Home Buying in 78721>Question Details

Tanya Brown-…, Home Buyer in Austin, TX

Wen can i visit

Asked by Tanya Brown-johnson, Austin, TX Sat Apr 5, 2014

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Are you shopping for a Home before you shop for a Mortgage? Buying a home can be a momentous decision, and the process can be very confusing for first-time homebuyers & even season veterans who don’t know what to expect as laws and regulations have changed in the home buying process over the past 5 years, so before you begin to shop for a new home, you should set up a time to talk with me so we can figure out how much you can afford. This will put you in a better position as a buyer. That’s when it is important to understand the distinction between being pre-qualified for a loan and pre-approved for a loan. The difference between the two terms will be crucial when you decide to make an offer on a house.

To get pre-qualified for a loan, the Loan Officer will collect information about your debt, income, and assets. They will look at your credit profile and assess goals for a down payment and get an idea of different loan programs that would work for you. I will issue you a pre-qualification letter indicating the amount you are pre-qualified to borrow. It is important to understand that a pre-qualification letter is just an estimate of what you are eligible to borrow, not a commitment to lend. Getting pre-approved for a loan gives you competitive advantage when the time comes to bid on a home because you have been approved for a loan for a specified amount.

To get pre-approved, you will complete a mortgage application and provide me with various information verifying your employment, assets and financial status such as W-2 forms, bank records and credit card statements. We’ll review your mortgage options and underwrite your application. Once the application process is complete you will receive a pre-approval letter indicating the amount your lender is willing to lend you for your home. A pre-approval letter is not binding on the lender; it is subject to an appraisal of the home you wish to purchase and certain other conditions. If your financial situation changes (e.g. you lose your job), interest rates rise or a specified expiration date passes, your lender must review your situation and recalculate your mortgage amount accordingly. Many sellers of existing homes insist that a buyer be pre-approved before accepting their offer, because with pre-approved buyers there is no waiting period, and they know that the buyer will be able to come through with the funds for purchase. In contrast, builders selling new homes are happy to work with buyers without forcing them to go through this pre-approval process. If you are already working with a lender, don’t be shy to give me call so I can price the same mortgage for you with less cost. What do you have to loose but your money?

My job as a Mortgage Banker is to ensure that you make the right choice for you and your family and I make it a lifelong goal by being committed to providing my customers with mortgage services that exceed their expectations. You can contact me by phone, fax or email for personalized service and receive expert advice from a Bank Mortgage Banker who is responsible for the decisions on all mortgages coupled with over 17 years of experience in the industry. I look forward to hearing from you! And making your American dreams a REALITY.

Lowell Sterling
Mortgage Consultant
NMLS# 968898
5700 Granite Parkway, Suite 200 Plano, 75024
Office: 469-347-3572| Fax: 484-685-7757
Texas Lending By Texan For Texan
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