If you’re thinking about buying a home, then you are likely wondering how much house can you afford and what is a mortgage pre-approval process. You definitely don’t want to fall in love with a home that’s not within your budget or to close on a property that you can’t comfortably afford.
Plenty of calculators these days are available online that claim that they can accurately predict how much house you can afford, however, many home buyers end up being qualified for a lesser amount than the calculator predicted. So what’s the most precise method to calculate your budget? Contact a mortgage lender like Texas Trust Home Loans and get a pre-approval letter from them.
The process of pre-approval
At Texas Trust Home Loans, you can get your pre-approval letter within 30 minutes. We will need your full loan application which will include information related to your income, properties owned, and assets. We will also perform a credit pull to determine your monthly debt obligations. Your information is safe and secure with us at Texas Trust Home Loans, as we utilize bank-level security systems.
Subsequently, based on your information, we will match you with the best loan option available. So what’s the result? A cost-free, no commitment pre-approval letter that will provide you with a precise figure about how much you can actually borrow to buy your dream home.
How to utilize your pre-approval letter
Your pre-approval letter can help you to understand your home hunting budget. You wouldn’t need to go through the complete underwriting process of a mortgage. If you are not happy with the projected price range in your pre-approval letter, then you can plan a free consultation of homebuying readiness to find out what steps you will have to take in the future to qualify for your dream home.
When you’re all set to make bids, you can show your pre-approval letter to your agent and probable sellers to prove that you’re serious regarding purchasing a house. You can even reach out to your Texas Trust Home Loans loan consultant to get a custom pre-approval letter for every property you’re bidding on. For instance, you want to obtain a pre-approval letter for the amount that you want to offer on a property rather than your fully preapproved amount. By doing this, the seller won’t be able to know that you can, in fact, afford more than what you’re presently offering.
Keep in mind that your credit score is not affected by each new pre-approval. You can get as many pre-approval letters as you want.
Buying a property can be a daunting task; that is why we at Texas Trust Home Loans try to keep the mortgage pre-approval process simple. Get your pre-approved letter from us with just a few clicks online.