LENDER PRE-QUALIFICATION PROCESS
Home buyers will need a loan in order to purchase a house, if you do not have the resouces to pay cash for your purchase. It is practical to go ahead and get pre-qualified with your Lender before you actually start looking. During the pre-approval process the Lender will verify credit worthiness and determine the price range of houses you are qualified to purchase. There are numerous benefits to starting an application at this time while you are deciding what to buy.
In this very competitive market, we strongly recommend that potential Buyers become fully qualified for their loan prior to looking for properties. Buyers who are qualified for their mortgage can submit offers for homes, where Sellers would consider their offer as good as a cash offer, as there is no chance that the mortgage application be denied. (Please continue reading below about the qualification process and recommended Lenders.)
Benefits of Pre-Qualification
Once you're pre-qualified, or at least have the pre-qualification process started, it's time to start shopping for your new home!
With the increased level of activity our market is currently experiencing, we are recommending that our Buyers become QUALIFIED for their mortgage. This includes submitting all required paperwork and documentation to your Lender. Your Lender will then go through the necessary process to make sure that you are totally qualified for your mortgage. This way, when submitting an offer on a property, we can indicate that your loan is thoroughly reviewed and approved, making your offer to be as desirable to a Seller as a cash offer.
In today's market it is necessary to take the loan application process one step further than we have been used to in the past. Being pre qualified was and getting a "pre qual" letter from your Lender was enough documentation needed to attach to offers that are to be submitted. Because of the shortage of inventory and numbers of multiple offer situations, we are strongly recommending to our Buyers that the become qualified for their loans. By becoming qualified, it are showing a Seller that you loan has been approved, which takes away the possibility of you backing out of your contract because your cannot quality for your mortgage. Many Sellers consider an offer submitted by a qualified Buyer to be as good or equal to a cash offer.
The mortgage loan professional will assist you throughout the loan application process. Once your home is selected, your offer is accepted and the contract is written up, the lender will provide you with a GOOD FAITH ESTIMATE of estimated closing costs for your purchase. At this time, the lender will run a credit report, order an appraisal of the property, verify debt ratios to income, and assist you with any additional requirements.
My Preferred Lenders List
Below is a group of Lenders that I have a relationship with, and have done stellar work with my clients:
NAME COMPANY CONTACT INFORMATION
Nate Beta Supreme Lending 512 431-7055
Chad Bowman Veteran's United Home Loans 512 646-0800
Humphrey Brown Pacesetter Financial Group 512 923-1663
Brian Cisna Mission Mortgage 512 743-3335
Wendy Dabrusin Benchmark Mortgage 512 517-7858
Tim Dockery Guaranteed Rate Affinity 512 823-2976
Steve Ferguson Thrive Mortgagee 512 913-7566
Max Leaman New AMerican Funding 512 617-5636
John Schutze Texas Loan Experts 512 775-6820
INFORMATION NEEDED FOR THE LOAN APPLICATION PROCESS