NORTH DALLAS REALTOR

Homebuyers First Step
Pre-qualify With A Mortgage Company	Mortgage Calculators
The first step in the home buying process is to contact your North Dallas Real Estate agent to asses your needs and explore current availabilities  in today's market. The next very important step is to pre-qualify for a loan through a qualified mortgage lender. You must know how much the bank will lend before starting the process of looking for the right house. In today's lending environment new regulations are implemented frequently;  knowing how much available income you have to spend for the monthly mortgage payment doesn’t guaranty that the bank will give you the loan.   Pre-qualifying for a loan can help you focus within a specific price range and save you valuable time so you won't be looking at properties well over what the lender will commit to. The pre-qualification process can generally be done over the phone and usually takes less then an hour. Don't be like many people who make the mistake of assuming that obtaining a mortgage loan will not be a problem for them. Why take that risk; even with today’s home finding technology, you could spend countless hours searching for the right house just to find out that the bank will not make the loan. It happens all the time.   Knowing your credit and credit scores   If you’re unfamiliar with your credit scores, you may want to do a quick check before making that call to the mortgage company.   Because your credit scores directly affect the interest rate the lender will be quoting, having inaccurate information on your credit reports will lower your scores forcing the mortgage company to use a higher interest rate when making the loan.   By law, you’re entitled to a free report every year from each of the three credit reporting companies ( Equifax, Experion, and Transunion ), so unless you already have a handle on your scores, it wouldn’t hurt to make sure they are as high as possible. You can order a report at www.annualcreditreport.com, that’s the official source.   Once you have your reports, check them for errors. If you find any, report them to the company in question and have the information corrected. This may seam unnecessary to you, but this extra step could possibly save you many thousands of dollars in interest charges.   If your score falls below the minimum required to get a home loan, you may want to employ a credit repair company to improve your credit.
Pre-approval When pre-qualifying for a loan, financial information will be requested by the lender and your credit will be checked. The amount of the loan and quoted interest rate will be based on the information you supply. Be candid with your loan professional about anything in your financial picture that might impact your loan qualification. A good loan agent or broker will be able to assess your financial situation and anticipate what you'll need to do to satisfy the underwriter. If you fail to disclose accurate information to the loan officer, when it comes time for final approval, you may be denied, costing you money and the house.   When you put a purchase contract on a house, earnest money is deposited, an option fee is paid, money is spent for home inspections, the mortgage application fee and an appraisal fee is incurred. This money you pay out, and some of it is non refundable, so it would be in your best interest to make sure that the loan is indeed obtainable.   Another  importance of the pre-approval is an assurance to the seller that financing can be obtained by the buyer to complete the purchase.   Loan-Application After an executed contract has been obtained, the loan application process will begin. This step involves verification of financial information supplied to the lender. You will be required to compile financial statements and other pertinent information for delivery to the mortgage company. Also, keep in mind that any large purchases you're thinking about making such as furniture, expensive appliances, new cars, lawn tractors and such, should be acquired AFTER YOU BUY THE HOUSE. Large purchases and credit card run ups incurred prior to closing could be detrimental to the transaction. A change in your financial picture could cause loan requirements to fall out of conformity subsequently preventing the house from closing. Financing Your New Home The information provided on this page should assist you with your financing needs. Use these links to obtain the latest information about loan programs, Mortgage companies, interest rate, mortgage calculators, investor stated income loans, monthly payment estimating and information to have when shopping for a loan.   Be Aware of Unsavory Lending Practices Lowball scamming is the practice of quoting a price to a borrower below the price the lender is actually willing to accept. The purpose is to be selected by borrowers who believe they can shop price. Lowballing is endemic on Internet-based referral sites, which display price quotes by dozens or hundreds of lenders. Market-volatility scamming exploits borrowers already onboard but not yet locked by taking advantage of changes in the market. If market prices increase, the borrower is charged the higher price, but if market prices decrease, the borrower is charged the price quoted earlier. In the second case, most borrowers are content to receive the price they were quoted earlier. Property-valuation scamming exploits borrowers whose loans have been locked before their home appraisal has been received. If the appraisal comes in lower by enough to raise the loan-to-value ratio past a notch point where the price increases, the lender increases the price accordingly. But if the appraisal comes in higher by enough to reduce the loan-to-value ratio past a notch point where the price should decrease, the original lock price is retained.  Items needed when you (apply) for a loan
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 We serve Allen, McKinney, Prosper, Frisco, Plano, Lewisville, The Colony, Sachse, Wylie, Murphy, Richardson, Carrollton, Flower Mound, Coppell, along with many other areas around DFW.

Frisco foreclosures offer a tremendous amount of value and can save the buyer thousands.

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