Getting PreApproved Is The First Step

Getting PreApproved Is The First Step

There is nothing more fun than looking at homes and getting ready to start that process!  But the  most important thing you can do is have your ducks in a row, before you start falling in love with a home.  Homes are moving SO incredibly fast today and to be a prepared buyer, you must come with a pre-approval letter.


I have a few lenders I love for the Austin area that make this process smooth and easy, and should we work together, I will do as much as I can for you to have you prepared.


Here are some easy to follow steps I found on Realtor.com to help you get started:


Step 1: Pre-Qualification

The pre-qualification process is quick and free. It should take less than an hour. During the process, you speak with a loan officer and answer questions about your financial situation. Pre-qualification will give you a rough estimate of about how much you can afford.


Step 2: Pre-Approval

After you’re pre-qualified, your next step is to get preapproved. This is an in-depth process. You’ll need to submit your income, assets, employment history and residency status to a lender.


Step 3: Shop 

Now it’s time for the fun part: LOOKING for homes!  Using your pre-approval amount as a guide, shop for homes within your budget.

Since sellers and REALTORS® view preapproved buyers more favorably, shop with confidence. You’ll come across as a much more serious buyer than any non pre-approved competitors.


Step 4: Put in an Offer

Once you find a home you want to buy, the next step will be to make an offer.  If your offer is accepted, the mortgage process can take some time, but since you’ve been pre-approved, the process may be faster because the lender will have all or almost all of your needed documents.

However, if too much time has passed since you were pre-approved, you’ll need to provide fresh bank statements and document updates.


Step 5. Maintain Your Financial Profile

Be aware that changes in your financial status can affect pre-approval. When you’re in the process of obtaining a loan, do not do the following:

  • Take out on any new debts or make big purchases.

  • Switch jobs.

  • Change careers.

  • Make any big life changes that could put your financial capabilities in question.

If you’re looking to change jobs or buy something expensive, wait until after closing.

If all goes well, you will be cleared to close—meaning you are fully approved. You’ll get a date for closing. During closing you’ll sign and double-check mortgage documents.

If anything looks different than you were promised, don’t be afraid to back out; it’s better to leave a bad deal than to be locked into one.


Step 6. Get the Keys

When those papers are signed, you can grab your new HOME keys. Now you’re a homeowner—congratulations!



Clarissa Lupton Headshot
Author:
Phone: 512-758-3494
Dated: May 22nd 2015
Views: 349
About Clarissa: An Austin native, Clarissa epitomizes boundless energy, coupled with creativity and hard work; all o...

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Austin, TX
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