How Much Can You Afford?
When to Apply for a Mortgage?
As a buyer you will like to know how much can you afford to buy a house, how much will be a mortgage monthly payments that will make you fill comfortable.
A buyer you should apply with a prefer lender as soon as possible once you decided to purchase a real estate property before getting excited about a house that might not fit his budget. Buyers can safely apply on line and it's safe, super quick and easy. Contact your mortgage broker, if you don't have one that you know, trust or it was referred to you, I can provide you with a few lenders that my past clients have use with great satisfaction. It will be your decision to choose the one you like better.
A lender will request some documentations to verify income, expenses, employment and credit score and will send a pre-approval letter for the approved amount
- Most recent W-2's or 1099
- Last 2 years of Tax Return
- Bank Accounts information
Type of Loans Available:
There are several types of loans that a lender can offer to a buyer depending on his financial situation. Most popular now at days is the Conventional Loan that is allowing a minimum of 3% down payment.
Note: The down-payment does not include the buyer's closing costs generated by the transaction itself.
A Pre-Approval or Pre-qualification is most beneficial for a buyer when sending an offer to purchase a house. It is more likely that a seller will lean to accept an offer that comes with that letter that shows the buyer's ability to buy.
The loan amount is intended to be the limit that a buyer is approved for to buy a property, doesn't have to spend the whole amount.
Example: Loan approval is for $300,000 so that will be your maximum amount to purchase a property.
How long it takes to being approved for a loan?
It shouldn't take more than 24-48 hours.
How long it takes to purchase a property in Texas?
Once identified the property to purchase we will send an offer to the sellers. Both, buyers and sellers have to agree on all the offer's terms and conditions. From that day and provide that there are no bumps during the process, you should consider about 30 days to close.