Princeton TX Home Loans l Home Mortgage Loans in Princeton Texas

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Mortgage and Lending with CrossCountry Mortgage NMLS # 243437
https://activerain.com/droplet/4wgH

The benefits of a pre-approval and not a pre-qualification for Princeton TX Home Loans

 

 

 Many consumers are not informed on the proper way for 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 Princeton TX and 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 

 

 The proper way to go about buying a home in Princeton, 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. 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. 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 

 

 Many types of loan programs are available in the mortgage markets that range from 100% financing on VA and USDA loans, to FHA loans with a 3.5% down payment, and Conventional Loans that start with a 5% down payment option. 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 why you should consult with an experienced mortgage professional that can assist you with the best loan program for you. 

 

 After getting preapproved and having your mortgage counseling session- you will know what price range you should start looking in with comfort. You will also have a “head start” on your Princeton TX Home Loans  or surrounding area that approaches you having 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 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 

 

 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. 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. 

 

 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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