First time Texas homebuyers have several steps to purchase a home. Here are the first five steps in the process.
Prequalification. Select a lender you want to work with and ask for a prequalification. You will be asked for information about your credit, income, and assets at this time. Ask what amount of loan you qualify for, what rate you qualify for, and what your payments are estimated to be. Some shoppers want to skip the prequal step and start shopping. However many realtors are now asking for a prequal before they start showing you homes. When you go to make an offer the seller will usually ask for a prequal letter. And it is a good idea to know what amount of mortgage you qualify for. Select a property. Most people select a realtor to help with this. Offer. Your realtor can help you negotiate an offer for a home you want. It is a good idea to get input from your loan officer. They may suggest asking the seller to pay some or all of your closing costs. Application. When you have a purchase agreement completed you can submit your loan agreement. A title company will be selected to start on the title work. You realtor will often handle this. Processing. Your lender will handle most of the details for this. They will contact you for information or needed details. It usually takes two or three weeks to complete the transaction from here.
The home buying process will be smoother if you have a good lender and realtor to work with. Take your time selecting a lender and realtor. Ask questions to be sure you understand all the details of the transaction. Texas residents can get additional information at my Houston mortgage website.
By: Glenn Lamb