“As a real estate professional, I am dedicated to helping families achieve their real estate goals, by providing the highest quality of service!”
Erika Conner REALTOR ® (936)442-0286 smileoften erikaconner www.youtube.com/erikamoralesconner www.erikaconner.wordpress.com/
RE/MAX Preferred Group firstname.lastname@example.org
18001 Hwy 105 West, Ste 100 Montgomery, TX 77356
Mobile: (936) 442-0286 Fax: (936) 582-6777
CONTENTS P.2- Your REALTOR 速 P.3- Lender Information Needed P.4- Lender Terminology P.5- Key Factors to be Aware of P.6- The Buying Process
My mission… As a real estate professional, I am dedicated to helping families achieve their real estate goals, by providing the highest quality of service! Solid communication, knowledge, and loyalty are values I utilize; as well as professionalism and respect for my peers and community; in order to yield a smooth transaction. I understand the value of properties and how our real estate market is trending; providing the expertise required when presenting an offer, and during the negotiation. Additionally, I have associated my business with one of the most reputable firms on the lake, RE/MAX Preferred group; home to some of the most experienced, knowledgeable real estate professionals.
About me… I am a proud mommy of two boys and a wife to a great man! I love my career as a REALTOR® because I have the privilege of working with enjoyable people every day and have the ability to stay involved with my community, and in my children’s active lives.
I have obtained my real estate license through Texas A&M Commerce Center and am a student at Sam Houston State University; where I continue to gain knowledge for my real estate career and marketing endeavors.
Your Lender may needâ€Ś
Gather information the lender will need in order to issue a pre-approval letter and process the loan. Please see the checklist below. We hope you find this useful as you compile the needed information. Purchase Contract Sales contract, or offer to purchase along with all addenda, signed by the buyer and seller. Property information sheet to show legal descriptions of purchase property W-2 Forms from previous two years If self-employed be sure to provide your tax returns for the current year and the previous two years. Employment history Include name, address of employer(s) for the last two years, dates of employment, and income. Provide explanation of recent gaps in employment, if one month or longer Social security number For both borrower and co-borrower Bank statements Checking and Savings accounts From the past three months, include names, addresses, account numbers, and Balances of depository institutions (banks, credit unions, and savings banks); All pages of all statements are needed, even if blank. Credit Information For each active credit card account, provide the creditor name, address, account number, payment amount, and current balance; Include letter of explanation for any credit problems.
Tax returns Provide previous two years personal federal income tax returns Schedules if you are self-employed; employed in a family business; a tradesman; Receiving commissions, bonus, partnership or trust income Own rental property; or have income from non-verifiable source, such as corporate ownership, installment sales, or tips Investment accounts, Stocks or Bonds Include this information if this is being used for the purchase of your home. Include name and address of broker along with previous three months statements Copies of the stock certificates. List of serial numbers and issue dates may be acceptable for verifying bonds. All pages of all statements are needed, even if blank. IRA/Retirement Plan Approximate value of vested interest and copy of most recent statement. Life Insurance Policies Name of insurance company, policy number, face amount, and approximate cash value of each policy
Lender Terminology Pre-qualified and Pre-approved Both terms are used during your loan approval process. If you are prequalified, that means that you are probable to obtain a loan. Meet with a loan officer or a mortgage company in order to obtain a pre-qualification letter. In addition to determining if you may be qualified to purchase, they will help you determine the price you can afford, based on your monthly income and your current debts, as well as the cash you have for a down payment. If you have been pre-approved, your mortgage lender has already approved and verified your credit scores and income. A pre-approval will make your offer more attractive to the seller. Earnest Money Earnest money is a required part of an offer and is sometimes referred to as a deposit. The earnest money shows as a credit to the buyers on the closing settlement statement drawn up by the escrow company. Although there is no required set amount, the “good faith” deposit may be an integral part of the negotiation process and helps demonstrate your seriousness about purchasing to the sellers.
Closing costs Closing costs consist of fees paid during the real estate transaction that can include: document preparation fees, lender fees, escrow fees, inspection fees, appraisal fees, etc.
What is a “point”? Lenders sometimes refer to one percent of the loan principal as a “point”. Lenders may use a “point” as a fee at closing.
