5 Wright Ways To Buy A Home

Looking to buy a home? Here are five essential tips for making the process as smooth as possible.

Get your finances in order.

Call Wright Mortgage! Start by getting a full picture of your credit. Obtain copies of your credit report. Make sure the facts are correct, and fix any problems you find. Next, find a suitable lender and get pre-approved for a loan. This will put you in a better position to make a serious offer when you do find the right house.

Find a house you can afford.

As with engagement rings, there’s a general rule of thumb when it comes to buying a home: two-and-a-half times your annual salary. There are also a number of tools and calculators online that can help you understand how your income, debt, and expenses affect what you can afford. Don’t forget, too, that there are lots of considerations beyond the sticker price, including property taxes, energy costs, etc.

Hire a professional.

While the Internet gives buyers unprecedented access to home listings and resources, many aspects of the buying process require a level of expertise you can’t pick up from surfing the web. That’s why you’re better off using a professional agent than going it alone. If possible, recruit an exclusive buyer agent, who will have your interests at heart and can help you with strategies during the bidding process.

Do your homework.

Before making a bid, do some research to determine the state of the market at large. Is it more favorable for sellers or buyers? Next, look at sales trends of similar homes in the area or neighborhood. Look at prices for the last few months. Come up with an asking price that’s competitive, but also realistic. Otherwise, you may end up ticking off your seller.

Think long term.

Obviously, you shouldn’t buy unless you’re sure you’ll be staying put for at least a few years. Beyond that, you should buy in a neighborhood with good schools. Whether you have children or not, this will have an impact on your new home’s resale value down the line. When it comes to the house itself, you should hire your own home inspector, who can point out potential problems that could require costly repairs in the future.

How Long Does it Take To Get Approved For a Mortgage?

Congratulations, you're about to buy your first home!  The big question remains, though: how long does it take to get approved for a mortgage?  Here are some ways you can determine that:

Shopping For Loans: 14 Days

Before you commit to a mortgage, you are going to need to do a significant amount of research to determine what type of loan you want and ensure you're receiving the best deal possible.  To do this, start by looking at price quotes online for different factors (higher/lower down payment, variable time-length) and determine which is the best option for you.
After you do this, you will want to schedule meetings with several lenders in your area to confirm their lowest available rates.  You are able to pull your credit score several times within a two-week period without having it affect your credit score, so don't worry about that.

Get Pre-Qualified: 3 Days

Once you've decided on a lender, it's time to get pre-qualified!  The lender will look into your financial situation and give you their best estimate of how much of a home you can afford.  This process can take anywhere from one to three days, depending on how much paperwork you have to process.

Get Pre-Approved: 7 Days to 60 Days

Getting a pre-approval is one step further than a pre-qualification, because your lender needs to verify all of the financial information you gave them in order to become pre-qualified.  This process can drastically vary in length depending on if you're self-employed, have other investment properties, have gone through a divorce or filed for bankruptcy, etc.

Loan Approval: 4 Days to 21 Days

Once you have a pre-approval letter, you are now officially allowed to make an offer on a home!  Once you have done this, your lender will need to do an appraisal of the home.  This is done to make sure that you're purchasing the home at market value in order to protect both you and the lender.  The appraisal scheduling process could take up to two weeks, and the approval will follow within a few days.
Once you've been approved, you're in the clear!  As you can see, there are a lot of variable factors that affect how quickly you're approved for a loan.  In order to expedite the process, you'll want to have your files and documents well-organized and ready for the loan approval process.

