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Best way to prepare your mortgage application.

 

Since 2002, Clear Lending has helped hundreds of clients follow the smoothest loan application process minimizing loan complications and assuring fastest loan approval. In most cases, it doesn’t make sense seeing homes until you are familiar what your monthly payment will be depending on areas you plan or wish to live.  

Consider these:  

• Down payment: Most loans require a down payment. FHA Programs require 3.5% down payment, Conventional Programs typically require 5% and Jumbo or Portfolio loans may start at 10% down payment depending on loan terms. Generally, a higher down payment means better loan terms and a lower interest expense on the mortgage. 

• Qualifying for a loan: Clear Lending will help you assess how much you can afford based on your income, employment history, education, assets (e.g., bank account balances, other property, insurance policies, pension funds), and debt requirements.  We will check your credit report before the underwriter sees it to clear up any potential issues. 

• The right loan for you: You should not spend i.e. $300,000 on the purchase of a house just because we tell you qualify for a $300,000. Better instead and based on your Family priorities tells us what is your ideal monthly payment including taxes and insurance and we will help determine the loan amount you will be comfortable with.  

Secure Financing: 

Unless you’re paying cash, you will need a loan and thus a pre-approval from a bank or lender. Sellers will only consider and give priority to best qualified bidder. A prequalification letter is the weakest way to assure seller your loan will be approved should your bid offer be accepted. A pre-approval letter provides more piece of mind to seller as it means buyer provided loan officer income and asset originals plus obtained a credit report. With income/asset/credit information, a loan officer runs the application thru Automated Underwriting System (AUS) to obtain an Approve/Eligible result response. Best of all form it’s a Conditional Approval in which underwriter has actually received income/asset/credit originals and issued a conditional approval. Clear Lending will get you fully approved even before you have seen your first house. This way and once you find your dream house your chances will be highest.  

Loan Closing/Prepaid Costs and Terms: 

Keep in mind the interest rate is as important as many other aspects of the loan process that need to be analyzed at application. This is why Clear Lending goes over every single closing cost such as owner’s/lender’s title policy, tax/insurance escrows and government, lender, attorney, processing, survey, appraisal, tax certificate or service fees. Also Clear Lending will go over different loan programs so best possible option is chosen. Other issues could potentially be repairs required on the property to secure financing. Clear Lending will help clear these conditions and others so the transaction can close. 

Select a Texas REALTOR®: 

Selecting a Texas REALTOR® will help you save time and money by researching properties based on loan criteria secured by Clear Lending. Ask us for our recommendations as we know several neighborhood expert agents whom have helped hundreds of happy clients.

Before you start seeing homes, consider:

• Location: Choosing the right location is key. How close or far you want to be from your job, shopping centers, kid’s schools or entertainment?

• Home style: Do you want to enjoy the space a Single Family Residence offers as well as fewer restrictions to customize your home or prefer a condo offering amenities without the need of yard work.

• Property age: Inventory homes provide better insights of its neighborhood qualities as yards are mature and more established; then depending how old house is it may require more or less maintenance. In contrast, brand new homes will require less maintenance but then you may not end up liking how neighborhood evolves over time.  

Make an Offer: 

Once your Texas REALTOR® agent has found the perfect house according to area of choice and price criteria, he or she will prepare an offer “make sense” handling negotiations with your best interests in mind organizing inspections and option periods. 

Close the Deal:

After sometime of research and decision-making, transaction will close at the title company's office. The title closing agent will ask you to sign many documents not before explaining each one. At closing, you will be required to bring cashier's check (cash to close), sign Closing Document itemizing all closing costs (the lender will have given you a copy in advance). In return, you will receive a deed, transferring ownership rights to you.

Congratulations!!! Now you are a happy home owner.

Don't wait any longer and find out how much you can get Pre-Approved for.

Whether you are considering purchasing or refinancing an existing FHA mortgage loan, Clear Lending can help you. Simply complete our secure and encrypted Pre-Approval Form online and we will contact you right away to review best options for you.

This advertisement is not an offer for an extension of credit. Programs available only to qualified borrowers. Programs subject to change without notice. Underwriting terms and conditions apply. Some restrictions may apply.

Customers Reviews:

  • Maria Mendoza • October 12, 2017

    Good evening my wonderful Clear Lending Team, I just wanted to thank each and every one of you, including Patricia, for all your awesome and amazing job with our last closing. Thanks for putting the loan process together. As always you guys are wonderful and just wanted let you to know I truly appreciate each and everyone of you for all your hard and outstanding work. I know that working together as a team our business will grow. Big hug to all. Thanks and blessings!

  • Marina Aguilar • April 24, 2014

    Joan,
    I can't thank you enough for what you did for me and my family. You made the impossible possible. I still can't believe that I am now a homeowner. After being turned down by my bank, a top 3 bank in the US, and them explaining to me that there was no way I was going to be able to purchase a home anytime soon, now I can say that you work miracles. The best experience from this is that you were the most truthful person that I have worked with in this process. Before loan officers would just make me lose time. I have been in this process for the past 4 years until I was referred to you. You on the other hand were able to help me in less than 3 months. And not even at that you gave me the lowest interest rate there is in the market. Thank you.

  • Beatriz Gonzalez • September 08, 2015

    Buenísimo Loan Officer!!!!!!! SUPER RECOMENDADO, gracias por hacer lo imposible posible; gracias por todo tu tiempo, apoyo y consejos. Excelente persona siempre tratando de ayudar y hacer más fácil el proceso. Siempre al pendiente y tratando de encontrar la mejor opción. La verdad nunca pensé que nos prestaran el dinero para comprar la casa y Joan lo consiguió!!!!!! Gracias por todas tus atenciones. Saludos Beatriz Gonzalez.


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