If this is your first time entering the Greater Austin housing market, congratulations. My job is to prepare you to navigate the home buying process. Here are a few essentials we will go through:
Gather the records you’ll need for your mortgage application, start with:
- Last 2 years of W-2s & tax returns
- 2 most recent pay stubs
- 2 most recent statements for your primary bank account, 401(K), investment accounts and liquid assets
- It’s also good to know your most recent FICO score.
Mortgage Lender Suggestions (always choose a source YOU are comfortable with):
- CMG Mortgage–Josh Hanly, (512) 874-3733 CMG Online Application
- HomeTrust Mortgage–Richie Rodriguez, (512) 615-7483 HomeTrust Online Application
- Fairway Independent Mortgage–Michael Jones, (254) 933-0036 Fairway Online Application
- We’ll talk about the market. Homes sell differently in Round Rock than Georgetown, differently in Austin, Leander, Pflugerville, etc. We need to discuss not just what kind of home you’d like to find, but also how competitive the market is in the area you would prefer to live. Important questions like your chosen area’s average property days on market, selling price versus listing price, ease of commute and so on.
- Get pre-qualified/pre-approved. You will be at your most powerful if your mortgage groundwork is already done. Sellers react more often in the affirmative when presented with an offer backed with financing approval.
- Spend some time searching the homes market online. Your excitement will build as you see the diversity of housing options in this market, I will set you up with real-time access so you see how quickly properties that meet your criteria come on and go off the market. Also information on neighborhoods, schools, and travel times are readily available.
- We’ll create your “list”. Take your favorites (it’s best to cull your list down to 4-6 properties at the most) to personally visit over a 2-4 hour guided tour. Along the way, together we’ll note features of each property that you like, dislike, or would like to change. Once done, we either pick your favorite to make an offer or decide to continue the search.
- We make an offer. Our offer is based on your budget, recent market sales of nearby properties, and whether the property has multiple offers (or the potential for it). The idea is for your offer to be competitive, but fair. Most important, one that you’re comfortable with. The seller may say “yes”, “no”, or “let’s negotiate”. Ideally we want a yes, but a competitive bid helps us get to the negotiating table (that’s a good thing).
- We get an accepted contract. With an accepted offer, we can proceed to the inspections, title work and other issues of due diligence. The period from accepted contract to final close (when you get your new home keys) will average 30-45 days.
We’re in this together, I work to limit your hassles, answer your questions and make sure you have access to the resources you need to always make an educated decision. From start to finish.