STEPS TO BUYING A HOME

1. Get Pre-Approved for a Mortgage
Getting pre-approved for a mortgage is not the same as getting pre-qualified. With a pre-approval, you actually apply for a mortgage with an address "To Be Determined Later" and the application is submitted to a lender and an approval is issued subject to the home qualifying. It is always best to begin the home buying process by getting pre-approved. This will determine how much you can afford so you don't waste time with properties that are not in your price range. And realtors and sellers are more eager to work with clients who have been pre-approved. In a buyer's market, where you could be competing with lots of other buyers for the same home, being pre-approved puts your offer in a position above buyers who have not been either pre-approved or prequalified. Use our Free Quick Rate Quote form to get the process started or use our easy, secure online mortgage loan application.

2. Decide Where to Look
You may already know what area or town where you want to purchase a home. Some of the factors to consider include price range, commute time, convenience to amenities like shopping, medical facilities, entertainment, and proximity to schools.

3. Choose a Buyer's Agent
Since 1994, the state of Texas has authorized buyer's agency. A buyer's agent works exclusively for the buyer. Buyer's agents are paid out of the proceeds of the sale by the seller or builder. Our preferred real estate partner is Will Steakley with UrbanSpace Realtors. Give Will a call at 512-799-3777 to get started on your home search.

4. Make an Offer
Your buyer's agent will submit your offer in the form of a sales contract to the seller's agent, along with your earnest money check.

5. Negotiate the Contract
Once your offer is submitted, the seller's agent will contact your agent to let him/her know if (1) the contract has been accepted, (2) a "counteroffer" has been proposed by the seller which changes the price or some of the terms or both, (3) the contract is declined. Your agent will work with you and the the seller's agent to negotiate an acceptable offer for both parties.

6. Get a Home Inspection
After your contract has been accepted, it's time to schedule a home inspection. A licensed inspector comes to the home and makes a detailed report which shows any items that are in need of repair or service. If there are more specific concerns, additional specialists are available for septic, roof, slab and other areas. Most inspectors can include termite inspection along with the general home inspection. Once the inspection report is complete, you can determine what, if any, repair requests you have of the seller before closing.

7. Financing
Use our easy secure online loan application to complete your FHA home loan application. Once all your documents have been submitted and your application completed you will be furnished with a "Good Faith Estimate". It is an estimate of charges that you can expect when you go to closing. These charges include lender fees, broker fees, title company fees, tax and insurance (escrow account) fees, recording fees. It also includes estimated costs for real estate property tax and homeowner's insurance.

8. Closing
Most real estate closings occur in the office of the title company that has been agreed upon by the seller. On the day of closing, you will spend about an hour (perhaps a little more) signing paperwork which will convey the property to you. The bulk of the papers will deal with financing and the various disclosures required by your lender. The remainder are the deed and various affidavits.