First-time Homebuyer Guide - Part 1

Owning a home is possible,¹ and Texell’s Home Loan Heroes are here to help. Trust our team of experts to guide you through the homebuying process from start to finish. Review the first two steps of six from the First-time Homebuyer Guide.

Step 1 – Get expert advice.

Texell’s Mortgage Loan Officers make a complicated process simple. We'll guide you through:

• The loan application.
• The pre-approval process and will provide you with a “needs list” to start the loan process.
• Interest rate trends to estimate how they may affect your payment.
• Closing cost estimates.
• Programs for first-time homebuyers with customized down payment options.
• Down payment assistance programs that expedite funding.

They’ll also give you expert advice on:

• How to check your scores and ways to boost your scores. Your credit score is a vital factor in your mortgage approval and what rate you will be offered.
• Ensuring you have sufficient funds for a down payment.
• Calculating funds required to cover closing costs and moving expenses.
• Reviewing your debt-to-income ratio. Our mortgage experts will review your financial situation and ensure your pre-approval amount fits your budget.

Step 2 – Get pre-approved.

For first-time homebuyers, getting pre-approved ensures the best deal and speeds up negotiations for the ideal home.

Prepare

When getting pre-approved, ensure you have the following information available:

• Income Statements – Last two months’ paycheck stubs.
• Bank Statements – Last two months’ financial account statements.
• Personal and Business Tax Returns – Last two years.
• W-2’s/1099’s – Last two years.

Do's and Don't After You're Pre-approved

Do

• Check your email and text messages frequently during the loan process.
• Provide requested documents within 24 Hours including:
• Purchase contract/agreement.
• Gift funds letter with donor capacity verification documents.
• Homeowners insurance policy.
• Front and back copies of earnest money deposit.
• Continue to make all current housing and consumer debt payments.
  

Don’t

• Make any major purchases.
• Apply for new credit.
• Make any large deposits or withdrawals.
• Fret if you need to provide additional documents.

Texell’s Home Loan Heroes Are Ready to Help

If you need help navigating the preapproval or home buying process, our mortgage team is ready to help. They’ll walk you through the steps and explore mortgage options to find the home loan that best fits your needs. Visit TexellHomeLoans.com or call or text 254.774.5104 to get started on your home loan today.

¹ With approved credit. NMLS# 460152

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