NORTH DALLAS REALTOR

Take The First Step
Pre-Qualify for a loan
Mortgage Companies	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 opportunities in today's market. The next very important step is to pre-qualify for a loan through your local mortgage lender.  Mortgage Companies 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.        The pre-qualification process can 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   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 them corrected. This may seam unnecessary to you, but this extra step could possibly save you many thousands of dollars in interest charges.
Pre-qualifying When you pre-qualify for a loan, all information is given verbally, and your credit scores will be pulled by the lender. The loan amount and quoted interest rate will be based on the information you supply so be truthful, if you do not disclose accurate information to the loan officer, when it comes time to actually apply for the loan, you may be denied.   Pre-approval If you wish, you may decide to get pre-approved for a loan. This step involves an actual application and verification of information supplied to the mortgage company. You will need to compile financial statements and information required by the lender, and visit their local office to apply.  A pre-approval letter will show a seller that you are more serious then the next guy, if there are multiple offers on a house you want to purchase, the  pre-approval letter could sway the seller's decision in your favor.   Equally important to you when it comes to getting pre-approved for a loan, is the assurance that the deal will actually close. 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 it is non refundable, so it would be in your best interest to make sure that the loan is indeed obtainable. 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 before the house closes can be detrimental to your credit score and could possibly cause the score to fall below loan requirements 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.    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.

           NORTH DALLAS REAL ESTATE