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PRE-APPROVAL VS. PRE-QUALIFICATION

Now that you know what you want in your new Dallas home, you need to find out what you can afford. There are two ways to go about this: prequalification or pre-approval for a loan. Either way, feel free to contact me about choosing a mortgage company. I will provide you a list of mortgage companies that you may want to do your initial meeting.

Pre-approval is the simpler of the two processes. It can even be done online or over the phone in couple minutes. When you contact a mortgage company, they will ask you for some basic information about your finances? How much money you earn, how long you are working with your current company, or whether you are self-employed or not, your debt load, etc. They will take this information and give you a rough estimate of how much of a loan you might qualify for and what your interest rate might be.

Pre-qualification is a more in-depth process. The lender will perform an extensive check of your finances including your credit rating, whether or not you're a first-time home buyer, what your debt load is, how much money you have to put as a down payment, etc. This figure will be a much more reliable estimate of what you can afford.

Pre-qualification process lets the seller know that you have gone through an extensive financial background check and there should be no unexpected obstacles to you buying Dallas homes.

When we write an offer for your dream Dallas Homes, we will send your pre-approval or pre-qualification letter with our offer. This will shows to seller that we are willing and able to buy their Dallas Home in these terms.

Most first time home buyers finds that home buying process is complicated for them but I will make sure that you will get all the updates, important phone numbers, suppliers, dates and resources. 110% Communication is Guaranteed and I am dedicated to represent you.

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