In looking for a house, the smartest thing you can do is to suffer through a 30 minute phone conversation with a “good” lender to get a ball park idea of where you should be on the price scale in your search. He can “pre-qualify” you after minimal information (including running a credit report). A written pre-qualification letter given with a contract offer is powerful. It shows that you’ve already taken preliminary steps to obtaining a mortgage.
If you plan to purchase within 6-8 weeks, it then also is wise to go through the entire written application process, and have, in hand, a lender’s qualification letter.
What this means is that you have been qualified (paperwork done) to purchase up to a certain price home. When you find a home within that range, the only thing that remains is the appraisal of the home and your mortgage. What a great negotiation tool when the “right” house is found! It also means that your interest rate in “locked in”!
I’ve included the names of a few good mortgage companies for you to start with:
Matt Pizette – Home Services Lending
Cell: 214-914-1818, Office: 214-302-5622, MattPizette@homeserviceslending.com
Rate snapshot (contact Matt for specifics)
Scott Moize – Great Western Home Loans
Cell: 214-755-7307, smoize@gwloans.com
Brian Jordan – First National Bank
Cell: 469-212-0228, brian@brianjordan.com
TIP: If you are just beginning to consider a move, NOW is the time to request a copy of your credit report. This leaves you time to “clean-up” any surprises or mistakes on the report before it is accessed by a lender. Click on http://www.annualcreditreport.com.
