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202 Church St, Sulphur Springs, TX 75482

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(903)689-4193

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Home Buyers Guide

Pre-Approval

The pre-approval process is the first step in the home buying process.  It often involves a complete loan application and a summary providing valuable information to your real estate agent relating to the amount you can afford and other applicable conditions.

Home Loan Process 

A home purchase requires you to budget and organize your finances very specifically. There are several different fees associated with the process, and having the funds available to pay those fees when they occur will be crucial towards your goal of owning a home.

Closing

The final and most exciting event of the home buying process is the closing. At the closing, you’ll sign a closing package containing numerous documents including your final mortgage note and settlement sheet outlining your agreement with the seller.

5 Things to Know When Buying a Home

 

1. Credit History – Your credit score will play a big factor not only in your mortgage approval but also the rate you receive. This score is influenced by your responsibility

2. Monthly Debt – The total amount of money you owe to creditors factors into your eligibility for different types of mortgage programs.

3. Income – Job and income stability are as important as the debt you carry, since they speak directly to your ability to pay back your mortgage.

4. Assets – Your assets describe the savings you have now. Note that although having a large asset base will help you qualify for the loan.

5. Purchases – Any large purchases or major fund transfers between the start of the process and closing the sale could change your credit and asset levels, and affect your ability to qualify for the mortgage.

Home Loan Process Fees

1. Down Payments – The more money you can pay up-front, the less you will need to borrow, and the less you need to borrow, the less you need to pay each month for your mortgage.

2. Closing Costs – You will need to prepare your budget for appraisal costs, attorney fees, lender fees, and costs related to title company services.

3. Insurance – By law, any homeowner must attain an insurance policy to safeguard against losses due to fire, flood, or storm damage. 

4. Home Inspection – You will obviously want to know your new home inside and out before you make a purchase, and the best way to get a full picture is to employ the services of a home inspector.

5. Attorneys – There are many legal matters involved with a new home purchase, and they can be confusing to navigate without the aid of an attorney.

Closing

 

1. Required Funds – Bring a cashier’s check for your down payment and closing costs. Make the check out to yourself – you’ll endorse the check to the title company at the closing.

2. Locations – Write down the time and address of the title company – along with the phone number.

3. Extra Time – We strive to streamline the loan process – and is always on time. However, third parties can cause delays. Don’t plan any major events – especially a moving deadline.

4. Power of Attorney – Many clients plan to sign their documents on behalf of themselves AND their co-owners.

5. Identification – Bring at least one form of picture identification such as a driver’s license, state ID or U.S. Passport.