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The Home Buying ProcessWhat to Expect When Buying A Home
 
Obtaining A Mortgage
Before you begin your home search in earnest, I recommend that you get pre-approvedfor a mortgage.Pre-approval goes that extra step further. When getting pre-approved youmay get a letter stating how much money you can borrow. We will pull your credit reportand find out what your financial liabilities are.Doing so will allow you to identify thelevel of properties that you can realistically consider, and move forward with confidenceonce you've found a home that you wish to buy.
Austin Home and Loan
is a residential mortgage lender/real estate company and ourclientele see a distinct advantage over other real estate brokerages that enjoy lesscommitted relationships with lenders. Our in-house mortgage consultants can guide youfrom the pre-qualification stage all the way through closing once your offer to purchase aproperty has been accepted. There are a wide variety of mortgage programs available —your consultant will help identify those that are the best fit for you.Common loan programs include:Adjustable RateBalloonBuy DownConstruction/PermanentConvertibleFirst & Second CombinationFirst-Time BuyerFixed RateGovernment: FHA, VA, State Housing AuthorityJumboNon-Conforming
The Mortgage Process
The following is an overview of the typical mortgage procedure:Mortgage Analysis: Your mortgage consultant will analyze your financing needs, matchthem to available programs, and then recommend the best options for you and yourspecific situation.Application: This is the procedure of applying and being approved for a mortgage, whichshould be done in advance of your home search.
 
Rate Lock: At any time, based on the guidelines of a particular program, you may havethe opportunity to lock in the interest rate, guaranteeing the rate at the time of closing.Commitment Letter: Once you have completed your mortgage application, it will bereviewed by one of our underwriters. Upon approval, a commitment letter will be issueddetailing the terms of the approval.Conditions: At times, commitment letters are issued with conditions — factors that needto be addressed prior to closing.Closing: At a time and place convenient for all involved parties, a closing will bescheduled, at which time all paperwork is authorized and signed, and title to the propertypasses from seller to buyer.
Information Normally Required for a Mortgage Application
Current Housing ScenarioDo you currently own a home, or rent?If you own, what is the unpaid mortgage balance?How much do you estimate your home to be worth?Income DetailsHome address for the past two yearsYour gross monthly income (and your spouse's, if applicable)W-2's for the prior two yearsOne month of current pay stubsProof of pensions, retirement funds, disability income, and/or social security incomeProof of income from rental propertiesProof of investment incomeProof of child support and/or alimony, paid or receivedIf self-employed, 1040 tax returns for the prior two years, current Profit & LossStatementCredit HistoryA list of all active creditor's names and addresses, types of accounts, account numbers,estimated balances, monthly payment amountsOverview of credit history, including any bankruptcies and/or foreclosures BankingInformationA list of all active banking accounts, including institution names and addresses, types of accounts, account numbers, and current balances
 
 Other Necessary Details
A list of all other assets, including stocks, bonds, land, and personal propertyCash value of life insurance policies to be used as down paymentCopy of the sales contract for selling your current residence (if applicable)Social security number (and your spouses, if applicable)Veteran's Certificate of Eligibility and DD-214By preparing in advance, obtaining a mortgage becomes just one more step in theprocess, rather than a daunting task. Your mortgage consultant, along with your realestate sales associate, can help you understand what to expect and how to achieve apositive outcome.
Searching For Your New Home
Nearly three-quarters of buyers begin their search online. Far from mere windowshopping, they are able to compile and analyze important statistical data to help thembetter understand the market and make more informed choices about factors such aspricing, affordability, mortgage options, insurance programs, and selecting a salesassociate with whom to work.I can be a tremendous advantage during your home search, combining a deep knowledgeof the local marketplace with a thorough understanding of your goals. Often times, Ireceive word of properties that may be coming on the market in advance of the largercommunity, giving you a distinct advantage.Regardless of how you are first exposed to a property online, in a newspaper ad, by directmail, during a chance drive by once a home has caught your attention you will want tosee it in person. There is truly nothing that can compare to walking into a home, feelingit's sense of space, architectural details, floor plan, and finishes.Within the
Austin MLS
, I can set up a
FREE
 
PRIORITY NOTIFICATION HOMESEARCH
 that includes
Bank Foreclosures, HUD, and Distressed Properties
usingyour specific search criteria. Every time a new listing that matches your criteria comeson the market or has a status change, you will be notified via email to go to yourpersonalized web page. Using this web page, you can view and manage the listings beingsent to you.
Want a sample?
Just email me or fax some search criteria and I'll set you up.
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