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Mortgage and Credit Information!

 

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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:

 

  Free Mortgage Calculator

Your Credit Report How does my credit look? Is everything correct on the report?
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.


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 2 years.
2.    Most recent 2 pay stubs to cover one full month.
3.    Three months most recent statements for checking, savings, investments, 401-K, IRA retirement statement.

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 2 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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