LENDER PRE-QUALIFICATION PROCESS

Home buyers will need a loan in order to purchase a house, if you do not have the resouces to pay cash for your purchase. It is practical to go ahead and get pre-qualified with your Lender before you actually start looking. During the pre-approval process the Lender will verify credit worthiness and determine the price range of houses you are qualified to purchase. There are numerous benefits to starting an application at this time while you are deciding what to buy.

In this very competitive market, we strongly recommend that potential Buyers become fully qualified for their loan prior to looking for properties.  Buyers who are qualified for their mortgage can submit offers for homes, where Sellers would consider their offer as good as a cash offer, as there is no chance that the mortgage application be denied.  (Please continue reading below about the qualification process and recommended Lenders.)

Benefits of Pre-Qualification

• Peace of Mind: If you are pre-approved, that's just one less thing you have to worry about while you're looking for your new home.
• Save Time: Once you are pre-approved, you will know what you can afford so you won't waste any time looking at homes that you aren't qualified for.
• Negotiating Power: Once you find the home you want and make an offer, being pre-approved will make your offer have more impact than others, and you will be more likely to get the terms and price you desire.
• Advanced Problem Solving: Often, buyers will need a little work to get their loan approved. The best time to get these problems taken care of is prior to making an offer on a home.

Once you're pre-qualified, or at least have the pre-qualification process started, it's time to start shopping for your new home!

With the increased level of activity our market is currently experiencing, we are recommending that our Buyers become QUALIFIED for their mortgage.  This includes submitting all required paperwork and documentation to your Lender.  Your Lender will then go through the necessary process to make sure that you are totally qualified for your mortgage.  This way, when submitting an offer on a property, we can indicate that your loan is thoroughly reviewed and approved, making your offer to be as desirable to a Seller as a cash offer.

In today's market it is necessary to take the loan application process one step further than we have been used to in the past.  Being pre qualified was and getting a "pre qual" letter from your Lender was enough documentation needed to attach to offers that are to be submitted.  Because of the shortage of inventory and numbers of multiple offer situations, we are strongly recommending to our Buyers that the become qualified for their loans.  By becoming qualified, it are showing a Seller that you loan has been approved, which takes away the possibility of you backing out of your contract because your cannot quality for your mortgage.  Many Sellers consider an offer submitted by a qualified Buyer to be as good or equal to a cash offer.

The mortgage loan professional will assist you throughout the loan application process. Once your home is selected, your offer is accepted and the contract is written up, the lender will provide you with a GOOD FAITH ESTIMATE of estimated closing costs for your purchase. At this time, the lender will run a credit report, order an appraisal of the property, verify debt ratios to income, and assist you with any additional requirements.

My Preferred Lenders List

Below is a group of Lenders that I have a relationship with, and have done stellar work with my clients:    

       NAME                                 COMPANY                               CONTACT INFORMATION

     Nate Beta                          Supreme Lending                              512 431-7055   

     Chad Bowman                  Veteran's United Home Loans         512 646-0800

     Humphrey Brown            Pacesetter Financial Group              512 923-1663

     Brian Cisna                       Mission Mortgage                              512 743-3335           

     Wendy Dabrusin              Benchmark Mortgage                       512 517-7858

     Tim Dockery                     Guaranteed Rate Affinity                 512 823-2976

     Steve Ferguson                Thrive Mortgagee                              512 913-7566    

     Max Leaman                     New AMerican Funding                    512 617-5636                      

     John Schutze                   Texas Loan Experts                            512 775-6820                                                                                                                                                                                                                                                                                             

               INFORMATION NEEDED FOR THE LOAN APPLICATION PROCESS

1.  Social Security Card & Drivers License for all borrowers
2.  W-2 Forms – Last two years, and pay stubs covering most recent 30-day period.
3.  Bank Statements – Last three months on checking and savings accounts. Most recent statement for retirement and/or investment accounts, CD’s, etc.
4.  Loans and Credit Cards – Name, address, account number, balance and monthly payment  (address if real estate).
5.  Employment History – Name, address, dates, position and salary for last two years.
6.  Provide letter explaining gap in employment, if any.
7.  Residence History – Address, landlord/mortgage company, length of occupancy (for the past 2 years).
8.  Other Information That May Be Needed If Applicable:
9.  Recorded copies of divorce decrees.
10.  Copy of diploma (recent graduates)
11.  Certificate of eligibility or DD214/statement of service (VA loans)
12.  Self-Employed – Call your Loan Officer.
13.  Credit Report & Appraisal Fees.