Buying a Home in Arizona & Texas
From your first preapproval conversation to closing day, here's what to expect and how to prepare for each step.
The Home Buying Process
Preapproval
Before you start touring homes, a lender reviews your income, credit, and assets to confirm what you may qualify for.
House Hunting
With a preapproval in hand, you and your real estate agent can shop with a clear sense of your price range.
Making an Offer
Once you find the right home, your agent submits an offer, often with the preapproval letter attached.
Loan Processing & Underwriting
Your lender verifies your documentation and the property details, then finalizes loan approval.
Closing
You sign the final paperwork, cover your closing costs and down payment, and get the keys.
Understanding Preapproval
Preapproval is a lender's initial review of your financial picture, including income, credit history, assets, and debts, to estimate what you may be able to borrow.
It's different from a pre-qualification, which is a rougher, self-reported estimate. A preapproval carries more weight with sellers because it's based on verified information.
Down Payment & Closing Costs
Down payment requirements vary by loan program, and some options allow for a lower upfront payment than others.
Closing costs are separate fees due at closing, covering things like the loan origination, appraisal, and title work. Down payment assistance programs may also be available depending on your situation.
Choosing the Right Loan Program
Every situation is different. Here's a quick look at the main programs, with more detail on each one's own page.
Common Questions
How much do I need for a down payment?
It depends on the loan program. Some require less than others, so it's worth discussing your specific options together.
Do I need perfect credit to qualify?
Not necessarily. Different loan programs have different credit guidelines, so it's worth discussing your situation directly.
What's the difference between preapproval and pre-qualification?
Pre-qualification is a quick, self-reported estimate. Preapproval involves verifying your documents and carries more weight when you make an offer.
How long does the process typically take?
It varies based on your situation and the property, so we can walk through a realistic timeline together.