Home Buying in Austin>Question Details

Trulia Austin, Home Buyer in Austin, TX

How do you become a pre-approved homebuyer?

Asked by Trulia Austin, Austin, TX Fri Nov 16, 2012

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Paul Puig’s answer
There willbe an application you complete (short or long) when you first talk to a Lender. Based on the information you provide you are prequalified. Once you submit the documents to support information you provided you are preapproved.
0 votes Thank Flag Link Thu Nov 22, 2012
Well it's been stated but you really just need to sit down with one or several lenders or brokers. I recommend only having one lender actually pull your credit and you can use your known credit scores to get options from other lenders to compare them.

Best of luck to you,

Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o 512.669.5599 m 512.633.4157
listings@dongroff.com | http://www.AustinListed.com
0 votes Thank Flag Link Sun Nov 18, 2012
In Texas, the Texas Dept of Savings and Mortgage Lending provides for a very specific method of demonstrating Pre-Approval. Unfortunately, many lenders will either hide the fact that they have not reviewed the borrowers documentation in writing vs. verbally or not explain that a written pre-approval is a very important step in buying in Austin.

When submitting and offer, any Austin area Listing agent worth their salt will either counter any offer with a verbal approval or reject an offer with a a verbally approved buyer in favor of a written review pre approval. Multiple offer situation and you only have a verbal review pre-approval from your lender...You risk losing out to another buyer.

I recommend you get with a top lender such as Matt Dean at Security National. He only issues out pre-approvals with a written review for buyers and follows the TX Form (see link below)

Matt can be reached at (512) 415-6142.

Make sure you don't lose out on your first choice home due to being pre-approved with anything but full written review.

Let me know if you have any questions on this. Kevin 512-522-8470
0 votes Thank Flag Link Sat Nov 17, 2012
Find a bank or lender you trust. Compare fees of 2-3. When you're comfortable with just one then they will ask you to submit 2 yrs of tax returns, bank stmts, w-2's, ect. They will let you know how much you are pre-approved for. Then go out - find a property you want to make an offer on - call the lender and ask for a letter for the offer amount - which needs to be at or below your pre-approved amount. Good luck. Hope this madesense.
0 votes Thank Flag Link Fri Nov 16, 2012
This is a very good question, many people miss out on the home that they want because they have gotten pre approval before beginning the house hunting. It is actually easier than you think. Just talk to your mortgage broker I like Austin First Mortgage myself jwu@aaxyllc.com they will ask you some questions pull your credit and issue you a letter that states what kind of mortgage you would qualify for. Most Realtor s will not accept an offer without such a letter.
0 votes Thank Flag Link Fri Nov 16, 2012
Amen brother Realtors. This sort of question should be in a FAQ or something like that for Trulia to display to new buyers. Just "salting" the discussion board with this type of question to promote the board is irritating and will eventually just cause the Realtors to ignore the board. We're all interested in helping buyers, sellers, lessors, and renters but give me a break, this doesn't help us do that.

Ron Cullinan
Avalar Austin
0 votes Thank Flag Link Fri Nov 16, 2012
John, thank you for sharing my sentiment! I didn't even want to bother with something so silly... At the least they should try to challenge us so that at least we can attempt to have a positive discussion amongst ourselves as professionals!
0 votes Thank Flag Link Fri Nov 16, 2012
Hi Trulia Austin,

I am both a real estate agent and mortgage lender. I can assist you with the pre-approval process. Feel free to contact me at (214) 497-8150. Though I am in the Dallas-Ft Worth market, I do know of an agent that can assist you locally in the Austin market.

I look forward to hearing from you.

Warmest Regards,

Sanjeev Lad
0 votes Thank Flag Link Fri Nov 16, 2012
Dear Trulia Austin,
You are very busy posting questions. Are you a serious buyer? It seems you are only interested in posting questions to encourage discussion. While I typically do not mind forums like this, I think Trulia is best-served with a focus on real customers.

Today only, I'll answer your question as simply as possible: Contact a lender, either through your bank, credit union, mortgage broker or online resource. Or ask a realtor you trust, or comes highly recommended from a friend, for lender contacts.

Good luck.
0 votes Thank Flag Link Fri Nov 16, 2012
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