Web Analytics
How to get a home mortgage for your Dallas Texas home | Dallas Real Estate Agent

Getting A Mortgage For Your Home Purchase in Dallas

When it comes to the loan process, there are several steps that one must go through. By making yourself familiar with it, you will better understand what is required of you and how you need to prepare. After all, the more knowledgeable you become the more comfortable and in control you'll feel.

 

1. Organize Your Documents

 

In order to obtain a mortgage, your lender will require certain documentation from you to make sure that you will have the ability to repay the loan you take out. Such documentation includes proof of employment, credit history, tax returns, pay stubs, bank statements, divorce and child support statements if applicable, and any other information that the lending company feels might be necessary.

 

2. Qualification

 

Before you apply for a loan, getting qualified will help you establish how much you can borrow. When purchasing a home, there are two options one may choose from to qualify for a loan. The first option, mortgage pre-qualification, is a quick process that usually happens in a matter of minutes. While pre-qualification is helpful, your other option – pre-approval – is more beneficial and gives you better leverage when negotiating with the seller. Getting pre-approved also lets you focus on homes within your price range instead of wasting time looking at homes that you won’t be able to afford. Finally, when it comes time to close, the process will go rather quickly since your loan has already been approved.

 

3. Find the Right Loan Program

 

While searching for the right loan program, there are many things to take into consideration. For example, you might want to think about how long you plan on keeping the loan. The length of your residence will determine the type of loan you want to get (i.e. adjustable or fixed). To figure out which loan program is the best, one will need to compare different programs and everything that each one involves such as rates, fees and points. The whole process can be tedious and difficult at times, which is why a qualified loan officer can help you make the right decision.

 

4. Obtain Loan Approval

 

The process of obtaining loan approval involves the following steps:

 

  • Review of loan application (Be sure to fill it out completely).

  • Verification of credit history, employment history, assets such as bank accounts and mutual funds, property value and any additional information that the lender might require.

 

There are also a few things that you can do to improve your chances of getting the loan approved.

 

  • For any requests of additional documents and information, respond promptly.

  • Do not make any major purchases such as a car or new furniture until the loan is closed. Increasing your debt can have the opposite affect on your application.

  • Make sure you will be in town for the closing date. If you cannot be there for the closing of the loan, you can carry out a power of attorney to authorize someone to sign on your behalf.

 

5. Close the Loan

 

Once the loan is approved, your next step will be to sign the final loan documents, which usually takes place in the presence of a notary public. Be sure to verify the information within the document, especially the interest rate and loan terms. Also check to see if your name and address are correct. Finally, don’t forget to bring a cashier’s check for your down payment and closing costs.

LOAN DOCUMENTS

 

• ID, Social Security card, credit report
• List of previous landlords, past 2 years
• W-2/1099 statements, past 2 years
• Federal income tax returns, past 2 years
• Pay stubs with earnings, your name and company name, past 2-4 months
• IRA, 401K statements, past 2 months
• If self-employed, must show proof of all income with tax returns
• Evidence of financial assets such as bank accounts, stocks, etc.
• Titles for cars, boats or other vehicles
• Evidence of debts, including car payments, student loans, credit cards, mortgages, child care
• Value of life insurance policy and monthly premiums paid

Pre-qualification Vs. Pre-approval

Find out what is the difference between these two here.

frisco master planned community Richwood
Dallas Real Estate Agent - Top Frisco Real Estate Agent , Dallas GRI Realtor, Dallas top Indian Realtor, Dallas best Desi Real Estate agent, Dallas relocation specialist, Frisco relocation specialist realtor real estate agent, southlake top realtor, best coppell realtor, best indian realtor mckinney, top desi realtor southalke, Top GRI realtor DFW, DFW Best Top Desi Indian Realtor, Dallas cashback realtor, Dallas rebate realtor, dallas new home rebate
Dallas Real Estate Agent - Top Frisco Real Estate Agent
Dallas Real Estate Agent - Top Frisco Real Estate Agent
Dallas, Frisco, Plano, Coppell, Irving, Southlake, Lakewood, Colleyville, University Park, Grapevine, McKinney, Allen, Flower Mound & Trophy Club ABR Accredited Buyer Representative designation Certification Realtor Real Estate Agent Referrals Welcome providing real estate services to veterans, Dallas ABR realtor real estate agent, coppell top realtor, best realtor realtor, top desi indian realtor dallas, indian realtor in dallas dfw
Dallas, Frisco, Plano, Coppell, Irving, Southlake, Lakewood, Colleyville, University Park, Grapevine, McKinney, Allen, Flower Mound & Trophy Club SRS Seller Representation Specialist designation Certification Realtor Real Estate Agent Referrals Welcome providing real estate services to veterans, d magazine best realtors 2018, best real estate agents in dallas 2018, d magazine best real estate agents 2017, top dallas realtors, top dallas real estate companies, top realtors in dallas 2018, dallas luxury realty indian desi realtor real estate agent, top real estate companies in dallas 2018
crs realtor dallas, d magazine best realtors 2018 list, d magazine best real estate agents , d magazine top producers, d magazine best insurance agents 2018, top realtors in dallas 2017, d magazine top producers 2018, top texas real estate agents, d best realtors 2018, best indian luxury realtor dallas dfw southlake frisco, top crs realtor dallas dfw, crs referral realtor dallas dfw southlake
Dallas, Frisco, Plano, Coppell, Irving, Southlake, Lakewood, Colleyville, University Park, Grapevine, McKinney, Allen, Flower Mound & Trophy Club Realtor  best real estate agents in dallas, best indian desi real estate agents in dallas, hindi gujarati punjabi urdu speaking realtor real estate agent dallas, physician relocation services dallas, physician loans dallas
Dallas Real Estate Agent - Top Frisco Real Estate Agent
Dallas Real Estate Agent - Top Frisco Real Estate Agent

