BUYING A NEW HOME
Where to start:
A home is not a home because of its room dimensions or the color of its walls. It is about how you feel when you walk through the front door; the way you can instantly envision your life unfolding there. This is about more than real estate. It is about your life and your dreams. Let me help you make all those dreams come true.
Types of loan programs:
There are many different types of loan programs one can qualify for depending on your circumstances from first time buyers to investors. Make sure to speak with a qualified lender BEFORE you start searching for a home. It’s obviously important to know how much home you can afford, what type of down payment to budget for, monthly mortgage payment as well as what type of loan program you’ll be using to finance the new property. Certain mortgage loans have residence type, HOA, appraisal or insurance restrictions that your agent needs to be aware of prior to showing you listings.
Getting Pre-Approved and what that means:
Whether you’re a First-Time Home Buyer or seasoned investor, the mortgage approval process can be a slightly overwhelming adventure without a proper road map and good team in your corner. The Pre-Approval Letter is generally issued by a loan officer after credit has been pulled, income and assets questions have been addressed and some of the other initial borrower documents have been previewed. The Pre-Approval Letter is basically a loan officer’s written communication that the borrower fits within a particular loan program’s guidelines.
Keep your finances as stable as possible:
Basically, while you are in the process of getting a new mortgage, keep your financial status as stable as possible until the loan is funded and recorded. Any number of minor changes could easily raise a red flag or cause a negative impact on a credit score that may result in a denied loan.
Just remember the simple tip: wait until AFTER the loan closes for any major purchases, loans, consolidations, and new accounts.
Searching for a home:
Finding a REALTOR®:
Especially for first time buyers it is highly suggested that you employ the services of a REALTOR®. All REALTORS® are real estate agents, but not all real estate agents are REALTORS®. A little confused? People use the terms REALTOR® and real estate agent interchangeably, but that is incorrect. Although both are licensed to sell real estate, the word REALTOR® is a trademark referring to someone who's an active member of the National Association of REALTORS®. As such, they must uphold certain standards and subscribe to the REALTOR® Code of Ethics. Additionally, NAR constantly offers professional development to its members; it institutes and councils in all facets of real estate, everything from changes in lending practices to appraisal to international real estate. So you will truly have the most knowledgeable partner to support you through the home buying process.
Finding your home:
While there are a multitude of sites that now advertise home listings, however they don't always have the most acccurate data. These public sites can take up to a week to post new listings and up to a few months to remove sold listings. So that house you fall in love with online, may already be owned by someone else. Using public sites can help you narrow down your preferences, however we still suggest you consult with a licensed REALTOR® who will have access to your local MLS which is updated every 15 -30 minutes.
Looking for your home begins with carefully assessing your values, wants, and needs, both for the short and long terms. There are many things to consider when deciding on a home:
Relocating, do you know the demographics? : Hays County, Travis County, Williamson County
Concerned about School Districts? :
Have you created your new home wish list? :
Would you like assistnce in getting started on your search? :
If you are just apprehensive about the whole process and want a little clarity, please visit our Resources page where you will find a detailed list of all aspects related to buying or selling property.
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