Buying a home is a big decision with lots to consider. Our home buying guide is designed to help you make the right move.
Preparation is key when it comes to buying a home. That's why it's important to start doing your research early. We recommend visitng websites, reading newspapers, and looking at any real estate related publications. You should also look for changes in asking prices. They are a good indicator of how strong a local housing market is.
Ideally, one should pick a home who's cost is equal to or less than five times one's yearly household income. Furthermore, it's best to make a minimum 20% down payment. However, there are still plenty of options at 0% down, especially in a strong market like the current one. We've helped plenty of buyers move into the home of their dreams with little to no down payment. If you have any questions about our 0% down programs, you can reach us directly at (409) 440-6007.
Before you start considering specific homes to buy, it's essential to know what you can afford. The easiest way to do this is with a mortgage pre-qualification. To get prequalified, you'll need to provide your lender with some financial information, including current income, investments, expenses, and debt. After reviewing all your information, your lender can give you a specific idea of how much you can borrow. Based on that amount, you'll know which homes you can afford and which are out of reach.
The value of a real estate agent is in guiding you through the home buying process, and providing you with information on homes and neighborhoods that is not easy to attain online. Information that only someone with local knowledge of the market can provide. Additionally, your Realtor® should have strong negotiation skills, and close familiarity with your areas of interest.
We hope you'll give us a chance to prove that we can be your ideal agent. Please get in touch and allow us to prove our skills, experience, and knowledge in the local Houston market.
Now it's time to start looking at specific homes you are interested in buying. During this stage, you'll likely look at a large number of homes. It's helpful to take notes on the things you like and dislike about each one. This way, it's easier to go back and compare. You can also take pictures and video to help you assess each one.
It's not only important to assess each home you visit, but also the neighborhoods they are in. Are surrounding homes in good condition? Is the neighborhood safe? Are there services nearby? Is it close to your work, school, etc? These are all important factors to consider.
Once you find the right home, it's time for your agent to negotiate a fair price on your behalf. Usually, the price is based on the sales price of comparable homes nearby. Once you and the seller agree on a price, the home goes into escrow. During escrow, all remaining steps in the buying process are taken care of.
Purchase offers are usually dependent on a home inspection to check for structural damage and items that need fixing. Your agent will help you arrange an inspection shortly after your offer is accepted by the seller. The inspection gives you a chance to renegotiate price depending on needed repairs. It also allows you to decide if you want anything fixed before agreeing to move in. Finally, before the sale closes, you can do a walkthrough of the house and make sure all repairs are completed.
Your mortgage representative will help you select a loan that fits your needs. While some buyers are interested in low monthly payments, others are more interested in securing a fixed rate. Whatever your needs are, your lender will help guide you toward the loan that is right for you. Once you choose a loan, your loan officer will arrange for a home appraisal to ensure you are paying fair price. This step of the process will require a lot of paperwork. Your lender will work with a title company to make sure everything is in order, and that the seller is the rightful owner of the property you are buying.
Upon closing the sale, you'll sign all required paperwork including title and loan documents. Once your loan is submitted, it will take a few days for the funding to come through. As soon as the check is delivered to the seller, you are ready to move in and enjoy your new residence!