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.
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!
Author:Clarissa Lupton 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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The Roman Lopez Real Estate Team is a full service real estate company specializing in Greater Austin home sales, purchases, and investments properties. Roman Lopez has worked and excelled in the real estate business in Austin, TX for the last 6 years. He is a full-time realtor who's team works with sellers, buyers, and investors in the Austin area. Roman is a Certified Investor Agent Specialist with the tools and know how to get his investor clients top returns.
Roman is also Certified Distressed Property Expert who can be a great resource in helping distressed homeowners avoid possible foreclosure. His team has helped countless families in this position.
="background-color: initial;">As your team, The Roman Lopez Real Estate Team will be at your side from listing to closing, ensuring that your property sells smoothly and you get the most money possible from the sale. Roman's greater Austin real estate market expertise allows him to determine an optimum pricing strategy so your property will sell. He digs deep to learn the unique selling points of your property and neighborhood, so his marketing plans and strategies effectively target and attract your potential buyers. Roman is a Certified Negotiation Expert equipped with the tools and know how to get you top dollar.
The Roman Lopez Real Estate Team will provide you with a vast network of proven lenders and credit counselors who can guide you in obtaining a loan and/or getting your credit restored.
"Yasmin Hashim is indeed a Buyer's Specialist. She worked with us for 6 months trying to find the "right" house from Canyon Lake all the way up to Jerrell and as far East as Bastrop. Yasmin knows the markets in and around Austin very well. Yasmin learned early on exactly what we were looking for. We learned early on that whatever Yasmin said about a particular house or area fitting our needs or not, was spot on. The only reason it took so long for us to buy a house is because we never followed her suggestions during the offer and negotiation processes. That being said, Yasmin remained relentless all the way to the end when she called to inform us that she had found our house! She was right again, as we listened to her negotiation skill we bought that house. Thank you Yasmin for hanging in there with us and for us. We are loving it!!"