What is Happening in the Mortgage Market

Well, the primary reason is to establish a range of homes you can afford to purchase. You may be thinking…”can’t I do that with a calculator and your monthly budget?”. That will give you an idea, but because there are so many different variables involved in a mortgage, it is best to have a professional, licensed lender prequalify you to assure accuracy and make sure everything is included in the calculations. It is fast, easy and it is free.

Prequalified or Preapproved?You have a better negotiating position when you are preapproved. The difference between the two is HUGE! Preappoved means the lender has verified everything but the property. It is almost as good as cash in hand. This can translate into a savings of thousands of dollars on the sale price. Sellers will give preference to preapproved buyers when there are multiple offers – and there are many real estate agents who will not even work with you unless you are preapproved.

Lastly, it can save you a lot of time and heartache by making sure you are shopping within the correct price range.A good lender will talk with you to find out your financial situation and provide you with sound advice on topics from suggestions on improving your credit to what type of mortgage would be best for you. A good lender can provide you total payment information, what your closing cost should be, and refer you to professional partners that can make your home buying process much easier.

Will my bank give me the best deal or make it easier?Most likely not. All you need to do is ask a couple of Realtors this question. Many Realtors will not even work with a buyer if they wanting to use a Big Bank lender. Most do not close on time and to bank, you are just a number. So don't let your bank or credit union take advantage of you - shop around.Did you know that bank employees are not required to secure a mortgage license? Do you want someone that doesn't have to have any formal training giving you advise about your biggest investment?

You can search to see if your loan office is licensed here.Welcome to NMLS Consumer Access^SM, a free service for consumers to confirm that the mortgage company or mortgage professional with whom they wish to conduct business is authorized to conduct mortgage business in their state. Search the BBB here.

Does a couple of lenders pulling my credit hurt my score?This is a great question. The short answer is NO. You will have an inquiry for the first lender that pulls your credit but no "dings" for additional lender inquires within a given 30-45 day period.You should know that prequalification through a particular lender doesn't mean you must finance your home through that same lender nor does it bind you to specific terms.As a direct lender with over 14 years of experience I would be happy to provide you a free second opinion on your banks offer. Click here to receive a $250 off closing cost coupon and get your free second opinion.

Richard WoodwardBanker / Senior Branch Manager, NMLS ID 217454

Click here to view My Personal Brochure

Office: (972) 661-513617440 Dallas Parkway Suite 118 Dallas, TX 75287Visit Us Online - www.Envoy-Mtg.com

Texas Mortgage Banker Registration #45300 NMLS ID 6666