|
|
Financing Your New Home
Use these links to obtain the latest information about loan
programs, interest rate, qualification calculators, monthly payment estimating
and contact number for loan officers.
Taking The First Step
The first step in any home buying process is to pre-qualify
for a loan through a lender. Knowing how much you can borrow is a must
before starting the process of looking for the right house. In today's lending
environment, before you even think about buying a house, talking to a lender
first is absolutely necessary.
This procedure is usually done over the phone and takes about
thirty minutes. If you plan to shop around for the best available rates and
fees, remember to obtain the (3 credit scores) from the first inquiry, if
you are married there will be 3 scores for each person. This will allow you
to call several lenders using those scores to obtain competitive rates from
each without incurring multiple credit inquiries.
When ever there is a loan related credit check there may also be
a risk of negative impact to you score, this not only effects you during
the loan application process, but it could also throw a very big wrench into the
works at closing. Needless to say, any large purchases you are thinking about,
such as furniture, expensive appliances, lawn tractors and such, should be
acquired AFTER closing. Large credit card run ups before the house closes
can detrimentally affect
your credit score, possibly causing the score to fall below loan requirements
thus preventing the house from closing.
Low credit scores in this mortgage market can prevent you from
receiving a loan. Many time there are charges against
your credit that do not
belong there. You can, with out hiring a service, send a letter to the
Complaint Department
contesting the report. Keep in mind, if the filings are legitimate, the chance
of having them removed is slim, and hiring an expensive professional service will not help.
Building a Better
Credit Report
is something you should do ahead of any financing. If your credit is good, YOU
are in control of the deal.
Items needed when you (apply)
for a loan
"Ten
Things to Know About Home Mortgages"
Monthly (Principal & Interest Only) Payment Calculator
Frisco
foreclosures offer a tremendous amount of value but we also service Allen,
McKinney, Prosper, Plano, Lewisville, The Colony, Sachse, Wylie, Murphy,
Richardson, Carrollton, Flower Mound, and many other areas around DFW.
|
