Home-Buyer Guide

Benefits of Homeownership

  • Financial health and wealth
  • Equity in your home
  • The possibility of qualifying for federal tax deductions*
  • The ability to increase your home’s value with renovation or upgrades

How much can I afford?

Factors that affect your financing:

  • Debt-to-income (DTI)* ratio
  • Assets
  • Debt
  • Credit
  • Affordability

What is a Credit Score?

Your credit score is a numerical representation of your statistical likelihood to repay the credit that is extended to you. A credit score is a snapshot of a specific moment in time but can and will change with new actions and the passage of time

When you decide to purchase your first home, make sure you:

  • Work with experienced mortgage and real estate professionals
  • Become educated about the mortgage process
  • Know how much home you can reasonably afford
  • Get pre-qualified*
  • Review a variety of loan programs to make sure you find the best option for you — your TownSquare Loan Officer will be your best resource
  • Have any additional costs, renovations or upgrades in mind
  • Have a general idea of how long you plan to stay in your new home

DOs & DON’Ts When Applying for a Mortgage

DOs

  • Keep originals or be able to access on your employer/bank websites all pay stubs, bank statements and other important financial documents.
  • Provide your Earnest Money Deposit from your own personal bank account or acceptable gift funds.
  • Notify your Loan Officer if you plan to receive gift funds for closing. Gift funds are acceptable only if certain criteria are met.
  • Notify your Loan Officer of any employment changes, such as a recent raise, promotion, transfer or change of pay status (for example, from salary to commission).
  • Be aware that a new credit report could be pulled just prior to closing.

Don’ts

  • Don’t close or open any asset accounts or transfer funds between accounts without talking with your Loan Officer about the proper documentation required for your loan.
  • Don’t deposit any monies outside of your automated payroll deposits, particularly cash or sale of personal property, without notifying your Loan Officer.
  • Don’t change jobs/employer without inquiring about the impact this change might have on your loan.
  • Don’t make major purchases prior to or during your contract, such as a new car, furniture, appliances, etc.
  • Don’t open or increase any liabilities, including credit cards, student loans or other lines of credit during the loan process.

Town Square Mortgage

17300 Dallas Parkway Suite 1030 Dallas, TX. 75248

Phone: (972) 292-7600
info@tsmlending.com

Copyright© 2020. All Rights Reserved. Equal Housing Lender. Town Square Mortgage & Investments, Inc. DBA Town Square Mortgage. NMLS 144975. 17300 Dallas Parkway, Ste. 1030, Dallas, TX 75248. 972-292-7600. Licensed by the Texas Department of Savings and Mortgage Lending, SML Mortgage Banker Registration. Expires 12/31/20. Colorado Mortgage Company Registration, Regulated by the Division of Real Estate. Expires 12/31/20. Licensed by the Florida Office of Financial Regulation, Mortgage Lender Servicer License # MLD1309. Expires 12/31/20. Licensed by the Oklahoma Department of Consumer Credit, Mortgage Lender License # ML011816 & # ML011996. Expiration Date 12/31/2020. Licensed by the Nevada Division of Mortgage Lending, Mortgage Broker License #4948, Expiration Date 12/31/2020 Supplemental Servicer License #4949 Expiration Date 12/31/2020. Licensed by the Office of Lieutenant Governor's Office Division of Banking and Insurance, Phone: (340) 774-7166 Expiration Date 12/31/2020. www.tsmlending.com. nmlsconsumeraccess.org.

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