There’s nothing more valuable than buying your own home – a place where you can live your dreams surrounded by your loved ones without fear of coping with high rental charges. Sounds too good to be true? Well, the bitter truth is it is. Buying a property in a metropolis like Dallas can be nerve-wracking and only be possible with the right guidance and support for financing.
As a prospective homebuyer, you likely have several to-dos on your checklist, such as researching properties to match your preferences, comparing options, and finding the best mortgage company in Dallas, TX.
Southern Star Capital, L.L.C., popularly known as Reliance Mortgage, is believed to be the top choice for first-time home buyers and refinancers who wish to achieve their homeownership and home maintenance goals without much fuss and formalities.
There are many things that Reliance Mortgage claims and promises to deliver to its clients. But do they keep their promises? This is exactly what we will find out in today’s article…
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What is Reliance Mortgage All About?
For more than 19 years, Reliance Mortgage has provided residential mortgages in real estate. The company, led by Mike Anderson, has funded over $8 billion in home loans. Their portfolio caters to all borrowers, including first-time buyers, repeat purchasers, renewers, and seniors seeking to use a portion of their home equity to cover daily expenses such as groceries, utilities, and medicine.
Who’s Part of their Team?
In 1989, Mike Anderson, a seasoned residential mortgage loan originator, established Southern Star Capital, L.L.C., also known as Reliance Mortgage, with only five employees. Today, the company boasts over ten employees renowned for their expertise in residential mortgages, exceptional customer support, and extensive real-estate knowledge.
The company’s website features a complete team roster, including Sandy Wilson as a reverse mortgage processor, loan officers Cody Olynyk and Cody Loudermilk, as well as Mark Adams, Leah Thomas, AI J. Keller, Sonja High, and Ashly D’Agostino.
What’s Included in their Mortgage Portfolio?
Reliance Mortgage offers a variety of mortgage solutions to cater to the needs of different borrowers. These options include government-backed loans, VA loans, construction and lot mortgages, and more. Here’s a closer look at some of the options they offer:
Cash-out Home Equity Loans
Cash-out refinancing enables borrowers to refinance their mortgage for more than they currently owe. This option paves the way for buyers who want to invest in high-interest loans, consolidate their debt, or use their equity to streamline their daily cash flows.
Reverse Mortgages
Seniors can benefit from reverse mortgages to use their home equity to pay bills, plan vacations, or do anything they always wanted to do but couldn’t due to a lack of financing.
Jumbo Financing
Want to buy a luxurious multi-unit house or a condo in Dallas? Do you need more financing than the specified conforming loan limit? Don’t worry. Reliance Mortgage has a solution for all your financing needs.
The Jumbo loan offered by them allows borrowers to buy any property in Dallas that exceeds a specific loan limit for the state. You can even save tons of money when you refinance your Jumbo loan.
Remember, each lender may have different guidelines. If you’re interested in this type of mortgage, the best thing you can do is contact the Reliance Mortgage team and ask for your specific requirements.
FHA Loans
This option is ideal for borrowers who cannot verify their income flow but want to enjoy lower monthly interest payments without paying closing costs.
Conventional Mortgages
Reliance Mortgage offers both conforming and non-conforming conventional loans backed by the Federal Government.
ARM
ARM is another popular loan category you can consider for your home financing needs. This is a type of loan in which the interest rate is adjusted periodically. This type of mortgage is particularly beneficial for those buyers who wish to pay their house principal faster and enjoy great interest rates.
USDA Loans
Those having no money to put down as a downpayment should consider USDA loans. Besides zero down payment requirements, you’d be able to benefit from competitive interest rates and flexible credit and qualifying guidelines.
VA Loans
Active military members, veterans, and their surviving spouses can apply for VA loans that let them achieve their homeownership goals with extremely flexible qualifying requirements.
Who Can Benefit from their Services?
Reliance Mortgage’s extensive mortgage portfolio caters to the needs of:
- First-time home buyers
- Refinancers
- Rehash buyers
- Renewers
- Graduate house buybacks
Pros & Cons of Working with Reliance Mortgage?
PROS:
- Customized Mortgage Solutions: Reliance Mortgage provides personalized mortgage solutions to each borrower based on their individual needs.
- User-Friendly Website: The official website of Reliance Mortgage is easy to navigate and provides comprehensive information about their services.
- Wide Range of Home Loan Options: Reliance Mortgage offers a variety of home loan options to meet the needs of different borrowers, including those in unique circumstances.
- Fair and Clear Pricing: Reliance Mortgage has a fair and transparent pricing policy that distinguishes it from its competitors.
- Efficient Processing Times: The company claims to have faster processing times compared to other mortgage companies in Dallas, as evidenced by third-party reviews.
- Knowledgeable Staff: The personnel at Reliance Mortgage are experienced, supportive, and trained to assist their clients to the best of their ability.
- Dependability: Reliance Mortgage provides reliable support throughout the financing journey.
CONS:
- Sometimes Things Just Aren’t the Right Fit: While we did not find any significant disadvantages in Reliance Mortgage’s services, it is still important to shop around to determine if they are the right fit for your mortgage needs.
Is Reliance Mortgage a Reliable Dallas Mortgage Company?
Obtaining a residential mortgage can be a lengthy and tiresome process. The last thing you want is to work with a mortgage company that prioritizes its own benefits over yours.
Fortunately, Reliance Mortgage, with its strong reputation and experience in the market, can be trusted to prioritize your needs when it comes to residential mortgages in Dallas.
For specific requirements and guidelines, borrowers can contact the Reliance Mortgage team.
