
Jay A Hendrick
William
Davis Realty
8856 Coleman
Blvd
Frisco, Texas
75034
Cell:
214-336-7088
Voice/Fax: 972-248-5991
Website:
www.RealEstateDal.com
Website:
www.ForeclosuresFrisco.com
Member: NAR TAR
CCAR ABR SFR

|
NORTH DALLAS REALTOR
|
Take The First Step
|
|
|
|
|
|
|
|
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
|
|
Reverse
Mortgages
Current
Interest Rates
|
| |
|
|
|
|
|
|
|
|
|
 |
| |
|
|
|
|
|
|
|
|
|
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
|

|