First Time Buyer Guidelines      The mortgage industry has seen dramatic changes in underwriting and guidelines that may affect your ability to obtain a home loan.     At Stonebriar Mortgage, you will receive the benefit of our knowledge and expertise in working with the loan process.     Our pool of lenders offer a low cost mortgage with the best rates in Texas!      Whether this is your first or last home to purchase take a few minutes to review our 5 STEP program . We make the loan  "Easy on the Borrower"  Step 1 : Pre -Approval    In today's market, a Pre-Approval letter is a must to begin the home search. This one step can save you money and hours of wasted time looking for a home.   A pre-approval will take the emotion out of shopping and zero in on a decision that fits your budget.   Sellers and Realtors will treat you as buyer rather than a Door Knocker!         use the short form to  apply online                for Pre-Qualified status        use the long form to  apply online        for Pre-Approved status         documents required :  full loan application  two most current paystubs;  last 2 years of W2"s  if self employed 2 years of tax returns    two most recent bank statements   (all pages )   documents verifying all assets  (401K,stocks etc)        Next you will  review the loans tailored to your income, down payment and length of terms Once we finalize a game plan you  will be issued a Pre-Approval Letter  .   Now you can begin shopping with confidence ! Step Two :  Locating A Home       Working with a Real Estate  Professional that knows your search area and has your best interest at heart can save you money and time. A Realtor is  another partner in your corner assisting you to meet your goal of home ownership.      Check our Preferred Partner  page for a list of Realtors.                      Step Three :    Disclosure and Appraisal  When you get an accepted sales contract you will receive a revised Good Faith Estimate   detailing closing cost and funds required .  After loan processing has submitted the loan file to the preferred lender.  You will be issued required disclosures and the mandatory 3 day wait period begins.   Once, we receive an approval with conditions , and the wait period has expired.  You will be contacted to arrange payment by credit card to the lender for the appraisal  .    After the appraisal is completed and reviewed by  the underwriter with all outstanding conditions a final approval is issued.   Step Four :  Final Approval   This step will produce a Clear to Close and the loan will move to the closing department, here all closing papers will be prepared and sent to the title company.               Step Five :   Closing and Funding  Once the Title Co.has final closing statements a "HUD or Settlement Statement "is issued & reviewed  by the lender & loan officer.  Then  you will receive a copy to review with your loan officer.The Hud should always mirror the last good faith estimate you received.     At the scheduled closing, you will need two forms of ID (1picture)and if funds over $500 are required, you will need a cashiers check.  At closing you will review and sign all final documents .The loan will fund, disperse (usually the same day ) and you are given the keys to your new home.            If you like our work, Please SEND US YOUR REFERRALS  ! "If NOT "tell us how to improve.