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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:

  • Alejandro Paredes • April 18, 2018

    First and foremost I want to thank the entire Clear Lending team for this incredible experience. Joan Gallardo was very professional and honest throughout this whole process. He took the time to explain everything step by step and at any time of day. I am a DACA recipient and that wasn't no issue at all for Mr. Joan to get me a loan for the low rate of 3.875% interest. To me that is amazing and very appreciated because other loan companies told me I was not able to get a interest rate like that because I was a DACA recipient. I highly recommend Clear Lending for DACA recipients because they opened the doors for me so I can accomplish my dreams of purchasing my first home. Patricia was also very attentive to my process and helpful every step of the way. Mrs. Rosa Iraheta was my realtor who helped me look for the home and made sure it met all my expectations. I can't thank you enough for all the time and hard work you and the whole Clear Lending team put for me and my family to be here today in our new home. May God bless you all! And Thank you!

  • Ricardo Cruz • October 23, 2015

    I would like to thank Joan for everything he did for us. He is the best in the business and is very knowledgeable. He made the home buying process very enjoyable and he was available at any time to answer any questions we had. He was easy to contact and easy to talk to. I will be referring everyone I know to Joan. Thank you.

  • Ashley Magallan • August 21, 2018

    I owe it all to Joan for making our dreams come true. I never thought I would own a home, but Joan made it happen. He was there for me at all hours of the day with questions and concerns I had. Everyday he would communicate with me, on how the process was going. Joan is on top of everything and SUPER fast. If any one is the need of buying a home, I would totally recommend him!

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