Frisco TX First Time Home Buyers –  Going Through With Your Home Loan Process (Part 9)

by Mike Yeo on October 18, 2010

Frisco TX First Time Home Buyers

If you missed the previous articles prior to this:

Part 1 – Your First Steps to Homeownership

Part 2 – Difference between Pre-Qualification and Pre-Approval and how to strategize a better negotiation

Part 3 – What makes up a house payment in Frisco TX

Part 4 – How much funds are needed to buy a house in Frisco TX

Part 5 – Setting yourself for real estate success with tools you need

Part 6 – Should you use a Realtor(R) when buying your first home?

Part 7 – A Real Estate contract is a legally binding contract

Part 8 – Home Inspections and what to expect from it

In this part, you will read about:

Frisco TX First Time Home Buyer Series – Going Through with the Loan Process (Part 9)

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Now that you have an amended executed contract, you are ready to focus on your getting your home loan process. By this time, you should have decided on which lender to use. If you have not decided, you should plan for a delayed closing.

Read also, How to compare Lenders & Good Faith Estimates.

Some of the important activities to take note of are:

  • Complete your paper documentation to your lender as quickly as possibleSome first time home buyers are pre-qualified in this home loan process. In order to complete your Buyer Financing, turn over all the required documentation as required by your lender to ensure a smooth closing.Read also, Two Halves Make a Full Loan Approval.
  • When to lock in your rateInterest rates fluctuate throughout the day. Most of my first time home buyers may ask my opinion about whether the rate will go down further. My answer has always been this:
    When you made a budget estimation of how much your monthly mortgage payment will be (Part 3 – What makes up a house payment in Frisco TX), what was your interest rate? What was your monthly payment?
    Compare it to what you have been given at decision time. Are you happy with what you have? What are the chances go the rates going lower or do you have a higher chance of it heading higher?
    No one knows what would happen tomorrow. If you are happy with what you are today, make the decision today.

    Read also, When to lock in rates.

  • Home insuranceContact your home insurance provider for appropriate quotes and coverage. Give your lender contact information of your insurance provider. Your final loan approval also depends on ensuring you have the minimum home insurance coverage.

Essentially, as a first time home buyer, your job ends here. You have done ALL you can to get your loan approved. Now, you depend on your lender to give you your final loan approval.

One of the lender’s first steps would be to order Title Commitment and Appraisal. With those information along with other personal information, loan application, supporting documentation, employer verifications, lock rate sheet, home insurance coverage, appraisal and executed contract for final loan approval.

As a first time home buyer, read also What Every Buyer Needs to Know About Buying Real Estate in Today’s Times. You should make note that the Lending industry are changing guidelines very often.

Last word of advice, be patient until you hear a “Clear to close” from the Lender. Be quick to respond to the underwriter’s needs for loan approval. Good luck.

Articles in the Frisco Texas First Time Home Buyer series:

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Contact:
Loreena Yeo
Realtor®/ Broker of 3:16 team REALTY
(214) 783-2210
loreena@loreenayeo.com

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Copyright © 2009 by Loreena Yeo (3:16 team REALTY).
Frisco TX First Time Home Buyers – Going Through With Your Home Loan Process (Part 9).

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