loan officers. They will answer your questions, explain all of your options, and help you to determine the loan program that works best for you. When you have all the facts, you can take comfort in knowing that you made the right decision.

Can I be pre-qualified for a loan?

Come in and talk to us. Our loan committee meets weekly.
One of our Loan Officers at Dalhart and Dumas can let you
know if you qualify and if they would be able to get you approved.

Should I refinance?

Like determine how much you can borrow, there are many factors to consider in making the decision to refinance. There are many loan products to choose from. Our Loan Officers will explain what options are available to you and help you make an informed decision as to which program is best for you.

What information do I need to bring?

• Paycheck stubs for the prior month
• W2 Forms for the past two years
• Last two years tax returns and financial statements if you are self-employed
• Current statements for checking, savings and investment accounts
• Current balances and minimum monthly payments for all of your loans

How much of a down payment will I need?

Dalhart Federal Savings & Loan Association, SSB has loan programs that may allow you to borrow up to 97% of the purchase price of a home. Customers with good credit scores and established income history may be able to qualify for a loan with only 3% down plus closing costs.  See one of our loan officers at Dalhart and Dumas for more information.

What is Mortgage Insurance?

Private Mortgage Insurance ( PMI) is another way for you to purchase a home.  If your loan amount is for more than 80% of the purchase price of the home, Dalhart Federal generally requires that your loan has mortgage insurance. This insurance protects the lender if the borrower should default on the loan. The borrower pays the mortgage insurance premium monthly as part of the loan payment until the loan is paid down to 80%. 

What are the usual closing costs for the Borrower?

• Fees for credit report, recording, appraisal, and title insurance
• First year’s hazard insurance premium
• Initial deposit for tax, insurance and escrow account
• Survey, pest inspection and property inspection

Dalhart Federal Savings does not charge a fee for an application or origination of a loan.