Take Advantage of Loan Pre-Qualification
|√||Know how much house you can afford.|
|√||Know how much cash you will need for the down payment.|
A number of factors determine the price range of the homes you'll want to preview - and the most important of these factors is knowing the loan amount you are pre-qualified for and how much your down-payment and closing costs will total.
And as a buyer, having visited with a lender and getting pre-qualified for a mortgage will allow you to give me guidance as to the price range that we need to concentrate on in our home search. It will also allow you to know more about the finances of the transaction, what your monthly house payment will be, and also what closing costs to expect.
If you will be using a mortgage to purchase your new home in Midland, then you will need to have a loan approval letter to submit with any offer to buy a home. The seller will want to assure that you are approved for your mortgage prior to accepting your offer and signing a contract to sell.
Your lender will help you make an informed decision as to the type of loan you'll want. There are many different types of loans to consider - including FHA, VA or Conventional. Your lender will help you determine the best loan for your situation. I can provide you the contact information for several local lenders who will do an excellent job and take care of your transaction throughout the process.