Must know
for buyers
Getting a Loan
If you plan to finance your home purchase, it’s crucial to start the mortgage loan process well before buying a home; even prior to the bidding process.
LOAN OPTIONS – Talk with loan officers at financial institutions, mortgage companies or savings and loan
institutions to review the types of loans that are available and/or applicable to you and compare rates.
FIRST-TIME HOMEBUYER – If you are a first-time homebuyer, you may have the potential of qualifying for
mortgage programs with little money down, low interest rates or federal programs that give beneficial rates.
FINANCIAL HISTORY – By having good credit history and a limited debt load, you should gain a better loan rate.
However, if your current credit score is less than ideal, ask your financial representative how to improve your score
and earn a better rate.
Why Hire an Agent?
If you plan to finance your home purchase, it’s crucial to start the mortgage loan process well before buying a home; even prior to the bidding process.
Buying a home is one of the largest investments you will ever make. A real estate professional can research homes that specifically meet your criteria and provide access for you to preview homes, helping you narrow down your list of potential properties.
Homes differ and so do contract terms, financing options, inspection requirements
and closing costs. When you’re ready to make an offer, a real estate professional can assist you with negotiations, and guide you through the process once your offer is accepted.
Free service in Texas?
A buyers agent can help evaluate and secure financing. Financing can be very confusing and complex. This can help you navigate by keeping it simple and never missing the details.
99.9% of the time it is a free service for buyers to hire an agent and take advantage of the benefits.
Pre-Approval letter
Once you’ve chosen a loan and lender, it’s important to get preapproved and obtain a
preapproval letter. To do so, a loan officer will need to review your credit files and discuss exactly how much you can borrow.
Be sure to show your pre-approval letter to your real estate professional before you begin looking for homes.
Tax Advantages
Interest paid on the mortgage can be deducted from your taxable income. In some cases your property taxes can also be tax deductible. Be sure to ask your attorney or tax professional about how buying a hoe can affect your tax at the next annual filing deadline.
File for Homestead
Why file for an Exemption?
An exemption removes part of the property’s
value from taxation, which lowers the tax bill.
Ask your agent to guide you on how to file for this tax saving.