BUYING
Everyone needs a place they can call home, but if you are thinking of purchasing a home the best way to increase your chances of becoming a new homeowner is to prepare and plan.
To get an idea of your monthly mortgage payments to use our calculator below.
Answering the questions and using the tips below should help increase your chances for a home purchase.
Do Your Financial Homework
Take 3 to 6 months to address any possible financial payments or fees needed to purchase your home.
Here are a few examples of the fees you may be required to pay:
- Down payment (3-10% down payment of the home you are purchasing may be needed at closing)
- Earnest money deposit (this is a required deposit that shows the seller you are serious home buyer)
- Home Inspection (for your protection it is better to get a home inspection prior to purchase)
- Appraisal or other mortgage/real estate/ title fees
Every home purchase is different and you may not be required to pay all the fees above, but it is best that you are financially preparing yourself so there are no surprises that may hinder you from purchasing your home.
What is your Credit Score
Hopefully, you have been keeping up with your credit score and you are able to provide documentation for challenges that may be listed on your credit report.
You are Pre-Approved
You’ve been pre-approved and you have a pre-approval letter. This letter is provided by the mortgage lender and shows the amount of the loan you may be pre-approved for.
Home Buyer Research and Homework
Do you know what your ideal home looks like? Serious home buyers do, and if you don’t know then get busy looking.
- What size home are you looking for?
- What is the location and area of town of your home?
- How many bedrooms, and bathrooms does it have?
- How big is your living area?
- Would you like a study area, exercise room or media room?
- Does your kitchen have an island?
- 2 or 3 Car Garage?
- Does your home have a pool?
- What school district or school system is in your homes area?
Answering the questions above will help you get closer to your ideal home.
Also be ready to provide the following
- Provide Employment history or verification of all income.
- Verification of self-employment history (if applicable).
- Provide list of assets and debts.
- Be ready to go view houses that fit your criteria.
The information provided should help you prepare and plan for home buyer readiness. Every home purchase is different. If you have any questions about information on this page or questions about buying a home, please contact us with any of the questions you may have.
HillRealty Group
Address: 445 E FM 1382 #3-181, Cedar Hill, TX 75104
Phone: 214-502-9735
Email: info@hillrealtygroup.net
