Buying a home should be an exciting time where when planned accordingly can come off like a well oiled machine. Preparing for the transaction ahead of time and taking care of all the paperwork at the beginning will help things move much smoother. Prior to looking at homes you should meet with your mortgage specialist to determine the monthly payment you are comfortable with, the down payment amount needed, and what costs are associated with the transaction. They will give you an idea of what kind of sales price you are looking at so you can begin looking at homes that fit the criteria. You can also discuss how much the seller can contribute in seller contributions (closing costs) with the program. You also need to be aware of the tax rate and insurance costs. When being pre approved go ahead and provide the lender with all of the paperwork upfront. This will include recent W2’s, pay stubs and bank statements. You will also need to do a loan application. This can be done over the phone. This way you can have a pre approval vs a pre qualification. A pre approval states that everything has been verified, including income, assets and credit and that you are able to buy within a certain price range. A pre qualification states that the credit has been looked at but income and assets have not been verified. This can post a host of problems. Pre qualifications are basically a letter from the lender stating that you may be able to purchase but we are not sure.

When determining who to use to help with your mortgage financing there are several things to consider. Who is going to get the job done, what is their track record, do they have testimonials and will they provide you with a name and number of a closed client to call? Being the largest financial decision of your life it pays to speak with someone who is qualified and who has a proven track record of taking care of the clients. Don’t be fooled by misleading advertising and promises that sound too good to be true.

If you would like some more information about Jason Holter or Home Loans in Texas feel free to contact us. You may also email Jason at Jholter@prolendingmortgage.com