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Home Mortgage Financing your Dallas homes

Buying a home is a very important decision that we will make in our lives. We have one more step before start searching for your Dream Dallas homes which is talking with a mortgage lender or a financing professional. Obtaining a pre-approval letter is an essential step before starting to look at homes. When you know how much you can afford on a house, you will search wisely and you will save time. You need to start talking with your lender about pre approval letter and prequalification. We are certain that you will find you a perfect Dallas Home or condo when you are working with DHL Realty Group - Real Estate Experts and they will also guide you with every step of buying or selling your home in Dallas, Plano, McKinney or Frisco areas.

Going through a quick Pre approval process will help you to select best loan package without being under pressure, pre-approval letter will make your offer more appealing to the home seller what it really means is when you find your dream home you will not hesitate about mortgage terms. It shows seller that you are serious about buying your Dallas home or condo. You will save time not considering homes you cannot afford.

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How much home can you afford?

This is one of the most asked question beginning of Dallas homes buying process. Your lender helps you to determine this question easily.

There are three key financing factors to consider are:

  • Down Payment
  • Your ability to qualify for a house mortgage
  • The closing costs associated with your dallas home closing transaction.

Down Payment for your Dallas Home

You will pay down payment at the closing time. There is not established amount of down payment for Dallas homes loan but most loans require 3.5% to 5% down payment depending on your loan type, terms of the loan or your credit report. If you can come up more than 20% you may be eligible to take advantage of special programs and possibly eliminate mortgage insurance.

Closing Costs for your Dallas House

There are a lot of different types of closing costs when you are buying Dallas homes. Typically closing costs will range between 2-5% of your mortgage loan. These fees will be paid at the closing with required loan processing fees.

Qualifying for a Home Mortgage in Dallas TX

There are a lot of key factors to determine your ability to secure your Dream Dallas home loan that you will talk with your lender during your pre approval process.

Most important factors for mortgage and home financing are

  • Your Current Credit Report
  • Your current Assets
  • Property Value of the Dallas home, condo or town house you are interested in

Important documents you need to provide to your lender or mortgage agent when you apply for Dallas Homes Loan

Every loan program and loan officer has different requirements for applying your Dallas Homes loan. You need to verify your employment, income and assets with these documents.

  • Copy of Social Security Card
  • Copy of your Texas Driver license
  • Pay stubs at least for the last two months
  • W-2 forms for last two years
  • Bank statements for last three months
  • Two years of tax returns
  • Contract of your Dallas Real Estate you are buying
  • Current Debt information

Remember borrowers who are Self-Employed, FHA and VA loan applications may need different documents. Your lender may ask more documents for different home loan processes.

When you are seeking to obtain Dallas Homes loans, there is a list of things you should not do, for example do not buy or lease a car or do not move your accounts to other banks and many more. Call 469-360-6955 or contact us to learn more about Dallas homes buying process and closing process before start searching your Dream Dallas homes. I will provide you a list of reliable loan officers immediately so that you can talk and shop for your loan easily.

I will be happy to assist and guide you every step of the home buying process in Dallas, Plano, Frisco, McKinney, Allen, Carrollton and surrounding North Dallas TX areas.

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