COMPETITIVE EDGE REALTY

8005 Fallmeadow Cir

Plano, TX 75024

 

GO SOCIAL
Dallas Real Estate Agent - Top Frisco Real Estate Agent
  • Yelp Social Icon
  • Facebook Social Icon
  • Twitter Social Icon
  • YouTube Social  Icon
  • Pinterest Social Icon

LEGAL NOTICES

 

Texas Real Estate Commission Consumer Protection Notice


Texas Real Estate Commission  Information About Brokerage Services

Nitin Gupta is a residential real estate agent with Competitive Edge Realty

Privacy Policy

Categories: Dallas Real Estate Agent, Dallas REALTOR®, REALTORS® In Dallas, REALTORS®, Real Estate Agents, Real Estate Agents In Dallas, Dallas Luxury Broker,  Dallas Relocation Specialist, Top Dallas REALTORS®, Best Real Estate Agents In Dallas, Dallas Real Estate News, Top Dallas Relocation Expert, Dallas Luxury REALTOR, Dallas Realtor Reviews, Top Residential Real Estate Companies in Dallas

Copyright Nitin Gupta 2016-2020

North Texas Real Estate – Buying A Home

North Texas Real Estate – Free Home Valuation

Dallas Rel Estate Blog

Our Listings

The Dallas Real Estate Market Reports

Dallas Property Search

Request CMA

Selling a Home in Dallas

Dallas – Ft. Worth Real Estate – Making An Offer

Dallas – Ft. Worth Real Estate – Realtors For Sellers

Dallas Real Estate Agent – Basic Marketing

Dallas Real Estate Agent – Choose A Neighborhood

Dallas Real Estate Agent – Choosing A Home

Dallas Real Estate Agent – Community Info

Dallas Real Estate Agent – Home Inspections

Dallas Real Estate Agent – Mortgage Info

Dallas Real Estate Agent – Payment Calculator

Dallas Real Estate Agent – Useful Tools

Dallas Real Estate Agent – Homes For Sale In Dallas, TX

Dallas Real Estate –Agent Homes for Sale in Dallas, TX

University Park Real Estate – Buy or Sell a Home

Southlake Real Estate – Homes For Sale In Southlake, TX

Colleyville Real Estate – Buy or Sell a Home

Trophy Club Real Estate – Homes for Sale in Trophy Club, TX

Flower Mound Real Estate – Homes for Sale in Flower Mound, TX

McKinney Real Estate – Buy or Sell a Home

Celina Real Estate – Buy or Sell a Home

Prosper  Real Estate – Buy or Sell a Home

Allen Real Estate – Buy or Sell a Home

Mckinney Real Estate – Buy or Sell a Home

The Colony Real Estate – Buy or Sell a Home

Allen Real Estate – Buy or Sell a Home in Allen, TX

Argyle Real Estate – Homes For Sale In Argyle, TX

Denton Real Estate – Homes for Sale Denton, TX

Irving Real Estate – Buy or Sell a Home In Irving, TX

Homes for Sale in Coppell, TX – New Homes in Coppell, TX

Plano Real Estate – Buy or Sell a Home

Little Elm Real Estate – Homes for Sale in Little Elm, TX

Flower Mound Listing Agent

Dallas Listing Agent

Frisco Listing Agent

Southlake Listing Agent

Colleyville Listing Agent