Exactly how much can I buy?
By getting a pre-approval before you make an offer, you will be certain of the amount of loan your family will qualify for. There are many lenders to choose from. With written approval in your hand, you can make a more aggressive negotiation and this could save you thousands of dollars on your home purchase.
Which Loan is best for me?
Working with your Lender will help you determine what programs you may qualify for, and narrow it down to the one that is right for your long-term goals.
How does credit scoring work?
Credit scoring is an evaluation system used by lenders to help them determine whether or not they should lend you money. This system grades you based on 5 different factors, including your payment history, outstanding credit balances, credit history, the type of credit you have accumulated, and the number of inquiries on your credit record. Points are awarded for each factor, with a high score being favorable.
How much does a pre-approval cost?
Absolutely nothing! You have nothing to lose. Most lenders provide free consultations, with the goal that to not
only help you find the best loan now, but help you manage that financial responsibility in the future by reviewing your
options on a regular basis.
What will my payment be?
The amount of your monthly payment depends on the specific loan program you choose. The Lender you choose should provide you with an easy-to-read spreadsheet that compares different loan programs so that you feel comfortable about your monthly financial obligation before even making an offer on a home.
Credit approval gives you buying power. It allows you to shop with confidence and gives you the ability to negotiate. If you need a list of recommended local Lenders for a home purchase in the DFW Area, let me know!
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