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Little Elm TX Home Loans l Home Loans in Little Elm Texas

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Mortgage and Lending with CrossCountry Mortgage NMLS # 243437

 

The benefits of a preapproval for Little Elm TX Home Loans

 

 

 Many consumers are not educated on the proper way to go about 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 Little Elm TX Home Loans and the surrounding areas. You must take the steps necessary to educate yourself on your buying power, take some time to think about your lifestyle choices, and the initial investment. We will discuss each of these in this article. 

 

 Education 

 

 The proper way to go about buying a home in Little Elm, Texas begins with getting preapproved 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. You should choose a mortgage lender that offers you no cost home buyer counseling and pre-approvals. 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 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 lender needs this to analyze the date because: 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 

 

 Numerous types of loan programs are available in the mortgage industry that range from Conventional loans with 5% down payment options to FHA loans with a 3.5% down payment as well as 100% financing on VA and USDA loans. 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. Also, you will have a "head start" on your Little Elm TX 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 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 

 

 You can't underestimate your full budget amount for your house payment and all of the other monthly obligations. 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. If you are on a flatter income, you want to choose what level of discretionary income you want to reserve for new cars, for you to travel, for you to eat out, and for money to furnish and update your home. It is essential to consider what the final purchase that are you comfortable with to enhance your lifestyle after purchasing your new home. 

 

 As always, we are ready 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

1205 West Abram St. 

Arlington, TX 76013

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