Best Strategy For Purchasing a New Home in Texas

    Best Strategy For Purchasing a New Home in Texas

    Oct 31, 2018

    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 down payment. 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 down payment 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 prepare a 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.

    Call one of our offices now

    We have offices at the following locations.

    Century 21 Olympian Area Specialists

    6060 Richmond Avenue Suite 100

    Houston TX 77057

    Tel # 832.553.8300

    Century 21 Olympian-Galleria Fine Homes & Estates

    3033 Chimney Rock Road Suite 120

    Houston, TX 77056

    phone: 832.553.8300

    fax: 832.553.8311

    CENTURY 21 Olympian Area Specialists -Fort Bend Office

    3424 FM 1092 Suite 250

    Missouri City, TX 77459

    phone: 281.201.5737

    fax: 281.201.5738

     

    CENTURY 21 Olympian Area Specialists -South Houston & Pearland

    2915 S Sam Houston Parkway E, Suite 100

    Houston, TX 77047

    phone: 713.492.2990

    fax: 713.965.6417

    CENTURY 21 Olympian Area Specialists -Brazoria

    908 S Brooks St

    Brazoria, TX 77422

    phone: 979.798.1188

    fax: 979.798.8855

    CENTURY 21 Olympian Area Specialists -Lake Jackson

    222 Parking Way Street

    Lake Jackson, TX 77566

    phone: 979.297.7799

    fax: 979.297.8833