When looking at buying a new home in Texas, people would consider a number of factors such as the price of the house, location, insurance cost or the maintenance cost. However, a very important factor that is mostly given only a second thought is the mortgage rates in the area. The mortgage rate is the…
Buying a new home can be a very stressful situation, especially if you are right on the bubble for the asking price and what you can afford to pay. Lenders need to make sure you are capable of making your monthly payments and one small slip-up on your part could put that application in jeopardy.
To make sure you increase your chances of being approved, we have put together a list of what you should and should not do during the time leading up to your mortgage application. If you are even thinking about buying a home in the near future, you should follow these tips to the letter. In addition, we would recommend reaching out to our lender, North American Mortgage Company, for a mortgage pre-approval so you know exactly how much buying power you have while conducting your search.
The joy of finding your dream home is often shattered when the prospective home buyer realizes they are unable to get approved for the mortgage they will need to buy their home. Sadly, many of these buyers go into the search phase thinking they have more buying power than they do because of a misleading tactic of some lending companies.
Have you ever received a credit card offer in the mail telling you that you were pre-qualified for a $10,000 credit card? When you applied, where you actually turned down and offered a lower-limit card with a higher interest rate? It is not necessarily bait and switch, but it is pretty close.