BUYERS
Buying a home is a big task. Let's walk through the major steps.
Step 1. Early stages- Purchasing a home requires a significant investment in time, money, and energy. Take some time to think about your needs.
Step 2. Determine what you can afford-Review your monthly expenses. Determine what you can realistically afford. Remember you will need funds for down payment and closing cost.
Step 3. Get Pre-Approved-Work with your mortgage professional to complete your mortgage loan pre-approval.
Step 4. Decide what you want-Decide what you want in a home including type of home, location, home features, and amenities.
Step 5. Search for your home- Shop for you home with your REALTOR®.
Step 6. Make an offer- Once you find a home that you would like to purchase, your REALTOR® will assist you by preparing the offer/contract and handling negotiations.
Step 7. Complete a home inspection- Hire a professional home inspector. The inspector will check the major components and safety items within the home.
Step 8. Finalize Mortgage Loan-Work with your mortgage professional to complete the loan approval process.
Step 9. Close the deal– After several weeks, the transaction will be ready to close. You will be required to bring the funds needed to close and sign many documents.
Get pre-approved
Before looking at homes, it is essential that you contact your mortgage professional to obtain a mortgage pre-qualification letter. This letter provides an estimate of how much you can borrow for your home purchase. Your mortgage professional will also give you an estimated monthly payment based on the amount you intend to borrow. This will determine the price range of properties we will view.
Most common items your mortgage professional will need to complete your loan pre-approval:
- Pay-stubs
- W-2s
- Tax-returns
- Bank, stocks, other assets statements
- Copy of Driver’s license/identification card
Need help finding a loan professional? Please let me know, I can help connect you with preferred mortgage professionals.
Down payment assistance-getting help with your home purchase.
There are state and local down payment assistance programs that help eligible buyers with down payment and closing costs.
The type and amount of assistance provided by the programs vary but commonly the assistance is provided in the form of a grant or a no interest, forgivable loan.
Some programs are focused on assisting first-time homebuyers, often defined as someone who has not owned a home in the last three years, while other programs may allow “repeat buyers” or focus on assisting certain professionals such as teachers, police officers, correctional officers, etc.
Explore the programs offered state-wide and locally: Texas Homeownership Assistance.
Let’s develop a plan of action!
Schedule a free consultation with me to discuss and develop a plan of action to make you a homeowner!