Want a home in Texas? Look for a credible lender
A reliable mortgage lender in Texas is one that can guide you in choosing a suitable loan and also prepare you in advance for all the steps involved in closing it. From loan application to closing, they make sure that the entire process completes seamlessly. Let’s take a look at some of the dos and don’ts that they may suggest before and during the loan application and processing.
Dos
- Provide sufficient documents such as bank statements, pay stubs and others
- If applicable, providing proof of your current home such as the sales contract, relocation, closing statement and other details
- Notify the lender about gift funds received for buying a home
- Inform the lender of a change in employment status such as change of job, an increase in pay at the current job, change of payment methods (from salary to commission or vice versa), etc.
- Notify the lender about any major change in credit status such as paying off a credit card or a significant consumer loan, etc.
- Keep your credit liabilities in check during the loan process
Don’ts
- Don’t make expensive purchases such as a new car, luxury furniture, etc. before or after closing on the loan
- Don’t deposit an amount over 1% of the loan’s value without notifying the lender
- Don’t open, close or transfer asset accounts without consulting the lender
There is no dearth of home loans in Texas; however the decision of choosing the right mortgage company should be taken wisely. Such a company should be able to guide you through various government-backed mortgage programs such as the ones provided by the Federal Housing Administration (FHA), United States Department of Agriculture (USDA) and Department of Veteran Affairs (VA). Down payment assistance is available from quite a few state-sponsored mortgage programs.
In order to make sure that your home loan application, processing and closing go smoothly, contact a reputed mortgage firm in Texas that can assist you in every stage as explained above. Such a firm can help you with their extensive knowledge about a wide range of mortgage programs. They also review your mortgage terms periodically to meet your specific financial objectives.