There are many benefits to a pre-approval and not a pre-qualification for Graham TX Home Loans.
Many consumers are not informed on the proper way for buying a home. Of course this is a big question that can stressful or enjoyable, it just depends on the steps you take in the home buying process for Graham 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 Graham, 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
. You will need to provide all pages of the BANK
statements, explain and prove where the money for DEPOSITS
came from that was DEPOSITED
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 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.
Upon getting pre-approved and after having your MORTGAGE counseling session, you should know what the price range you are must comfortable with is. Also, you will have a "head start" on your Graham TX Home Loans
and the surrounding
areas that gives you the ability to have 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. 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. If your INCOME
is projected to increase, you may want to buy at the upper end of the range that you qualify
for in terms of your HOME PURCHASE
since you know more discretionary INCOME
is on the way. If you know that your INCOME
is going to be flat, you will beCHOOSING 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.
As always, we are standing by to assist you with all that is mentioned 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.
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