So, you’ve decided to buy a new home. Have you been pre-approved for your mortgage? Whether you a first-time buyer or a veteran homeowner, pre-approval is an important first step. Not only does it tell Realtors and builders that you are serious about purchasing a home, but it can also give you a leg up in today’s competitive market.

Here’s what you need to know about getting pre-approved.

What is pre-approval?

Pre-approval is a document, usually a letter, outlining the type and amount of loan you qualify for. It is not a guarantee that you will be loaned the money. If certain conditions are not met or your financial situation changes, the offer can be withdrawn.

Why Should You Get Pre-approved?

A pre-approval letter demonstrates that you can afford to buy a home. It also tells you how much home you can afford. It simplifies the buying process because it helps weed out homes that are not in your price range. Without a pre-approval letter, the home you want might go to someone who is pre-approved.

How Do I Get Pre-approved?

There are a number of steps involved in the pre-approval process, but it boils down to giving your prospective lenders a lot of financial information.

Get pre-qualified. Pre-qualification is not the same thing as pre-approval. Pre-qualification is an informal process where you tell a lender about your financial situation. Based on what you say, the lender can estimate how much you might be able to borrow. However, this is not a firm offer. To get that, you will have to give your lender more in-depth information. The Pre-qualification Calculator from NerdWallet can help you do this online.

Do your own checks. A lender will order a credit check, but it never hurts to do so yourself. Order a free credit report to see what your score is. In general, a score of 740 or above will enable you to qualify for the best rates but you can qualify with a score as low as 620. It’s a good idea to go over your report to see if there are errors. Clearing those up before you apply for a loan will help move things along faster.

Calculate your debt-to-income ratio. This is the percentage of your gross monthly income used to pay credit card debt, student loans, car loans and any other revolving payments. Most lenders prefer to see a DTI of 36 percent or lower. This includes the estimated mortgage.

Gather your financial information. Lenders want to know everything about you, so prepare your financial information before loan shopping. Documents you will need include your W-2 tax forms, bank account information, any investments you have, proof of employment and proof of additional income sources. If you are self-employed, you will need to include your 1099s and your income tax returns. If you have a co-borrower, they will need to provide their financial information as well.

Shop lenders. Don’t go with the first lender you visit. Shop around. You may find that one lender can do more for you than another and save you thousands of dollars.

Once You Are Pre-approved

Once you have your pre-approval letter in hand, it’s time to go home shopping. We can’t think of a better place to do that than Balmoral. Visit our information center to learn more about our beautiful homes and fantastic lifestyle.

 

 

 

Are you up to speed on our newest amenity? No? According to the buzz, our residents can now use Bee Mobile to zip along the GreenBoLT trail to our fabulous Amenity Village and crystal-clear lagoon.

We’ve partnered with Bee Mobile to provide electric scooters for rent. These bright yellow scooters couldn’t “bee” easier to use. Just download the Bee Mobile app. When you are ready to ride just sign in, find a scooter, unlock it by scanning the QR code, put on your helmet and get ready to have fun. At the end of your ride, you just return it to where you found it. Bee Mobile accepts all debit and credit cards as payment.

It’s the perfect pairing. Our GreenBoLT alternative transportation trail winds throughout the community taking residents from door side to poolside in minutes. The 12-foot-wide path is suitable for electric golf carts, bicycles and Segways, pedestrians and now Bee Mobile scooters. It’s not just easy, it’s fun.

You can learn more about Bee Mobile here. It’s just another perk of living in beautiful Balmoral where every day is a resort day.

Scoring high in luxury and low on maintenance, townhomes in Balmoral are an excellent choice for people looking to maximize relaxation without sacrificing must-have design features. Even better, you can rent if now isn’t the time to buy.

If you choose to rent, WB Homes offers gorgeous townhomes in our Clearwater at Balmoral neighborhood. Here, you will find stylish duplex and triplex townhomes ranging from 1,400 to 1,800 square feet. Designs feature spacious open floor plans with high ceilings and tall windows. Island kitchens boast plenty of cabinet space, energy-efficient appliances and even a walk-in pantry. Owners’ retreats are large, with walk-in closets, and you even get a flex room to serve as a home office or children’s playroom.

