Flower Mound TX Home Loans l Home Loans in Flower Mound Texas

By
Mortgage and Lending with CrossCountry Mortgage NMLS # 243437

The benefits of a preapproval for Flower Mound TX Home Loans.

 

 

 A lot of consumers are not educated enough on how they should go about buying a home.

 This can be extremely stressful or enjoyable depending on how you choose to go about the home buying process for homes in Flowr Mound TX 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 

 

 There are many steps to buying a home in Flower Mound, 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. 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. 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 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 

 

 There are many different types of loan programs available in the mortgage markets ranging from niche 100% financing which include VA and USDA loans, to FHA loans (with 3.5% down payment), to Conventional loans that begin with 5% down payment options. Depending on how the loan and preapproval is structured- you should also have your mortgage banker estimate the remaining part of your initial investment, taking into consideration closing costs, taxes and insurance on your new home purchase, and whether there are any seller contributions or lender contributions involved. 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. You will also have a “head start” on your Flower Mound TX Home Loans and the surrounding area that approaches you having 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. 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 

 

 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. 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://legacyfinancial.com  or call Joy Bates with the Legacy Group of LeaderOne Financial at 817-860-3232 or email her: joybates@leader1.com.  

 

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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