Irving Texas Home Loans l Home Loan in Irving TX

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Mortgage and Lending NMLS # 243437

The benefits of a preapproval (not prequalification) for Irving 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 Irving 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. Each of these will be discussed in this article. 

 

 Education 

 

 There are many steps to buying a home in Irving, TX, this is one and it begins with getting pre-approved for your home loan. Notice we did not say get prequalified- in today’s world a prequalification is not meaningful. It is important to choose a mortgage lender that can offer no cost pre-approvals and home buyer counseling. The process can be lengthy, but you must include two years of tax returns, one month of paystubs, two months of all your liquid asset account statements which include 401K's, IRA's, Checking, Savings, and stocks to give your mortgage banker authorization to pull your credit report. It is important to note you will need to provide all pages of the bank statements, and will need to explain (source- as in prove up where money for deposits came from that went into your liquid asset accounts). The purpose of your mortgage banker analyzing this data is to establish the following:  1. How much home you can afford. 2. What type of initial investment and loan structure is best for your unique needs and 3.What level of house payment you qualify for and are comfortable with paying each month. 

 

 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 Irving Texas Home Loans and the surrounding areas that gives you the ability to have the "buying power of a cash buyer". After you submit your offer, have your mortgage banker send a pre-approval letter that matches your offer to let the seller know that you are cleared to be pre-approved for inspections, for title work to come back clean, and to get an appraisal. You will also have much less stress- as you will not be wondering if you can qualify or if something shows up on your credit report that may cause a delay or for you to be turned down. 

 

 Lifestyle Choices 

 

 The importance of knowing your full budgeting of your entire house payment and all other monthly obligations cannot be underestimated. You have numerous options. For those whose income is projected to increase (like a younger professional getting started in their career), you may elect to buy at the upper end of your qualifying range in terms of house purchase knowing more 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. It is essential to consider what the final purchase that are you comfortable with to enhance your lifestyle after purchasing your new home. 

 

 Our team is standing by to assist you with all of the above. Just go to http://legacyfinancial.com or call Joy Bates with the Legacy Group of LeaderOne Financial at 817-860-3232. 

 

Posted by

The Legacy Group of CrossCountry Mortgage

Chad and Joy Bates NMLS #243437

817-860-3232

Email Us 

Google+

1205 West Abram St. 

Arlington, TX 76013

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