Pearland Mortgage

Pearland Mortgage

Short Sale

Deed in Lieu of Foreclosure Explained

You may have heard the term, "Deed in Lieu of Foreclosure."  Essentially, a "deed in lieu of foreclosure" is when a borrower gives all of the property to a lender in an effort to avoid a foreclosure on a defaulted loan.  While this seems fairly drastic, this can help the borrowers avoid the financially and emotionally taxing efforts associated with foreclosure.
Many borrowers choose this option because they are immediately released from the debt associated with their defaulted mortgage.  In addition, a borrower's credit score will be less damaged by a deed in lieu of foreclosure as oppose to going through a foreclosure.
Many lenders prefer this option, because it allows them to reduce the financial burden and time associated with repossessing a home and usually prevents the borrower retaliation that is common with foreclosure proceedings.  However, if there are any liens associated with the home, the lender will much prefer to foreclose upon the home as it would make the title clearing process much easier.
When proceeding with a deed in lieu of foreclosure, both the borrower and the lender must enter into the agreement in good faith and voluntarily.  During this process, the fair market value of the home is considered when reaching the agreement; the lender will often ask the borrower to write a letter expressing their voluntary participation in the agreement.

Purchasing a Home

Purchase a Home

Purchasing a home is a very exciting time, and being well prepared will help you make better decisions. Take this opportunity to learn more about home buying and the mortgage process. Below and throughout this site, you will find information that will help you with the purchase of your new home.

Am I really ready to buy?

Buying a home offers many advantages, one of the most significant being that it allows you to build equity (ownership) when you pay your mortgage each month. A common myth is that monthly mortgage payments are more expensive than rent. But, in many cases, mortgage payments can be even less than rent. When considering home ownership for the first time, you need to decide whether buying makes financial and practical sense for you right now or if you are better off renting. Consider both the advantages and disadvantages to renting as well as buying, and weigh the pros and cons for your particular situation.

How much “house” can I afford?

The first step toward finding the right home is to quickly compute your purchasing power and determine how much you can afford to pay each month. This saves you time by allowing you to focus on homes in your price range.

Some up front costs include:

Down payment: Typically ranges from 3-30% of the cost of the house. The more you can put down, the greater equity you will have in your home and the lower your monthly payment will be. For down payments less than 20% you may also need to pay mortgage insurance.

Closing Costs: Typically range from 2-6% of the loan amount depending on your area.

On-going Costs: Your housing costs can include the following:

• Monthly mortgage payment
• Homeowners insurance
• Mortgage Insurance
• If applicable - Flood Insurance
• If applicable - Property taxes
• Utilities
• Maintenance

Pearland Home Loan | Family Owned* Locally Operated* We Close The WRIGHT Loans!

It's a Piece of Cake!

Why choose Wright Mortgage for your client's mortgage needs? Our customers would say that we are fair, transparent, reputable, and a responsible mortgage company who knows how to help people navigate through the mortgage process.    Wright Mortgage is a locally owned and operated mortgage company.  We know that each customer has specific needs, so we strive to meet those needs with a wide array of services. Wright Mortgage is a excellent mortgage company for realtors searching for dependable mortgage professional in the Houston area. With 15 years of experience in the mortgage business, we can help find solutions to your client's financing issues.       Why FHA?

The main advantage of FHA home mortgage is that the credit qualifying criteria for a borrower are not as strict as conventional financing. FHA will allow the borrower who has had a few "credit problems" or those without a credit history to acquire a home. Borrowers will now be required to have a minimum FICO of 580 to qualify for FHA's 3.5% down payment program. Borrowers with less than a 580 FICO will be required to put down at least 10%. FHA also provides:

Better Interest Rates: FHA loan rates are generally very competitive, typically always lower than conventional rates. Liberal Credit History: Borrowers can be approved with little or no credit history, Lower Down payment: Traditional loans require a minimum of between 5 and 10 percent down, while FHA requires as little as 3.5 percent down. The monthly Mortgage Insurance has change from 1.35% to .85%

Why Wright Mortgage? Today’s lending environment can be challenging with many guidelines to follow, some of which can change fairly often. Aside from offering a wide array of products and services, a major part of Wright Mortgage’s task is being a problem solver. We know how to navigate the waters, ensure the least stressful process as possible and ultimately getting your client's mortgage approved.   It's a Piece of Cake!

Pearland Home Loan | Family Owned* Locally Operated* We Close The WRIGHT Loans!

Pearland Home Loan | Family Owned* Locally Operated* We Close The WRIGHT Loans!