Your Home Loan

With your accepted offer, your REALTOR® should have provided your loan officer with a copy of your purchasing agreement.

By now you should have already received pre-approval from your lender for the purchase of your home by providing documents about your financial history (i.e., W-2, Pay Stubs, Bank Statements, Tax Returns) during the loan application.

The DON’Ts… It is imperative during the loan process that your financial profile does not change or your loan application and subsequent closing could be delayed. This means limiting any abnormal financial activity. For example, do not apply for new credit (i.e., car) or make any large credit purchases, switch jobs, or make large deposits without a paper trail. If you are unsure, I advise clients to check with their lender first.

Now is the time to stay in touch with your lender by responding quickly to requests and keeping an open line of communication! Additional steps to expedite the loan process include,

  • Homeowners Insurance Shopping: Buyers should begin the process of researching homeowner’s insurance policies, which is required by lenders. The cost and details of the insurance policy for the home is required by the lender prior to underwriting. When contacting insurance companies you will need to know the square footage, number of bathrooms, roof and exterior wall materials, age and condition of the home, etc. For extra resources regarding Texas insurance, visit http://www.helpinsure.com/. Request a copy of the MLS listing from your REALTOR® to assist you in recalling this data.
  • Ordering the Appraisal: After the option period has concluded and repairs negotiations are made, your REALTOR® will communicate with your lender to begin steps to order the appraisal. An appraiser will schedule a time with the seller to visit the home to determine the current market value and ultimately the amount of money the bank is willing to lend you for the purchase. Appraisals generally are ordered after the inspection to prevent unnecessary buyer expense should the purchase agreement fall through.