Mar 9 2018 51568 2

Dated: 03/09/2018

Views: 49

Advice for Buyers

Written by: Texas Association Of Realtors


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 downpayment. 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 for affordable-housing programs. Generally, a higher downpayment 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.

Blog author image

Tina Sanchez

About Me: I am a native San Antonian. I have enjoyed this city and it's friendly community. Living here all my life, I know this city well. I look forward to helping others find their real estate ne....

Latest Blog Posts

Are You Thinking Of Selling Your Home

Are You Thinking of Selling Your Home? Competition Is Coming! Monday August 13th, 2018  For Buyers, For Sellers, Move-Up BuyersThe number of building permits issued for

Read More

5 Reasons Mortgage App Are Rejected

FINANCE Powered by5 Mortifying Reasons Mortgage Applications End Up in the 'Reject' PileBy Daniel Bortz | Aug 6, 2018 Peter Dazeley/Getty ImagesPicture this nightmare: You apply for

Read More

Existing Home Sales Cooling Off This Summer

Existing Home Sales Cooling Off This Summer [INFOGRAPHIC] Friday August 10th, 2018  For Buyers, For Sellers, Housing Market Updates, InfographicsSome Highlights

Read More

Supply Demand Will Determine Future Home Values

Supply & Demand Will Determine Future Home Values Thursday August 9th, 2018  For Buyers, For Sellers, Housing Market Updates, PricingWill home values continue to

Read More