Buying a house is the most expensive and stressful investment you make. Specially, for the First Time Home Buyers, this could be the most stressful investment they ever do in their lives.

Most Frequent Asking Questions or Concerns from First Time Home Buyers are:

1. I don’t know if I can afford to buy a home now:
If you currently pay rent, you can always find a house that you can afford to pay the mortgage. But, if that house meets your requirements (e.g., location, features you want, etc.) is another question. First create your wish list, Then see how much you can afford using a simple calculator or strongly suggested to contact your lender to find out how much you can afford.

2. Should I wait until the real estate market gets better?
Historically, focusing on the market is never the smart, approach to buying the right home. Remember, real estate is a long-term investment and it’s the long-term factors that make it a solid investment. With the help of your real estate agent, you can find a home that meets your criteria and is a smart purchase in any market area and at any time.

3. How much money must I have for down payment?
There are many loan programs available requiring from no down payment to higher than 5% of the purchase price. There are also special program available to the First Time Home Buyers, with no or very low down payment with a lower interest rate. Contact your lender (or see of the lenders in Collin County) to see the availability of the latest loan programs for First Time Home Buyers.

4. I am not sure with my credit, if I can get a loan or how much:
The best recommendation is to talk to your loan office and see how your current credit is. Then, based on your credit, he or she may be able to find you a lender that is willing to give you a loan, or at the worst case, he or she might give you some suggestions or refer you to a credit counselor to help you improve your credit.

5. Should I buy or rent? What are the advantages or disadvantages of buying vs. renting a home?
Low prices and record low interest rates, has made buying home more affordable than it’s ever been AND a bargain compared to renting. One may ask why people renting instead of buying a house specially now, and how much they would benefit if they buy instead of renting?
See answers to these questions Click Benefits of Buying a home vs. Renting or my blog at activerain.

Click Buy or Rent Calculator to estimate economic saving when you buy vs. rent a house.

6. I am not familiar with the buying process, but it seems it is very complicated and time consuming and I don’t know what to do.
There are a lot of details to be handled when purchasing a home. The following is an overview of this process.

This overview is designed to summarize the various steps along the path of qualifying, finding and buying a home. It is your real estate agent’s job to streamline the steps for you, ensuring everything is completed according to plan.

1. Consultation to analyze your specific needs and wishes
2. your lifestyle interview, your home wish list, the neighborhood of your dreams
3. Financial pre-qualification or pre-approval
4. The mortgage and loan process
5. Select and view properties
6. The home tour, frequently asked questions
7. Write an offer to purchase
8. Making an offer
9. Negotiate the purchase offer
10. Making an offer
11. Final mortgage application
12. The mortgage and loan process Underwriting
13. The mortgage and loan process Loan approval
14. The mortgage and loan process Title company
15. the mortgage and loan process, closing 101
16. Closing
17. Closing 101
18. Moving
19. Moving checklist, above and beyond
20. Find a moving company
21. Find preferred companies for related services

7. For singles: Should I wait to buy a home until I get married?
The National Association of REALTORS reports that 38 percent of First Time Home Buyers are, in fact, single. They didn’t wait, so why should you?