First Step to buying a Home

Get a Mortgage Pre-Approval

  • First step in the home buying process is determining how to pay, Mortgage or Cash.
    • The traditional method that most buyers use is a mortgage.  If this is your choice, then the first step is to obtain a pre-approval letter.  We do not recommend using any of the big banks as they often do not meet the closing date and charge higher fees.  American Airlines Credit Union members should check with their branch as they often have great rates and low fees but check their time frame to close.  We recommend the following mortgage contacts:

Robb McKinnon, Republic State Mortgage
robb@rsmc.net  817-291-6561

Heather Cicirello, Commercial Bank of Texas
hcicirello@cbtx.com  936-371-7242

Brooke Johannes, Supreme Lending,
NMLS# 874529 Office Address – 131 Quest Ct Keller, TX 76248
brooke.Johannes@supremelending.com 817-709-4683

  • If paying cash, sellers will require a “POF” (Proof of Funds).  This can be a bank statement or a letter from your bank.  If using a statement, it is suggested to black out the account number.

How Much Home Can You Afford?

Banks and lenders use specific criteria to determine how much of a mortgage they’re willing to offer you. They look at your income, expenses, credit history and employment status, as well as the down payment you plan to make on a home. It may seem like a scary process, but it is actually straightforward. You can usually get a Mortgage Pre-Approval in a day. You’ll be glad that you did.

By knowing what you can afford, you can confidently shop within that price range.

Lender Needs:

The lender will most likely need the following list of items:

  1. Last 2 year’s W-2’s
  2. Last 2 years complete person and business tax returns (I need all pages and all supporting schedules)
  3. Last 2  month’s checking/savings account statement (I need all pages of the actual statement, even if there is no data on it, if it has a page number, I need it.  PDF copies of the internet statements are acceptable as well, but internet printouts of transaction histories are not acceptable.  Transaction histories of 60 days printed directly from the bank that have your name, account number and a branch stamp is acceptable.)Copy of Driver’s License.
  4. 30 days of Pay Stubs.

 

Here is a list of items the Lender should  know about (preferably) before they happen.

    1. If there is a change in your employment status
    2. If you move money from one account to another
    3. If you receive any money from an outside source as a “gift
    4. If you are looking at buying anything (car, boat, motorcycle, RV, flooring, appliances, furniture, etc.) either credit or cash as it may affect your debt to income ratios or your cash reserves.
    5. If you sell something (Car, Boat, motorcycle, RV, Furniture, Garage sale, etc).

Have questions about arranging financing?  Please submit the form below or call/email me.

Please remember if using a loan to purchase that it is important to provide all the documentation so the underwriter can approve your loan.  I highly recommend using a local loan officer that can work closely with you to get a mortgage approval.


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