Before you get caught up in the excitement of looking for real estate in Frisco TX, you should think about how you're going to finance your new home. It's surprising how many people find the home they want and then think they can worry about how they're going to pay for it later. Pre-qualifying for a new home not only sets up a relationship with a mortgage lender or bank that will help you get your loan; but it will also let you know exactly how much you can spend on a home, which will make your home search so much easier.
In the housing market today, rules are stricter for home buyers seeking mortgage loans. That means that to get to the point where you are pre-qualified for a loan for the real estate in Frisco TX you want to buy, you have to take a long, hard look at your finances and your financial habits and straighten out any problems you may have had. The first thing you need to to do is reduce your debt. You may pay all of your bills on time and think that that's all that matters but if you are swimming in debt, you're going to have trouble with lenders. Lenders care more about your debt-to-income ratio and a lot of debt means you're probably barely making it through every month.
Along with debt reduction, make sure you know what your credit score says about you. Get a copy of your credit report and make sure that it's accurate. If there are any mistakes, dispute them. If the report says you have a low credit score, work on fixing it before you apply for a loan. Tell the truth on your loan application. You may be tempted to stretch the truth when it comes to your income but don't do it. Not only will the lender find out the truth anyway, it could also be a violation of federal law to lie on a mortgage application.
Just because your lender has pre-qualified you, don't confuse the pre-qualification with a pre-approval. A pre-qualification is simply an estimate of how much money your lender might loan you based on the information you've given him and is not a guarantee of a loan. A pre-approval is also not a guarantee but it's better to have than a pre-qualification when you're searching for real estate in Frisco TX because it means that the lender has verified all of your financial information and has offered to lend you a certain amount for your home.
If your finances are in good shape, don't be afraid to shop around for a loan with mortgage lenders or banks. You comparison-shop for every other big-ticket item you purchase; so why wouldn't you do that for the biggest-ticket item you will likely every purchase?
For help with your home search in Frisco, TX, call Iryna Mitchell at 214-646-1198. Iryna knows the real estate market in North Texas and can guide you through the home-buying process. She can explain the process of obtaining a mortgage in addition to finding you the home of your dreams. Visit her at www.irynamitchell.com to get started with your home search.
Real estate Frisco TX
Frisco TX Real Estate Agent | Iryna Mitchell
11955 North Dallas Tollway Ste. 300A
Frisco, Texas 75033
(214) 646-1198
http://irynamitchell.com/ Get familiar with the mortgage loan process before you look for real estate in Frisco TX. Then call Iryna Mitchell at 214-646-1198 to help find your dream home.
Orignal From: Real Estate In Frisco TX: Things To Know Before You Apply For A Mortgage
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