MONEY MANIA!
Mortgage and Credit Information!
An important step towards finding the best home for your and your family, and helping you to get the best value, is to consult with a loan officer to determine your "purchasing power." A loan officer will initially provide this confidential service without charge, or for approximately $65 for a thorough credit check. With pre-qualification or pre-approval by a mortgage company, you will be in a much stronger position to negotiate the price of your new home in this very competitive market.
The price you pay for a home is a combination of three things: a down payment, the mortgage loan amount, and closing costs. You probably know how much cash you want to use for a down payment, but you must also know how much the closing costs will be and how much financing you can obtain. Remember: There is NO STATE INCOME TAX in Texas, but taxes, insurance and homeowner's Association fees can consume as much as a third of your mortgage payment, so be sure to figure this into your calculations!
Please feel free to use the mortgage links below to help you have a head-start in determining your purchasing power:
| Mortgage Information | How much can I afford? How much will my mortgage payment be? How much income do I need to qualify? Mortgage Financing Calculator. APPLY ON LINE! |
| Your Credit Report | How does your credit look? |
| Buyer's Closing Costs | An estimate of what it costs to buy a home. |
| Choosing a Mortgage Company | Don't shop by price alone -- you may end up at closing (IF you get to closing!) paying a lot more! Here are some tips for deciding on your lender. |
| Your FICO Score | For a low fee, you can now get a copy of your FICO score plus your overall credit report from Equifax! |
Here are some of the basic items a mortgage lender may require at the time you make a formal application for a mortgage loan:
1. W-2's for
the past two (2) years.
2. Most recent two (2) pay
stubs to cover one full month.
3. Three (3) months most
recent statements for checking, savings, investments, 401-K, IRA retirement statement (all
pages).
The following items are needed, if
applicable:
1. Copies of Recorded
Divorce Decree - all pages and agenda.
2. Complete Bankruptcy
Papers, including discharge - all pages.
3. Relocation Transfer and
Benefits Letter from employer.
4. If self-employed or
commission income - complete income tax returns for the last two years (all schedules and
addenda) and current year-to-date Profit and Loss Statement.
5. VA Certificate of
Eligibility and DD214
6. FHA only: Copy of
Driver's License.
We will be delighted to help you find a mortgage lender who not only will provide very competitive rates, but will make your trip to the closing table as easy and assured as possible.
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