Texas Mortgage Process

How the Loan Process Works, Step by Step

1. Prequalify for a Texas Mortgage Loan

Mortgage Process TexasGet prequalified for a mortgage with Leaman Team and know in advance how much house you can afford. Completing this step increases your negotiating power since sellers view you as a serious, qualified buyer.

Click here to start your loan application.

2. Texas Mortgage Search

Leaman Team helps you to determine which financing options best suit your needs today and in the future. Together, you consider many factors, including but not limited to the following:

  • How long do you plan to keep the loan?
  • Is a fixed or adjustable-rate mortgage best?
  • How many points should you pay?
  • What other costs are involved?
  • When should you lock in your rate?

3. Texas Loan Application

It’s crucial to supply Leaman Team with as much information as possible, as accurately as possible.

4. Loan Documentation

Submit paperwork supporting the application. Leaman Team provides you a documents needed list for prequalification.

5. The Hunt for a Property

Once Leaman Team notifies you prequalification is complete, begin shopping for a house. Once you find the right home, the terms of the sale are negotiated.

6. Property Appraisal

An appraisal may or may not be required for the mortgage. Once you have a specific property, Leaman Team will notify if the property qualifies for an appraisal waiver. Even with an appraisal waiver, buyers may elect to get an appraisal anyway.

7. Texas Home Insurance

Lenders require fire and hazard insurance on the replacement value of the structure. Flood insurance is required if the property is located in a flood zone.

8. Mortgage Insurance

Some loans require private mortgage insurance when borrowers put down less than 20 percent of the sales price.

9. Loan Processor’s Review

All pertinent information will be packaged by your mortgage professional, Leaman Team, and sent to the lending underwriter, including any explanations that may be needed.

10. Underwriter’s Review

The Underwriter reviews the documentation for loan approval. It’s common for an Underwriter to request additional explanations or documents. Once they have received all requested documentation for loan approval, the Underwriter issues the “Final Approval” and “Clear to Close” your loan.

11. Mortgage Closing

During this step, final loan and escrow documents are signed.

12. Loan Funding

After the closing, Leaman Team’s closing department authorizes the title company to fund the loan.

13. Congratulations, you are now a homeowner!

Please call Leaman Team today to discuss your home financing: (512) 710-1400 or email LeamanTeam@LoanPeople.com.