Financing for your first home  in the Austin area

Finding financing for your 1st home is probably the most important thing you can do to achieve your goal of home ownership. After all, unless you are paying cash, you are going to need financing from a bank to purchase your first home.

After you have contacted me, I can give you the name of  someone who will be able to help you with all of your financing needs. I recommend that you go and meet this person face to face to get all of your questions answered and begin to develop a relationship with them because you will be working with them throughout the entire homebuying process.

I could spend all day talk about the different types of financing but I am going to leave that to the lender. Right now, I am simply going to give you a basic overview of the process.

• Step 1

Finding out how much you can borrow is essential to the home buying process. Before you meet with the lender I will have you fill out an  loan application. The application will ask you questions pertaining to your employment history, income and debt.  from this information, the lender will be able to give you a rough estimate of what you can afford on a monthly basis. This information will allow the lender to pull your credit and get a basic idea of how much you qualify for. We should have an answer within 48 hours.

• Step 2

Once we find out that you are creditworthy we can set up a formal meeting with the lender. You supply information about your employment, your assets, your residence history, and so on.

The lender will explain the various types of loans that are available to you. He will explain the  benefits of each and allow you to make your decision. Because you are a first time homebuyer there are only a few loans that will meet your needs.  When you decide on a financing option the loan officer will provide both you and I a pre-approval letter. This letter is to certify that you have been pre-approved to buy a home and it will be submitted with any offer that we make on a home.

View the loan application checklist to make sure you bring everything you need for your meeting.

• Step 3

The search for homes begins! Once we have the pre-approval letter

we are ready to go out and start looking at homes.

The next article in this series is Viewing Homes that Match My Criteria

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