Finance Your Dream Home in Greater Houston
Selling your home can be easy. Let our experienced staff help you make it happen.
Our team of local financing experts are ready to guide you through the home buying process. We are committed to fast, professional, courteous, and personal service to help you understand and feel at ease throughout the home buying process. Our trained and certified loan originators specialize in financing homes in the Greater Houston area real estate market. We are prepared to find the right loan program with competitive rates and low down payments for you.
If you’re applying for a mortgage loan, there are three things lending professionals look at to determine whether you’re approved or not.
When applying for a mortgage, there are three main factors that get taken into consideration. As I like to say, banks like to go “CIA” on you when you apply for a mortgage, and the “CIA” stands for these three factors: credit, income, and assets.
CREDIT: Credit is important because it will determine whether you qualify for a loan or not. Your first step, then, should be to get credit-qualified. All this means is a verification that your credit is good—don’t confuse it with a full qualification.
INCOME: If you’re credit-approved, the next thing to look at is your income, or how much house you qualify for. In order to know this, we analyze all the different forms of income you have. Keep in mind, we can’t use money you make and collect in cash—we need income from verifiable sources.
ASSETS: Finally, we examine your assets to see how much of your down payment they can cover. Don’t believe the myth that you need 20% down to buy a home. However, you will probably have to pay some kind of down payment and/or have some closing cost money available. In many cases, these can reduce your cash to close. Typical loans start at 3% down unless you’re a veteran, in which case you can get a loan for zero money down.
Once these three factors are settled, that’s when you become fully qualified. If you have any questions about applying for a mortgage loan, feel free to give me a shout. I’d be happy to help.
Cliff Saunders NMLS# 2611
8610 Spencer HWY Suite E
La Porte, TX 77571
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