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Arlington Texas Home Loans l Home Loans in Arlington

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Mortgage and Lending with CrossCountry Mortgage NMLS # 243437

The benefits of a pre-approval and not a pre-qualification for Arlington Texas Home Loans 

 

 

 Many consumers are not educated on the proper way to go about buying a home. Of course this is a big question that can stressful or enjoyable, it just depends on the steps you take in the home buying process for Arlington Texas Home Loans and the surrounding areas. It is essential that you take the proper steps to keep your self educated on the initial investment, the buying power, and to take some time to think about your lifestyle choices. This article will cover all of these. 

 

 Education 

 

 The steps necessary to purchasing a home in Arlington, Texas starts with getting pre-approved for your home loan. Take note that we didn't say anything about getting pre-qualified because in today's mortgage industry it is meaningless. It is important to choose a mortgage lender that can offer no cost pre-approvals and home buyer counseling. During this process, you will supply two years tax returns, one month’s full paystubs, and two months of all your liquid assets accounts statements- Checking, savings, stock accounts, 401K, IRA’s are all examples of your liquid asset accounts and an authorization for the mortgage banker to pull your credit report. It is essential that you provide all page of the bank statements as well as explain these meaning prove where the money for deposits came from that went into your liquid asset accounts. Your mortgage banker needs to analyze the date to establish: 1. How much home you can afford. 2. The type of loan structure and initial investment that best fits your needs and 3. What type of house payment you feel comfortable paying for and qualify for. 

 

 Initial Investment 

 

 Many types of loan programs are available in the mortgage markets that range from 100% financing on VA and USDA loans, to FHA loans with a 3.5% down payment, and Conventional Loans that start with a 5% down payment option. Depending on the way your pre-approval and loan is structured, you should have your mortgage banker estimate the remaining initial investment, calculate your taxes and insurance on your new home payment, look at your closing costs and determine whether or not there are lender or seller contributions. This is just one reason why you should consult with an experienced mortgage professional who can help you decide the best loan program for you and your unique needs. 

 

 Upon getting pre-approved and after having your mortgage counseling session, you should know what the price range you are must comfortable with is. Also, you will have a "head start" on your Arlington Texas Home Loans and the surrounding areas that gives you the ability to have the "buying power of a cash buyer". Have your mortgage lender send a pre-approval letter that matches up with the offer you just submitted so that the seller knows to get you pre-approved for inspections, an appraisal, and for title work to come back clean. You won't have much stress wondering if you qualify, if something comes up on your credit report causing a delay or for you to be turned down from that loan. 

 

 Lifestyle Choices 

 

 It is important for you to not underestimate the budget of your entire house payment and all other monthly obligations. You have numerous options. If you are a younger professional that is just getting started in your career, it is important that you buy in the upper level of the qualifying range for your home purchase knowing that your discretionary income is on the way. For those on a flatter income trajectory- you will be choosing what level of discretionary income you may want to reserve for new cars, travel, eating out, money for furnishing or updating your home, etc. To enhance your lifestyle upon purchasing your home, you need to consider what the final purchase you are comfortable with is. 

 

 As always, we are ready to assist you with all of the above. Just go to http://arlingtonhomehomemortgageloans.com or call Joy Bates with the Legacy Team of LeaderOne Financial at 817-860-3232.

 

Posted by

The Legacy Group of CrossCountry Mortgage

Chad and Joy Bates NMLS #243437

817-860-3232

1205 West Abram St. 

Arlington, TX 76013

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