Job growth has been an important driver of the economy in many central and southeast states. Texas is no different. The region’s strong employment rates have been aided by oil and energy production, which has resulted in a large population movement to Texas. Dallas is the place to go if you’re seeking a cheap location to live. In the mid-2000s, the average price in Dallas was $129,800, with a 44 percent increase in property value since 2000. As a real estate developer, low prices might work in your favor, allowing you to buy multiple properties at once using Fast closing in Dallas, TX. Another advantage of homeownership is that acquiring a mortgage is becoming easier.
Not only are lenders issuing more refinance and purchase loans than at any time in the last decade, but there is also an increasing variety of low- and no-downpayment options available for today’s first-time and repeat buyers and investors. The easy availability of low– and no–down payment loans, along with rising approval rates and today’s low mortgage rates, has created a situation in which buyers outnumber sellers, and demand for U.S. homes outstrips supply.
It’s undeniably a seller’s market. When the seller demands a “fast closing,” the best–prepared buyer will be the one most certain to get the house. If you can close on a property in 45 days or less, you’ll have a better chance of securing one. And if you can settle in thirty days or less, you’ll have a much better chance. It is feasible to close in 30 days or less (and it can probably also get you access to lower mortgage rates from the lender). However, if you want to settle in 30 days, you’ll need to be well-prepared. Here are a few options for making a Fast closing in Dallas, TX.
Understand your documentation requirements
It isn’t a secret. Documentation is something that mortgage lenders enjoy. When buying a house, you’ll want to have the most typically requested verification documents on hand. Federal tax returns and W–2 statements from the previous two years and two of your most recent bank statements and pay stubs are examples of common papers. You must also have a copy of your driver’s license and the social security numbers of anyone who will share the mortgage with you. Have the relevant, linked papers ready if you know you have a unique credit circumstance, such as a recent foreclosure or short sale, alimony payments or child support, or gift monies from a relative.
To reduce the time it takes to close a deal, use pre-approvals.
Mortgage pre-approvals are one of the most under-utilized tools for speeding up the closing process for a buyer. Homebuyers who have pre-approval in hand at the time of offer can generally cut their loan closing time in half or more. This is conceivable because of the importance of a pre-approval to a lender.
Pre-approvals for mortgages are “dry runs,” or permissions based on a pre-determined set of loan conditions that eventually lead to closure. Your lender will take a full loan application during the pre-approval process, including performing asset and income verification. They will account for specific loan characteristics that may affect your final approval, such as your credit scores, any mandatory alimony or child support payments, and the availability of a co-signer, to name a few.
In reality, the actual property address of the residence being purchased is frequently the only missing item when a pre-approval is provided. Lenders employ mock information based on probable loan data, such as sample real estate tax bills, sample purchase prices usual in the area, and homeowners’ association assessments and sample homeowners’ insurance policies, when appropriate, to compensate for the lack of an “actual address.” When a loan is “pre-approved,” a buyer can go from writing the contract to underwriting the loan right away. This can cut the approval procedure by seven or more days.
Rates on mortgages are low, and rents are likely to grow for at least the next few years. Now is a good time if you’re thinking about buying a house. Just keep in mind that a little bit of preparation might help you strengthen your house offer.