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Taking the First Step - Pre-qualifying for
your Home Loan
1. The first step in any home buying process is to
pre-qualify for a
home 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
involves an exchange of financial information between you and the lender. At
this time your credit will also be checked to determine if it meets the
minimum requirements for the type of loan you would like. When it comes time to
submit the purchase offer, a prequalification letter from your lender will be
required.
2. Step two........locate your
house. With the pre-qualification process complete, and a price range
determined,
it's time to start viewing available properties that meet your criteria.
3. When you find the house that
meets your needs, a purchase offer is created and submitted to the bank for negotiations.
4. After negotiations and
execution of the contract, it's time to do the inspections and notify your lender
to start the loan
process.
I will guide you through every step of
your foreclosure purchase and will keep you informed of time lines and critical
dates, the lender will collect information and process your loan. Following a
good inspection, you will be on your way to closing.
It's more difficult to obtain a home loan in today's mortgage market
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 negative items that can not be
verified by the credit reporting agencies. If you have a recent 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 |
