1. Get Prequalified
The first step to purchasing a home is to become prequalified by one of our experienced Mortgage Loan Originators. Our staff will look at credit, income, and current monthly payments to determine your maximum loan amount and the best loan product suited for you.
Please contact one of our Mortgage Loan Originators at (512) 894-2109 or submit your pre-qualification request online with our safe and secure server.
2. Pre-Approval Letter
In order to submit an offer on a home you must be pre-approved by a lender. One of our mortgage specialists will be able to provide you a pre-approval letter after verifying income and assets (see our application checklist).
3. Apply For Your Loan
Apply Online – Use our quick and easy secure online application and will send disclosures to sign electronically.
Apply By Phone – Call us to have a loan specialist take your information over the phone and send disclosures to sign electronically.
Apply Face-to-Face – Call us to setup a face-to face meeting with one of our Mortgage Loan Originators.
4. The Processing Of Your Loan Application
Processing a loan is essentially verifying information on your loan application. One of our processors will review your loan file for completeness before submitting to underwriting. They will order verifications of income from your employer(s), verifications of rent, and order an appraisal report for the home you are purchasing. It is important to relay any information or documentation requested by the processor in a timely manner to ensure an on time closing.
5. Appraising Your Home
The appraiser will contact your Real Estate Agent if you are purchasing a new home to set an appointment for an appraisal inspection. The appraiser will spend 30 minutes or so exploring and taking photos of the property inside and out. After the inspection, the appraiser will spend hours researching houses recently sold which are comparable in size and geographic area to set a fair valuation of the property being financed. It can take up to a week to receive an appraisal report once the property is inspected.
Underwriters will determine final loan approval based on the documentation presented. It is common for an underwriter to give a “conditional approval” in which certain additional documents will need to be provided prior to closing. Once these conditions are submitted and signed off by an underwriter, they will issue a “clear to close” which will allow us to draw closing documents from our attorneys. The attorneys will prepare a HUD-1 Settlement Statement which encapsulates all costs and fees associated with the loan. Once the HUD-1 is finalized, your Loan Originator will be able to provide you with the exact dollar amount to bring to closing.
Closing will occur at the title company of your choice by appointment. Everyone applying on the loan will need to be present with a state or government-issued photo ID. Please bring certified funds (money order or cashier’s check) for the amount due at closing. It is a good idea to bring a personal checkbook in case there is a small correction on the HUD-1 at the day of closing.