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