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Why do I need a mortgage pre-approval?

The Realtor® requests a mortgage pre-approval or verification of funds. You have determined you are ready to research  the purchase of a house. You may start out looking at homes on real estate websites. During the process, you contact a real estate agent to view a specific home. You may not be ready to disclose all of your personal information, at this time. It may be your preliminary plan to determine what is available in the market. You may be researching a different area to move to or you aren’t sure of your buying power. The purchase of a home is the largest financial transaction most people will make in their lifetime. A serious buyer is willing to provide the information necessary to complete this transaction.

If you are on a search for a new place to call home, you will have to pay for it. A mortgage pre-approval gives you insight into how much home you are able to afford. A mortgage professional can also educate you on options and benefits you may not have been fully aware of. We all like to think we are our own experts but even Realtors® learn something new with each change in lending laws, policies and guidelines. Mortgage lenders are expert in their field and will provide all options available to you.

“PRE-APPROVED”

A cash buyer will be asked for verification of funds. A percentage of prospective buyers feel they do not have to disclose their personal information to a real estate agent. An experienced Realtor® will verify the buyer’s ability to pay. A licensed Realtor also has a fiduciary duty to keep information confidential and direct actions in the best interest of his/her customer/client.

If you are unable to apply for a mortgage or do not have your funds at goal status, a real estate agent will be able to provide information necessary for a successful transaction. If you have an existing relationship with a financial institution, they may be able to provide direction for attaining your home buying goals.

For the safety of a real estate agent and the owners of the homes you wish to view, prospective buyers must provide personal identification. Contact information allows the Realtor® to communicate information essential to the customer’s needs. When you are ready to purchase a home, realize the real estate agent providing services to you, is a professional. Your best interest is forefront.  A qualified buyer will have the information necessary to make the best decisions.

 

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Handguns – TX landlords and tenants

Texas private property owners have the right to prohibit handguns, concealed or open carry, on their property. This includes rental property. Communication, verbal and written, is due notification to tenants.

The Texas Penal Code – Section 30.07(c)(3)(A) provides required language for prohibiting open carry, as well as The Texas Penal Code- Section 30.06(c)(3)(A) specific language for prohibiting concealed handguns on a private property. If the notification is included in the Texas property lease, special provisions section (26), Handguns TX landlords and tenantsclear and direct wording must state forbidding concealed weapons and open carry, separately.

Notice to every individual entering the private property can be signs conspicuously posted at each entrance. Again, the signs, one for open carry and one for concealed handguns, must use the language of the Texas Penal Code – Section 30.07(c)(3)(A) for open carry and The Texas Penal Code- Section 30.06(c)(3)(A) for concealed handguns – in Spanish and English, utilizing two contrasting colors with block lettering,  a minimum of one inch high. This is due notification to people other than the documented tenant.

Landlords can specifically ban concealed or open carry handguns on their property. The written notifications must specify either separately. Express and current notification to your tenants with any and all updates will provide clarity and confirm lease requirements.

This article is only applicable for the state of Texas. Check with legal counsel, a licensed Realtor® or your state association of Realtors®. The Texas Association of Realtors® provides further information for landlords and tenants.
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