Tips for Home Buyers
HOUSTON - There is a lot of talk lately about the housing market in Houston. This, coupled with historic rates, makes it a great time to think about your housing needs and dreams.
First Step for any Buyer, get a Letter of preapproval.
This means a mortgage lender has verified that you’re approved for a mortgage of a certain amount over a fixed timeframe. Preapproval is different from prequalified. Preapproval letters remove some of the uncertainty in the home-buying process. In the current housing market, real estate agents and sellers won't work with buyers unless they have one.
Don’t expect a rate quote. Mortgage rates change daily.
Keep an eye on your credit score. Usually, a loan inquiry can ding your credit score. If you applied for a bunch of credit cards within a short period of time, for example, your FICO score may be impacted
Watch the clock.
Preapproval letters – and the documents they verify – have expiration dates. Those dates vary by lender, but the letters are typically valid for 90 days. If any part of your financial picture has changed – your credit, job status, income or assets, for example – you should notify the lender so your preapproval can be adjusted.
Get started
To find property simply complete our contact form online. Own Realty Group is a full service real estate firm representing buyers. To speak with a representative complete our contact form online or contact mail@ownrealtygroup.com
First Step for any Buyer, get a Letter of preapproval.
This means a mortgage lender has verified that you’re approved for a mortgage of a certain amount over a fixed timeframe. Preapproval is different from prequalified. Preapproval letters remove some of the uncertainty in the home-buying process. In the current housing market, real estate agents and sellers won't work with buyers unless they have one.
Don’t expect a rate quote. Mortgage rates change daily.
Keep an eye on your credit score. Usually, a loan inquiry can ding your credit score. If you applied for a bunch of credit cards within a short period of time, for example, your FICO score may be impacted
Watch the clock.
Preapproval letters – and the documents they verify – have expiration dates. Those dates vary by lender, but the letters are typically valid for 90 days. If any part of your financial picture has changed – your credit, job status, income or assets, for example – you should notify the lender so your preapproval can be adjusted.
Get started
To find property simply complete our contact form online. Own Realty Group is a full service real estate firm representing buyers. To speak with a representative complete our contact form online or contact mail@ownrealtygroup.com
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