Advice For Buyers

Dated: 09/20/2018

Views: 561

Advice for Buyers

Image title

Real estate transactions are complicated. A Texas REALTOR® will help you with the following steps and much more.

Decide What You Want

Before you start looking, make a list of what you want and assign each item a priority. Some areas to consider are the location, type of home, and age of the home.

Know What You Can Afford

  • Most loans require a down payment. The amount varies, but 20% of the purchase price is typical. If you’re a first-time buyer or fall below certain income thresholds, you may qualify foraffordable-housing programs. Generally, a higher down payment means better loan terms and a lower interest expense on the mortgage.

  • Qualifying for a loan: A lender will determine how much he thinks you can afford based on your income, employment history, education, assets (e.g., bank account balances, other property, insurance policies, pension funds), and debt. Check your credit report before the lender does to clear up any problems.

  • Your comfort level: You don’t have to spend $200,000 on a home just because the lender says you can afford a $200,000 home. Do some math and determine what you’re comfortable spending.

Make an Offer

You’ve figured out your home-search criteria and what you can afford. Now find a house and make an offer. Your REALTOR® is an invaluable part of this process. He or she will help you preparea contract,negotiate, juggle inspections and option periods, and more.

Secure Financing

Unless you’re paying cash for the home, you’ll need a loan. Keep in mind the true price of financing goes beyond the interest rate alone. Consider items such as points, total lender fees, term of the loan, and penalties for early payment. The lender will likely require an appraisal to verify that the home is worth the cost of the loan as well as a physical survey. Repairs may be required. Insurance must be purchased. All these conditions and others must be satisfied before a transaction can close.

Close the Deal

After weeks or even months of research and decision-making, you close the transaction, usually at the title company’s office. The title agent ask you to sign many, many documents and will explain each one. You’ll present a cashier’s check to the seller, sign another document that itemizes closing costs (the lender will have given you an estimate in advance), and pay your share of the closing costs.In return, you will receive a deed, transferring ownership rights to you.

https://www.texasrealestate.com/advice/residential/advice-for-buyers/


Are you ready to start the buying process?

If so we will start by applying for a loan. This will help get a better understanding of how much home you can afford and to see if you qualify for any programs such as down payment and closing cost assistance programs. Some lenders may be able to a guide you in the right direction to help increase your credit score.

Please also note that our services are FREE to the home buyer, so don’t let that stop you. Let us know if you are ready for the next step, so I can send you a link to apply for a loan. We are just a phone call away so call us  with any questions. 


The Mendez Group, Realtors

John 210-274-8869

Arlene 210-843-8869

Image title


Blog author image

Arlene Mendez

The Mendez Group's extensive knowledge and experience allow them to handle a wide range of clients and situations. Whether their clients are looking for a home for the very first time or they are sea....

Latest Blog Posts

Be In A New Home By The End Of The Year

Be In A New Home By The End Of The YearHomes are selling quickly, and inventory is typically low during this time of year. If you're considering listing your house, let's connect so you can

Read More

Be On The Lookout For Gen Z The Next Generation Of Homebuyers

Be on the Lookout for Gen Z: The Next Generation of HomebuyersYou’ve likely heard a ton about Millennials, but what about Gen Z? In the next 5 years, this generation will be between the ages of 23

Read More

Now Is A Great Time To Sell Per Existing Home Sales Report

Existing-Home Sales Report Indicates Now Is a Great Time to SellThe best time to sell anything is when demand for that item is high and the supply of that item is limited. The latest Existing

Read More

Existing Home Sales Report Indicates Now Is A Great Time To Sell

Existing-Home Sales Report Indicates Now Is a Great Time to SellThe best time to sell anything is when demand for that item is high and the supply of that item is limited. The latest Existing

Read More