Are you ready to buy a new home in Dallas, TX? Are you prepared to apply for a loan? Companies such as The McCauley Teamprovide the best mortgage services in Dallas, TX. Many new homeowners need mortgage services to get approved for a loan and close on a home. However, the best mortgage services will start helping you long before your loan application. They will financially prepare you and give you tips on how to get approved for a loan.
Do Not Finance Anything New
When you apply for a home loan, the lender will run your credit report. Your credit score will drastically drop with new inquiries. It may be tempting to finance a new car or apply for a new credit card, but the companies providing the best mortgage services in Dallas, TX, will advise you to not finance anything within two years of applying for a home loan. Your income to debt ratio will greatly increase, causing your credit score to drop. A lender may not want to approve you for a loan as you will appear more risky.
Save Money
You must pay the Business name and closing fees when you purchase a home. You may also need to put down a downpayment which is typically 10% of the overall cost of the home. For example, if the home costs $400,000, you may need to pay $40,000 as a down payment. It is tempting to spend your money during times of need. A mortgage service company will tell you that you should not draw from your home savings money if at all possible. You will need your downpayment to close on your future home.