As for maintenance? Not only will your lawn be taken care of, they’ll even come in and change your lightbulbs for you.

If you are looking to buy, HistoryMaker Homes offers spacious, well-designed townhomes priced from the $190,000s. Choose one of four floor plans ranging from 1,455 to 1,766 square feet. Homes sport beautiful island kitchens, large bedrooms and two-car garages with extra space for storage.

The spacious upstairs owner’s retreats offer numerous options for configuring the en suite bath, including large showers and oval soaking tubs. Some plans include an entertainment loft. Lawn and exterior maintenance are included.

However you choose to obtain your townhome, you will still have access to the exciting amenities that make Balmoral one of the top-selling master-planned communities in the nation. Our signature crystal clear lagoon and white sand beaches are just the start. You’ll also have access to our state-of-the-art Amenity Village where you can work on that beach body in the exercise room, gather the neighbors for a friendly volleyball match or watch the kids splash in the infinity-edge pool.

Balmoral builders are special. Not only are they dedicated to building you the home of your dreams, but they also actively find ways to make a difference. One such is Empire Communities, which was recently named 2021 Volume Builder of the Year by the Greater Houston Builders Association.

Each year, the GHBA recognizes six members with “Of the Year” awards for outstanding service to the Houston community. Empire was honored for its support of HomeAid Houston, a GHBA non-profit dedicated to providing housing and support for Houston’s homeless population.

Last year, the builder collaborated with the charity to construct an 8,100-square-foot cottage in Hockley on the campus of Boys and Girls Country. Empire was responsible for every stage of construction of the project, which now houses teaching parents and eight boys who came from families in crisis. The Boys and Girls Country program provides the cottages to instill security, warmth and a nurturing environment as long as the children need a safe haven, many times through high school.

The builder offers nearly two dozen floor plans priced from the $250,000s in Balmoral. The one- and two-story homes range from 1,540 to 2,975. Standard features include spacious family rooms open to island kitchens, generously sized owner’s retreats, home offices and game rooms. Designs can be further customized with the addition of covered patios, additional bedrooms and fireplaces.

This was the first HomeAid Houston project Empire has collaborated on, but we are sure there will be many more in the future. Congratulations Empire Communities! We are proud to have you as a member of the Balmoral family of builders.

If there is one thing you can never have too much of in your home, it’s places to store things. Rather than purchasing the odd storage bin, consider adding built-in storage to your new home upgrade list. Investing at the design center is not only good for your family, it can increase the value of your home.

There are many options for building in storage; here are some of the most common ones:

Built-in Bookcases

You’ve seen them in the model homes. Beautiful bookcases built into the walls on either side of a gorgeous fireplace. These shelves are a beautiful way to display treasured knickknacks, but they also are great for keeping DVDs and books off the floor. Also consider adding them to your home office to ensure you can always find the report you need.

Sideboards

If your home doesn’t come with a butler’s pantry, ask if you can have a sideboard added to the formal dining room or the casual dining area. Sideboards are a convenient place to store dishes and linens. Ask about adding wine racks so your favorite vintages are always on hand.

Entertainment Centers

What is the ultimate media room without the ultimate entertainment center? Built-in cabinets can hold all of your DVDs and comfy throws for movie nights. Ask you builder to add a wet or dry bar for the ultimate game day space.

Window Seats

When it comes to functional yet beautiful storage, window seats top the list. Also known as bench seating when they are found in mud rooms, window seats also add extra storage to children’s rooms, game rooms and dining areas. Just open the lid and put your stuff inside. Close the lid, add some throw pillows and you’ve got a quiet reading nook.

Closets, Utility Rooms, Garages

Closets, utility rooms and garages usually come with some shelving or a cabinet or two but consider adding more. In the utility room, add cupboards underneath a granite counter. The cupboards hold all of your laundry items and the counter is a great place to fold laundry. Counters and cabinets in the garage are great for storing stuff but can also help you turn part of the space into a hobby area. As for closets? Can you ever be too organized? Add built-in dressers, shoe racks and extra shelving so you can always find something to wear.

Talk Built-ins with Your Balmoral Builder

Ready to visit your Balmoral builder’s design center? Don’t forget to take a list of all the things you would like to be able to store. Your design center representative would be happy to recommend some great options.