Home Buying Made Easy

The first step is to get pre-qualified. We are in a competitive market and a pre-qualification letter shows you are a serious buyer.

Conventional mortgages, like a 30 year fixed rate mortgage, usually require at least a 5% down payment.  For a government backed mortgage, like an FHA mortgage, the minimum down payment 3.5%.  There are also downpayment assistance and grant programs that can help you pay closing costs. Contact us to find out more about down payment programs.

The best time to buy a home is often late summer and early fall. There tends to be less competition than the peak market time of Spring and Summer, but still have plenty of inventory options to choose from.

Home prices are driven by location, condition and amenity.  The median home price for Dallas County is $280,000 in Q4 2020.  The median home price for Collin County $364,900 in Q4 2020.  Information provided by MetroTex Board of Realtors.What’s my monthly payment cover?

A mortgage payment is comprised of PITI.  The (P) is the Principal amount that pays down your outstanding loan amount. The (I) is the Interest payment, which is the cost of borrowing money.  The (T) is your estimated monthly contribution towards your annual property taxes.  And (I) is the Insurance payment which can consist of Homeowner’s Insurance and / or Mortgage Insurance. 

See question “How much do I need for a downpayment”

While it is always negotiable, it is common in our market for a seller to pay a Realtor’s commission fees. 

A mortgage lender will be able to assist you with the down payment requirements and closing costs. However, you will also need to have funds available for Earnest Money, Option Fee, Home Inspection costs.  Call us if you want to find out more.

The sales contract will outline what happens to the Earnest Money if the deal falls through.  If a contract is terminated within the option period, the Earnest Money is generally refundable to the buyer. 

Foreclosures are often a good opportunity for experienced investors. When buying at the courthouse steps, or auction properties, a buyer does not have the same opportunity to view and inspect. It can be a more risky purchase.

Yes! There are specific loan programs available for home buyers who would like to renovate after closing, before they move in. There are specific guidelines that need to be followed. Contact us for a referral to a mortgage lender who specializes in renovation loans. 

These items are often negotiable.  Even if they are not specifically listed as an exclusion in the real estate listing, you will want to be sure you have a non-realty items addendum.  Ask your Realtor about this!

Sometimes a homeowners association may have breed or weight limitations.  This is more common when considering a condo or townhome.