Important things to remember during the loan process:
Make your information readily available to your loan officer. If they ask for something, don’t delay, send it right away. This allows the loan process to continue and helps you close the transaction for your new home on time.
After you have applied for a home loan, do not do anything differently with your credit. Do not spend money on your credit cards, do not apply for any credit cards, personal loans or car loans. It is best if you just pay your bills and keep any extra money in your bank until you have closed on your home. Big purchases of furniture, etc. should be made after you close on your house. Transactions have been cancelled because a homebuyer chose to finance a new living room set before they closed on their new home.
Be mentally prepared to make big decisions. While the home buying process can be emotional, remember what your goals are: to purchase an investment for your future and provide a stable environment for your lifestyle.
Here is what you will need:
A verification letter from your bank stating that you have the amount that you are offering on the home available in your account.
Money available right away so that you can put down earnest money, option fee funds, pay for the inspection and the appraisal.
Earnest money is 1% of the offer amount
The option fee is typically $100 to $200
An inspection will cost you about $500
The appraisal fee will range from $500-$700 (Since you are not getting a loan, this is not a cost that you are required to pay).
The earnest money, option fee and appraisal fee will all be applied toward your required funds at closing.
Other fees associated with the purchase of your new home could be a new survey and the escrow fees. The survey cost will vary depending on the size of the land. They start around $600 and your escrow fees at closing will be approximately $500.
Mortgage Loan Originator
NMLS# 944547
118 Vintage Park Blvd. Suite# W723,
Houston, TX 77070
(903) 229-1099
Cassidy.Stoecklein@city1st.com
I am a Huntsville resident with over 18 years of financial experience. The last 16 years of my career have been specifically on the lending side.With a wide array of products offered, I am prepared to meet your needs. Whether it is an one time to close, purchase plus improvements, cash out on existing home, refinance, or just a regular purchase - I am here to assist you. Reach out to me today to see how I can help you with your real estate needs!
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