MortgageMack – Your Guide to Home Loans in Texas
Helping Texans find the right mortgage solution for their home and financial goals.
Applying for a mortgage won’t be the only time you hear the term “hard credit check”; applying for any loan may result in one. You may also hear the term “soft credit check.” Unlike a hard credit check, a soft credit check typically does not affect your credit score and may be used for things like background checks. #thehelpfulLO #home #house #listreports #mortgage #finances #investment #loanofficer #smartmoney #homeowner #themoreyouknow #icanhelp #realestate
Spring has sprung and it’s a great time to search for a new nest! Time to branch out and find the home loan that’ll make your new home dreams bloom 🌸🏠🌼 #thehelpfulLO #home #house #listreports #mortgage #loanofficer #realestate #husehunting #icanhelp #investment #springtime #springintoaction #happyhome #happyhomeowners #dreamhome
Make your transition to your new home as smooth as possible by being prepared and knowing what to do. This list is a great place to start! You can also create a home management binder. You’ll use this to store important documents on your house, like your deed, insurance, home warranty, proof of inspection, mortgage billing info, and more. Another tip for a smooth homebuying transition is working with a knowledgeable loan officer, ya know, like me. 😉 #thehelpfulLO #home #house #listreports #homeowner #realestate #househunting #homebuyer #happyhomeowner #happyhome #mortgage #loanofficer
What not to worry about when buying a home
Buying a new home already has a built-in set of worries, so here’s a list of things you shouldn’t worry about. If you’d like to take stressing less one step further, work with a loan officer that really knows their stuff – work with me! I’ll help alleviate your stress so you can focus on enjoying your new home! #thehelpfulLO #home #house #listreports #icanhelp #lessstress #stressless #husehunting #homebuyer #newhome #realestate #happyhomeowners #mortgage #loanofficer
Wondering how to keep yourself busy while going through closing? Here’s a list of to-dos that will keep you occupied and help you prepare for your upcoming move! #thehelpfulLO #home #house #listreports #homeowner #newhome #realestate #mortgage #loanofficer #happyhomeowner
Let’s talk about home renovations
Some home features will grow on you, and some you might need to change. If you want to renovate, let’s talk about your financing options. #thehelpfulLO #home #house #listreports #homeowner #realestate #happyhome #homeowners #happyhomeowners #dreamhome #mortgage #homereno #renovations #loanofficer
Before you go looking for (and falling in love with) a home, you need a realistic idea of what you can afford, make sure your credit is in good shape, and, most importantly get pre-approved
Starting the process by “just browsing” could set you up for heartbreak. Before you go looking for (and falling in love with) a home, you need a realistic idea of what you can afford, make sure your credit is in good shape, and, most importantly, get pre-approved for a mortgage. #thehelpfulLO #home #house #listreports #homeowners #househunting #themoreyouknow #beprepared #investment #icanhelp #realestate #loanofficer #mortgage #themoreyouknow #preapproved
Lenders use FICO scores to determine credit risk
Lenders use a FICO score to calculate credit risk. It’s based on the credit reports of the borrowers. The higher the score, the better. But don’t let a low score keep you from pursuing financing. Let’s talk and see what you can afford. #thehelpfulLO #home #house #listreports #homeowner #househunting #finances #investment #mortgage #loanofficer #realestate #icanhelp #themoreyouknow
Being pre-approved can make your offer more attractive to a seller in a competitive seller’s market.
Home Loan Approval vs. Pre-Qualified Applicant
Hi. It’s Mack with One Trust Home Loans and thanks for being here. My NMLS number is 208691. And today, we’re going to talk briefly about being pre-qualified verses a home loan approval. You know, we find ourselves in a very tight inventory for houses that are for sale. It is very competitive out there. If you’re a first-time home buyer, it can be very challenging to find a home not only in your price range, but when you do, you find that you’re competing with other buyers.
One thing that I know that will give first-time home buyers an edge in the market and even, you know, move-up buyers is to be pre-approved versus just pre-qualified. Now, in my 25-year career, the process for most home buyers starts with a pre-qualification wherein, you apply online or you apply in person, and we spend some quality time together, and discuss your goals. And we make sure that those goals are achievable based upon the income, the assets and make sure that the goals are achievable even within the framework of what you define for us with regards to your specific goals for down payment, closing costs and monthly payment.Loan Approval Process
Now, the home loan approval process takes the pre-qualification process several steps further. So, not only do we complete the loan the application,
spend some time together and define your goals, but then we also put together the financial documents that are necessary to support the application, which include your W-2s for the most recent 2 years, pay stubs equal to 1 month’s income, 2 years tax returns, 2 months bank statements, appropriate identification, and some other items. You can find a link with an approval checklist here on my video blog.
Now, what we do with that information is we not only just— Not only do we take and review it, but we submit your financial documents to an underwriter and request that the underwriter give us a pre-approval. And then we issue a pre-approval letter to you. And that letter in and of itself in a competitive situation where you are competing with other buyers can make a difference in whether you get the property versus another person that didn’t take the process, that extra step to reassure a seller that you are indeed qualified to purchase a home.
I hope this was helpful. Please leave a comment and please tell us if there’s any of the material that you think would be of value to you that you would like to know more about. I’d be glad to share it with you. Thanks a lot.
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