Buying a home is an exciting journey. It is the first step towards your financial independence. There is so much information about the housing market in the media it can be overwhelming, so it is important to listen to licensed individuals and credible resources.
What should I do first if I want to buy a home? First, you need to apply for a home loan (mortgage). In order to finance a home through a bank, you must apply for a mortgage. You can fill out the Uniform Residential Loan application (former 1003) online through a bank, credit union, or mortgage brokerage.
How do I know if someone is a licensed loan officer? All licensed loan officers are registered with the National Mortgage Licensing Service. You can click below and validate a person or lender.
Who will look at my credit report? A mortgage loan officer will look at your FICO score, debts (liabilities) and collections on your credit report once you authorize them. The Consumer Finance Protection Bureau best explains what your fico score is at https://www.consumerfinance.gov/ask-cfpb/what-is-a-fico-score-en-1883/.
How will I know what price range of a home I should buy? A mortgage loan officer can break down the costs and fees associated with your home loan, create a budget and assist you in preparing for the payments associated with your closing costs and monthly mortgage payments.
Where do I shop for a home? Zillow, Trulia and Realtor.com are the big three online real estate marketplaces. All three of these companies acquire data multiple listing services of Real Estate Boards across the globe along with individual home sellers. As a professional, I have always enjoyed glancing through the homes online; however, I am also aware that licensed professionals in the areas you are shopping have more precise data about current homes in the marketplace through the local real estate boards. It is important to remember to check with local professionals about local market trends like pricing, contracts, new home markets, improvement areas and more. Agents on these platforms are there, because they pay to be there. Your level of customer service can be match or exceed the premier agents with a newer, solo or boutique agent. The agent you choose should be someone you feel comfortable with calling at any hour on any day to talk about your loan, your finances and your family. It is essential that you and your agent click, or you might feel some remorse after your home purchase. The Texas Realtor Magazine, March 20222 -Volume 75-number 2, reported, “only 55% of Texas homebuyers felt satisfied, and only 39% of buyer felt only somewhat satisfied.” https://jclarkvazquez.bhhstxrealty.com/
Do I need a realtor? Yes, you should get a realtor; however, it is not mandatory. Realtors, real estate agents, are licensed professionals a person who acts as an agent for the sale and purchase of buildings and land.
Where can I validate information, or find current information about the home buying process?
The United States Department of Housing and Urban Development is one of the executive departments of the U.S. federal government. It administers federal housing and urban development laws. It is headed by the Secretary of Housing and Urban Development, who reports directly to the President of the United States and is a member of the president’s Cabinet.
Hud.gov has more information on the homebuying process at https://www.hud.gov/topics/buying_a_home.
Texas Legislature established the Texas Real Estate Commission (TREC) in 1949 to safeguard consumers in matters of real property transactions and valuation services.is another unbiased resource of current matters on buying your Texas homehttps://www.trec.texas.gov/public/consumer-information
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