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Mortgage Lenders Dallas

MORTGAGE LENDERS IN DALLAS VS FORT WORTH

The Dallas Fort Worth metroplex is one of the most highly populated areas in Texas and the US as a whole. The two cities are however very different in terms of just about everything. People moving into that region of Texas may be confused between the two because they are in close proximity to each other. It is wise however to find out what makes the two towns different so that as you move in, you are able to settle in the city that is more to your liking than the other. Also, the mortgage lenders in both towns offer different services, or the same the loans but at slightly different rates and terms because the two cities are very different. In terms of population, while Dallas and Fort Worth are about the same size in terms of the area, Dallas is almost twice as populated as Fort Worth. Recent study has placed the population of Fort Worth at 778, 573 while that of Dallas is at 1.24 million, this means that Dallas is very densely populated to the point of congestion. Therefore, it is clear that there is higher competition for housing in Dallas because of the denser population than in Texas. Therefore, houses in the Dallas side of the metroplex can be offered at a slightly higher rate because there is more competition for them than in Fort Worth.

Also, because the population is way less in Fort Worth compared to Dallas, the cost of living is also relatively lower in comparison and it is 4% lower than the national average cost of living. Consequently, Fort Worth also boasts of immense job opportunities, with an unemployment rate of only 5.8%.  While Dallas is the larger city economically, Fort Worth citizens live more comfortably than they do. Therefore, while mortgage lenders may charge slightly similar interest rates for the various mortgage loans, it is common that citizens of Fort Worth can pay them a lot more comfortably and therefore pay them at shorter term periods than those in Dallas.

Another factor that can usually make houses be charged higher is their location. Downtown Fort Worth has continually been recognized as one of the best places to live in in the US for its cleanliness and safety. This is majorly attributed to the Sundance Square which is an entertainment district full of local shops, restaurants, and live music halls and orchestras. It has a beautiful blend of historical and modern architecture in its contrasting walls which shows how well Fort Worth shows Texas’ roots while also showing a vibrant modern life. This is unlike Dallas which is plagued with constant cases of drug trafficking. Therefore when mortgage lenders are charging the homes, borrowers on the Fort Worth side of the metroplex generally pay a lot more for the same type of house than their counterparts in Dallas because Fort Worth is better, safer and more serene. 

These are among the factors that mortgage lenders must consider as they set mortgage prices, interest rates and terms for residents in the different cities. They may seem similar but in reality live very different lives and thus even their mortgages cannot be charged at the same rate.