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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 does
not meet
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.
Is there any program available to help me for down payment
and/or better rate?
There are several programs for the residents of
Texas, to help make ownership of new and existing homes more
affordable for individuals and families of low and moderate
income, especially first time buyers. Each has some rules
and requirements, check with your lender to see which one is
best for you. Among them, is Texas Mortgage Credit
Certificate Program that allows up to $2000 Tax Credit per
year for qualified buyers. To find out more about the
program and see if you are eligible, please visit
http://www.tdhca.state.tx.us/homeownership/fthb/mort_cred_certificate.htm
6.
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.
7.
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. Click
Buying Process to see the steps to buying a house.
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
8. 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?
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