Purchase

When you’re looking to purchase a new home, the first step is to review your credit and get Pre-Qualified.  Having a Pre-Qualification Letter before you begin working with a Real Estate Agent is very important, and many Real Estate Agents will not work with a potential homebuyer until they’ve spoken to a Mortgage Loan Officer and been Pre-Qualified.

When you are preparing to purchase a new home, this is what you can expect…

1. Review your credit – Even though you may have an online service that provides you with credit information or credit scores, these services are not the same as what a mortgage lender will be using to qualify you.  Many credit reports have mistakes that can be very costly, so you’ll want to get with your Mortgage Loan Officer very early and review a copy of your credit report and give yourself time to correct any mistakes or improve your credit.

2. Determine how much you can afford – Lenders may calculate your income differently than you expect, so you’ll want to work with a very experienced loan officer to help you determine exactly what income the lender will use and how much you can qualify for.  If you receive self employed income, part time income, side job income, overtime, bonus, commissions, or any other type of income – it’s best to have a Loan Officer review all of your documents up front to avoid any snags later.

3.  Decide which mortgage programs are best for your situation.  There are a variety of mortgage programs available, such as FHA, VA (for Veterans), Conventional, Jumbo, USDA, and many other subset programs such as First Time Home Buyer Programs, Down Payment Assistance Programs, and more.  Each of these programs has features that might make it a better option than another option for a given situation.

4.  Get a Pre-Qualification Letter and Go Find a Home – This is the fun part!!

5.  Submit Your Application for Processing – You’re loan officer will give you a list of all of the items needed for processing your approval.  Make sure to do exactly what the Loan Officer asks, and do not cut any corners – it will come back to haunt you later.

6.  Receive a Full Underwritten Approval by a Mortgage Underwriter.  – You won’t be able to speak to your underwriter, so it’s crucial that you work with a Loan Officer that can do a good job of framing your situation properly for the underwriter.  It’s better when you work with a Loan Officer than has a local underwriter that they have a relationship with.  This can help make things go much smoother for you and allow you to close sooner and with fewer suprises.

7. Close on your new home!   Congrats – you’ve completed the process, and now it’s time to move into your new home!!

 

For questions about Purchasing a new home or to Get Pre-Qualified – Call Josh Campbell, Dallas Mortgage Loan Officer, at 972-904-3694 or email josh@texasmortgagenews.com today

 

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