Home Loans in Dallas Texas l Dallas TX Home Loans

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Mortgage and Lending NMLS # 243437

The benefits of a preapproval (not prequalification) for home loans in Dallas Texas.

 

 

 Many consumers are not informed on the proper way for buying a home. No question, this is a big decision, and one that can be either immensely stressful- or immensely enjoyable- depending on how you go about the home buying process of Home Loans in Dallas Texas 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 

 

 There are many steps to buying a home in Dallas Texas, 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. You should choose a mortgage lender that offers you no cost home buyer counseling and pre-approvals. During the course of this process, you will provide two years of tax returns, one month's full paystubs from recent job, and two months of all your liquid assets accounting statements that include-checking, savings, stocks, 401K' and IRA's so that you can authorize your mortgage lender 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. What type of initial investment and loan structure that is best for you and 3. What house payment you qualify for and how much you can afford to pay 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 one reason why you should consult with an experienced mortgage professional that can help you decide what the best loan program is for that fits your 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. This will give you a "head start" on your home loans in Dallas Texas and the surrounding area that gives you the "buying power of a cash buyer". When you submit an offer- have your mortgage banker send a preapproval letter that matches up with your offer to let the seller know that you are preapproved subject to inspections, appraisal and title work coming back clean. This will relieve you of stress because you won't be wondering if you qualify for your loan or if something may show up on your credit report that you weren't aware of that can cause a delay or for you to be turned down for your loan. 

 

 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. 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. If you know that your income is going to be flat, you will be choosing the level of discretionary income you would want to use to reserve it for new cars, traveling, eating out,money for furnishing and updating your home, etc. It is important to seriously consider what final purchase price you are comfortable with to enhance your lifestyle after purchasing your home. 

 

 Our team is standing by to assist you with all of the above. Just go to http://dallashomemortgageloan.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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