|
Taking The First Step
The first step in any home buying process is to
pre-qualify for a loan through a
mortgage lender. Knowing how much you can borrow and the terms of the loan 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.
The pre-qualification procedure can be done over the phone and
usually takes about thirty to forty five minutes.
If you are a serious buyer, you can make the next step and get
pre-approved for a
loan. This will require additional steps on your part, but it can
also provide an added bargaining chip when it comes to negotiating the contract.
In our current real estate market, knowing that someone can get a loan by being
pre-approved gives
serious consideration for the seller and their agent.
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.
Currently the
credit reporting agencies are telling us that
they are providing a window for homebuyers to shop for a loan without doing
damage to their credit report from multiple inquiries. The time
period allowed is two weeks, so if you are one that spends allot of time
searching for the very best deal, do it within 14 days. After that allocated
time, the clock starts ticking again and unnecessary damage to your credit
report will occur. This process could change given the financial troubles in the market
today so try to do a little mortgage company research prior to the call and
limit the shopping to one or two finance companies.
After you have an accepted offer and the contract in active, the
loan application process
will take place and you will be on your way to closing on your new home.
It's more difficult to obtain a loan in today's mortgage market
than in the past and poor
credit is one of the major pitfalls that may prevent you from qualifying. If this
is the case there are
credit
repair companies that can assist you in
the process of bring your credit back into good standings but keep in mind, they
can only remove from your credit report the negative items that can not be
verified. If you have a current foreclosure or bankruptcy, the odds of a fast
repair is extremely low.
Frisco
foreclosures offer a tremendous amount of value and we also service Allen,
McKinney, Prosper, Plano, Lewisville, The Colony, Sachse, Wylie, Murphy,
Richardson, Carrollton, Flower Mound, and many other areas around DFW.
FORECLOSURES
IN FRISCO TEXAS |
