Wichita Falls TX Home Loans l Home Loans in Wichita Falls Texas

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Mortgage and Lending with CrossCountry Mortgage NMLS # 243437

 

The benefits of a preapproval for Wichita Falls 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 Wichita Falls 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. Each of these will be discussed in this article. 

 

 Education 

 

 The steps necessary to purchasing a home in Wichita Falls,Texas starts 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 banker that offers no cost preapprovals and homebuyer counseling. 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. 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 

 

 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 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 why you should consult with an experienced mortgage professional that can assist you with the best loan program for you. 

 

 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  Wichita Falls TX Home Loans and the surrounding area that gives you 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. 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 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  , email joybates@leader1.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 

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1205 West Abram St. 

Arlington, TX 76013

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