Tyler Texas Home Loans l Home Loans in Tyler Texas

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Mortgage and Lending with CrossCountry Mortgage NMLS # 243437

The benefits of a preapproval (not prequalification) for Tyler Texas 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 Tyler TX and the surrounding areas. The key is to take the proper steps to educate yourself on your buying power, initial investment, and taking 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 Tyler, TX, this is one and it begins with getting pre-approved for your home loan. Please note that we did not say to get pre-qualified, in today's mortgage world a pre-qualification means nothing. It is important to choose a mortgage lender that can offer no cost pre-approvals and home buyer 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 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 banker needs to analyze the date to establish: 1. How much home you can afford. 2. The type of loan structure and initial investment that best fits your needs and 3. What type of house payment you feel comfortable paying for and qualify for. 

 

 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. 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 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 Tyler Texas Home Loans and the surrounding area that gives you 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 

 

 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. To enhance your lifestyle upon purchasing your home, you need to consider what the final purchase you are comfortable with is. 

 

 Our team is standing by 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@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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