How people buy a home is different today than in the past. Today, the internet and online listings have made the process of finding a home lightning fast. It is a savvy home buyer that arms themselves with the knowledge of how much home they can afford before they start their house hunt. A buyer can do this by becoming pre-approved for a mortgage loan.
In a competitive real estate market, it is not uncommon for a home seller to receive multiple offers on one property listing. Sellers may interpret not having a pre-approval letter accompanying your purchase offer as you are not a serious buyer. Show home sellers you are a buyer with their “ducks in a row” by becoming pre-approved for a loan before heading out for your first showing.
Mortgage lenders will issue a pre-approval letter to be used as you house hunt.
A pre-approval letter is issued by a lender after all financial documentation (income, debit, credit, and savings history) is presented for verification and warrants that you are able to obtain a home loan up to a certain dollar amount. A pre-approval letter is typically good only for a limited time period and should be kept up to date. No fees should be assessed for a pre-approval. Though pre-approvals require more paperwork, they’re an essential step to showing a seller that you’re serious.
Pre-approval benefits a home buyer in two ways:
Mortgage professionals will help you set goals and secure a loan that fits your personal needs. Home loans are obtained from a number of financial institutions (banks, credit unions, mortgage bankers, and mortgage brokers). There are mortgage lending professionals working for qualified financial institutions.
DFW Texas Mortgage offers a variety of mortgage products at competitive interest rates and fees for both pre-owned and new home financing.
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