Special offer

Laredo TX Home Loans l Home Loans in Laredo Texas

Mortgage and Lending with CrossCountry Mortgage NMLS # 243437

There are many benefits to a pre-approval and not a pre-qualification for Laredo 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 Laredo 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. 



 Thesteps necessary to purchasing a home in Laredo, 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 loanPROGRAMS are available in the mortgage  industry that range from ConventionalLOANS with 5%DOWN PAYMENT options to FHALOANS 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 andinsurance on your new homePAYMENT , 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 theBEST LOANPROGRAMfor you. 


 Upon getting pre-approved and after having your mortgageCOUNSELING session, you should know what the price range you are must comfortable with is. Also, you will have a "head start" on your Laredo TxHOME LOANS and the surrounding areas that gives you the ability to have the "buying power of a cash buyer". Have yourMORTGAGE LENDER send a pre-approval letter that matches up with the offer you justSUBMITTED 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 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 UPDATINGyour 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.  

Posted by

The Legacy Group of CrossCountry Mortgage

Chad and Joy Bates NMLS #243437


1205 West Abram St. 

Arlington, TX 76013

Kristin Johnston - REALTOR®
RE/MAX Platinum - Waukesha, WI
Giving Back With Each Home Sold!

Great informational post...I hope you have a pleasant Tuesday as well!

Jul 14, 2015 01:51 AM
Jennifer Provencio
San Diego County and Central Valley - Oceanside, CA
The Reverse Mortgage Speciailist

The Legacy Group Education is key! THanks for a great post! Have a wonderful week!

Jul 14, 2015 01:53 AM
The Legacy Group
CrossCountry Mortgage - Arlington, TX
The LegacyGroup of CrossCountry Mortgage

Thank you Kristin and Jennifer!

Jun 16, 2016 07:29 AM