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Why We Need You Pre-Qualified, and What You Need.

By
Real Estate Agent with Austin Texas Homes, LLC 548155

Why We Need You Pre-Qualified, and What You Need.

Good to GoFirst thing a Realtor will ask you is, are you working with another agent...and have you been in touch with a mortgage person and gotten pre-Qualified.  The reason we ask is, there is no use in showing you homes you can't afford.  You may think you qualify for a certain amount, but you have probably not taken into account the taxes and insurance. You don't like people to waste your time, and we are the same way.  So be prepared when you are ready to start searching.  

If you are not working with a lender and have no idea who to contact, a Realtor will be happy to give you some options.  I never advise doing anything online.  You get lost in the www, and no one can find you, and you can't find them.  So talk to a real person!  They are going to require some documents from you.  These are the items you will need for starters. You may or may not need more, depending on your situation. 

First information is your name and Social Security number just over the phone to get them started.   They will do a quick credit score on you. If your score is low, they can usually help you in getting that number raised for a later purchase, or let you know why you won't be qualified.  But if it is high enough you will then need the following:

  • Last two paycheck stubs 
  • Last two years Tax Returns
  • Last two years W2 or 1099, if applicable
  • Proof of assets (bank statements, retirement funds, or any accounts used to show assets)
  • Canceled checks indicating rent (could be used if YOU have an investment home or pay rent currently)
  • Documents showing other source of income. Other income could include military pay, disability pay, second job, commissions, overtime, interest and dividend income, Social Security payments, VA and retirement benefits, alimony or child support.
  • If you own another home and lease it out, you may need a copy of the lease showing you have tenants. 

Once you have found the home you want, your Realtor will supply them with the contract and disclosures.  Your Mortage Officer will then look over the documents and see if they need any additional information for your loan application.  

Financing is the process that takes so long when buying a home. So stay in touch with your lender, and get any documents they may ask for as quickly as you can.

Remember, here in the state of Texas...You may have signed all the paperwork, but until all parties have recieved funds, you don't get the keys to the house.  So don't plan on moving in the same day you close.  All paperwork is faxed to the bank and they transfer funds, so it is usually the next day, or could be over the weekend. So be prepared.

I would love the opportunity to help you in selling your home or searching for a new home, so please call me if I can be of any assistance to you.  Also, call me if you know someone looking to buy or sell in the Austin area. I love referrals!

 

Sherry Scales    Austin Real Estate Specialist

HomeNet Realty, REALTOR, ABR, GRI

512-925-8928

Contact me or Find your home here

Serving Austin, Round Rock, Georgetown, Cedar Park, Leander, Lago Vista, Lakeway, Bee Caves, Dripping Springs

Comments (1)

Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

We really do need to see the person prequaled in this market.

Mar 12, 2012 10:29 AM