Fort Worth Texas Home Loans l Home Loans in Fort Worth Texas

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Mortgage and Lending with CrossCountry Mortgage NMLS # 243437

The benefits of a preapproval for Fort Worth Texas Home Loans.

 

 

 A lot of consumers are not educated enough on how they should 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 Fort Worth 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. This article will cover all of these. 

 

 Education 

 

 The proper way to go about buying a home in Fort Worth, 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 banker that offers no cost preapprovals and homebuyer counseling. During this process, you will supply two years tax returns, one month’s full paystubs, and two months of all your liquid assets accounts statements- Checking, savings, stock accounts, 401K, IRA’s are all examples of your liquid asset accounts and an authorization for the mortgage banker 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). 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 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 

 

 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. You should have your mortgage lender calculate the remaining part of your initial investment, your taxes and insurance, what your closing costs are and whether or not there are any seller or lender 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. 

 

 After getting preapproved and having your mortgage counseling session- you will know what price range you should start looking in with comfort. Also, you will have a "head start" on your Fort Worth Texas Home Loans and the surrounding areas that gives you the ability to have 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. You won't have much stress wondering if you qualify, if something comes up on your credit report causing a delay or for you to be turned down from that loan. 

 

 Lifestyle Choices 

 

 It is important for you to not underestimate the budget of your entire house payment and all 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 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. 

 

 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 Joy: joybates@legacyfinancial.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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