Title Insurance Title insurance protects against loss from any defects in the legal title, liens against the property or other adverse claims. The lender usually requires title insurance.
Key Factors to be Aware of
Chose a Realtor ® that is committed to a strong working relationship with you. Making a connection with the right Realtor® with the right brokerage is imperative. The right professional is dedicated to serving your needs – before, during and after the sale.
A Realtor ® will be the most qualified to help you find your property. Limiting your search to internet listings, open houses, or ads may be deceiving. A Realtor ® will have the most up-to-date information and the most reliable resources that will help you save time and money. Often times, properties advertised may already be sold or overpriced. It’s important to be pre-qualified prior to making an offer. With your pre-qualification in hand, the sellers will know that your offer is a serious and your offer is more likely to be accepted. Additionally, it’s important to know what you are qualified to purchase and you will know an estimated payment. Your lender will determine that by asking specific questions in reference to your income, debt, etc. Make a list of any issues or concerns you may have relating to issues such as; school districts, crime rates, utilities, neighbors, environmental factors, etc. Ask any key questions before you make an offer on a property. Be diligent (due diligence) in order to ensure confidence in your purchase. Buying a home is a process of elimination, not selection. New properties arrive on the market daily, so be open to all possibilities. Ask your Realtor® for a comparative market analysis. This compares similar homes that have recently sold, or are still for sale. Consider your long-term needs. It is important to think ahead and envision your life for the next 3-5 years. Does this property seem ideal for that time frame? Having a home inspection is a very important step when purchasing a home. It’s an investment that may cost you money today but save you money tomorrow. A qualified home inspector will detect issues that many buyers may overlook. Purchase adequate insurance that will cover all of your property and valuables. Advice from an insurance agent can provide you with answers to any concerns you may have.
Purchase a home protection plan. It is similar to a small insurance policy that normally lasts for a year after closing. It may be a great investment that can save you money. Your agent can help you find a protection plan that can be purchased for a nominal fee. Know the total costs involved with your new purchase. Your lender can provide you with an estimate of closing costs and your Realtor ® can provide you with information about fees that may be coming up (HOA fees or monthly social fees). Pre-pay responsibilities such as Homeowner Association Fees and insurance must also be taken into account. Remember to examine the settlement statement provided by your lender prior to closing to ensure you have the most up-to-date information.
THE BUYING PROCESS
6 Funds needed up Front: 1. Earnest Money 2. Option Fee 3. Credit Report Fee 4. Inspection 5. Survey
Find a REALTOR ® you can trust • REALTOR ® consultation to analyze needs • Establish a working relationship/ sign buyers representation
Initial offer drafted • Sellers counter offer • Buyers counter offers • Mutual Acceptance of Offer/ Contract Executed
Escrow/ Closing • Escrow Opened & Title Commit. Ordered • Title Commit. Rcvd; Approval from Buyer • Final Loan Docs Rcvd from • Contract Conditions Review • Buyer Approves Settlement Statement • Lender Funds Loan • Document Recording & Escrow Closed • Disbursement of Funds • Keys to Buyer • Final Documents Disbursed
Contact Mortgage Bank/ Lender • Obtain Pre-qualification/ Pre-Approval
Option Period • Schedule Inspector to Inspect Home • Home Insurance Inspection (if needed to determine accurate coverage) • Due diligence
Research available inventory • Select properties of interest • Drive by prospective neighborhoods/ homes • Schedule showing appointments with your REALTOR ® • View showing appointments • Due Diligence/ Decision
Mortgage Application • Credit Report • Appraisal • Inspections; Survey Ordered • Buyer Approval of Inspections • Verifications • Home Insurance Info Submitted to Lender • Secure Underwriting • Conditions/ Rejection • Loan Approval
Post Escrow/ Closing Process • Transfer Utilities • Contact your Service Providers and Change your address (Post Office, D.L., Bank/ Institutions, Subscriptions, Insurance Companies) • POA Transfer (If Applicable) • Apply for Home Exemptions (Homestead Exemption; if Applicable) from you appraisal district • Receive Deed for Property if completely paid
Erika M. Conner REALTOR ® Agente Bilingüe Mobile: (936) 442-0286 www.LocationLakeConroe.com www.ErikaConner.com twitter.com/erikaconner facebook.com/smileoften