Sep. 14, 2012
After buying my first house earlier this year, it still amazes me how many people were involved in the process. However, I learned that even with a team of real estate professionals working on your behalf, there are some things you can do yourself to help make the buying process go as smooth as possible. The first step you take should be to work with a Texas REALTOR®, who will guide you through every step of the way. Here are a few things that are still up to you:
- Set your realistic budget. Your mortgage broker or banker will help you determine how much you can afford based on your income, debts, and credit history. She will then calculate what you’re eligible to borrow. Your job is to be ready to supply this information and set a price range so your Texas REALTOR® can find potential properties that fit your budget.
- Get pre-approved. Your mortgage broker or banker can also help you get a pre-approval letter that states how much a lender is willing to let you borrow. This comes in handy when you’re ready to put an offer on a house because the seller will know that you’re serious and you’ve already taken the first steps toward seeking funding.
- Take care of your credit report. You should request copies of your credit report annually, but this is especially true before you apply for a mortgage. Check for any issues or instances of identify theft. These won’t necessarily keep you from getting a mortgage; you’ll just have to do the work to clear them up.
- Respond quickly to any requests for documents. You may be asked for copies of your financial statements, tax records, or for signatures on forms. Your job is to provide this information in a timely manner so the requester can move forward with the process.
- Communicate any concerns with your Texas REALTOR®. If you’re feeling uncertain about part of the process or you just have a nagging question, talk to your Texas REALTOR®. She has the knowledge and experience to answer your questions.