CategoriesBlog, Frisco, Local Information, Uptown Dallas Apartments

TOP 10 EXPERT TIPS FOR BUYING TOP HOMES FOR SALE IN TEXAS

Buying a home in Texas can be quite a daunting task primarily due to the availability of various kinds of houses: from condos in Dallas to apartments in Frisco, there is an immense supply of everything. Thus, it is important to take utmost care while selecting your dream house, and know exactly what to look for.

Here are some tips to help you with the purchase of your dream home.

1.      Be updated with all financial matters

Make yourself aware of all the costs related to the house purchase including the mortgage costs. Also, some sellers ask for bank statements to know if you can actually afford the house that you are looking for, or sometimes even if you are a cash buyer.  Thus, you should keep your statements handy at all times.

2.      Find the right agent

You must pair with the right agent for finding the right property. A right agent is the one who knows about every property in your chosen locality in detail, has testified reviews, has a good network of peers and home sellers, and also has a verified website. You should also ensure that the agent keeps all your personal details confidential. Your agent is also aware of new construction happening in your chosen locality because everyone does not want to move into an old house.

3.      Understand your need

Even if you find the best agent, he would not be able to choose the house for you. You must identify your tastes and lifestyle needs by asking yourself some questions like-

  • Do I want to stay in Allen or McKinney?
  • Are there good schools in the neighborhood?
  • What kind of property will be the best for me and my family?
  • Which property suits my taste?
  • Which property meets the quality of life that I’m looking for?

4.      Be patient and take your time

Take time to decide where exactly you want to live, because you do not buy a house again and again. There is a difference between living in Prosper and living in Plano, and thus you do not want to take a hasty decision and repent later. You also need to take time to estimate your budget properly and look for a property accordingly, so that you don’t get disappointed later by getting a feeling that you can’t afford your dream home.

5.      Look beyond the pictures

Don’t get carried away by beautiful pictures of a house. Some sellers hire professional photographers to click pictures of their houses in such a way that they look bigger and more luxurious. You must have a look at the house and its neighbouring areas in person, and you should also visit it at different times of the day.

6.      Focus on the Documentation

You must keep a track of all the documents required, including the financial documents from your bank. There is a lot of scrutiny in the high-end market, and especially if you are buying a luxury home, you should be careful that you have all your documents in place. It is important to know that if you are not a cash buyer, then you must take a pre-approval from your lender, and for that, you would need to hand over your tax returns for the last 2 years, bank statements, as well as proof of employment.

7.      Familiarise yourself with the neighborhood

Make yourself aware of the areas around your house, and also be aware of the construction work happening near it. You do not want to be surprised by a new building obstructing the beautiful view for which you bought the home in the first place.

8.      Check all titles

Check the developer’s titles, the property titles, land papers, approvals, floor plans, and all other necessary licenses associated with the property. Make sure that everything is in compliance with the law, and that all the important property documents are in place. Moreover, ensure that the seller pays for the home warranty which would cover all the household items for one year after the period of the sale.

9.      Get the house inspected

You must hire a professional home inspector to get every nook and corner of the house inspected. This is important not just to know about the current problems in the house, but also to know about the future repairs and maintenance that the house may require.

10.   Remember to negotiate

Buying a house is expensive, and sellers can sometimes command an unreasonable price too. Make yourself aware of the prices in the neighborhood for similar houses, and negotiate the deal to get the best price for yourself.

Always remember- There is only one dream home! 

CategoriesLocal Information, Mortgage

How Are Mortgage Rates Related To Home Buying in Texas?

When looking at buying a new home in Texas, people would consider a number of factors such as the price of the house, location, insurance cost or the maintenance cost. However, a very important factor that is mostly given only a second thought is the mortgage rates in the area. The mortgage rate is the annual rate of interest charged by a lender from the buyer for a loan given to purchase a house. Whether you choose to buy a house in Dallas or in Allen, mortgage rates would play a very important part in estimating the final cost of the house.

It is also important to understand that changes in the mortgage rates do not affect only the home buyers by changing their cost. It also affects home sellers. As an example, if the mortgage rate is higher in Frisco as compared to Prosper, then less number of people would be interested in buying a house in Frisco as compared to Prosper because of the higher mortgage cost associated with a Frisco house, and this would adversely affect the Frisco sellers.

Factors affecting the Mortgage Rate

  • Location: Mortgage rates vary depending on the location of the house. There would be a difference in the mortgage rate between Plano and McKinney or between Dallas and Allen.
  • Time of purchase: Mortgage rates change on a daily basis, even though the change may not always be substantial every day. Thus, to estimate the exact cost of buying a home in Texas, the calculation should be done on the day of taking the mortgage itself.
  • Loan Duration: The tenure of the mortgage taken by the borrower also affects the mortgage rate. Usually, smaller duration loans are associated with a higher mortgage rate as compared to those with a longer duration.
  • Down Payment: The mortgage rate would depend on the down payment amount that the borrower gives at the time of availing the loan. The amount of down payment required also differs from area to area, and from lender to lender. For example, a lender in Frisco might want a higher down payment as compared to the same lender in Prosper and thus impacting the mortgage rate.
  • Credit Score: The credit score or credit rating of the buyer/borrower also plays a very important role in the mortgage rate. Better the credit score, lower is the mortgage rate offered by the lender and vice versa. The credit score is determined by a number of factors such as the credit amount, payment trends and credit default history of the borrowers. Thus, in order to avail a mortgage at a low rate, home buyers should always keep their credit score in check.
  • Choice of lender: If you are looking at buying a new construction home, then you should also know that the builders work directly with some lenders to close their sale. If you chose the builder’s lender over your lender, the builder’s lender could offer you more incentives such as paying the cost of the title insurance and other closing costs (which could be up to $10,000 in some cases). However, your own lender may offer a lower mortgage rate to win your business and compete with the builder’s lender. Thus, you must weigh all these costs and benefits properly before deciding who to borrow from.

 

How to calculate the mortgage rate?

You can calculate the mortgage rate on your loan easily any time by using a mortgage calculator. You just need to enter the amount of the loan, duration, and the down payment amount to get the estimated rate. However, be aware that if you do not have a good credit score, then this rate could vary.

Once you have an estimate of the mortgage rate, you would be easily able to estimate the actual cost of purchasing your dream home in Texas.