Buying a Home...

Congratulations!   You've made the decision to buy a home.  Now what?  Here are a few steps to guide you through the home buying process whether you are a first-time or experienced homebuyer.

Select a Real Estate Agent

If you are serious about purchasing a home, it makes sense to work with a real estate professional.   Buying a home is a complicated and oftentimes intimidating process.  The members of the Buyer Specialist team at Texas Home Source are in the market everyday.  They handle in a month more real estate transactions than most people do in a lifetime.  Since the seller usually pays the commission to both real estate agents, "your" agent is obligated to represent the seller's interests unless you have a signed Buyer Representation agreement. 

Talk to a Lender

A lender will pre-qualify (or better yet, pre-approve) you for a loan.  Getting pre-qualified BEFORE you look for a home will save you time, energy and frustration, because pre-qualification can:

Determine how much home you can afford, so you don't end up buying less home than you really want or disappointed if you don't qualify for as much as you'd hoped.  Your lender can also estimate how much money you will need for a down payment and closing costs, as well as how much your monthly payment will be.   

Strengthen your offer.  Sellers are more inclined to accept an offer when they know you have taken the time to be interviewed by a lender and can qualify for the loan.

The Texas Home Source team has identified and created alliances with the best lenders in the business. 

Finding Your New Home

Before you begin looking at homes, make a list of your priorities- things like location, size and amenities.  Establish a set of minimum requirements- things a house must have for you to consider it and a "wish list"- things you'd like to have but aren't essential.  Share this information with your agent so s/he can assemble a list of houses to show you that meet your needs.

Purchasing Your New Home

The process begins you make an offer and ends at closing.  The process can be quite complicated, but the trained real estate professionals at Texas Home Source will guide you through  from beginning to end.

The Offer. Once you've decide on "the" house, your Texas Home Source representative will help you write an offer based on  comparable home sales in the area.  S/he will present the offer to the seller, highlighting its strengths, as well as your strengths as a buyer and negotiate any counteroffers.

 

Escrow. Once an offer is accepted, the contract and earnest money are deposited with the escrow agent, who will then open title.

 

Option Period.  During this time it's a good idea to hire a professional inspector to thoroughly check the condition of your potential new home.  Click here to see a list of preferred inspectors.

 

The Loan Process. 

Assembling the loan package.  The lender will request a credit report, verification of employment and funds to close, mortgage or landlord ratings, a preliminary title report, an appraisal on the new property, proof of insurance and any other supporting documentation.

 

Loan submission and approval.  Once complete, the loan package is submitted to the underwriter for final approval.  Once approved, the loan documents (including the note and deed of trust) are completed and sent to the title company/closing office.

 

Closing.  The closing is where ownership of the home is officially transferred to the buyer.  Once the title company/closing office has received closing instructions and documents from the lender, they will schedule a time to close and prepare the Settlement Statement (also referred to as a HUD-1). At closing you will review and sign all the documents related to the mortgage loan and pay any closing costs.

 

Funding. Once all parties have signed the closing documents, they are returned to the lender who reviews the loan package.  If all the forms have been properly executed, a check is issued to fund the loan.   Once the loan has funded, you will receive the keys to your new home!  The title company/closing office will record  the document necessary to transfer the property into your name.  Escrow is now officially closed.