How to Get the Home You Want

Buying a new home can be both exciting and stressful. If you’re thinking of moving to Texas for the first time or moving to a different area in Texas, there are some things you should do to improve the odds of getting the home of your dreams.

Get Familiar & Strengthen Your Credit

Buying a home is going to be one of the biggest financial decisions of your life, and you want to make sure you have a good credit score. The higher your credit score, the better interest rate you’ll receive. It may seem crazy, but just a .5% difference in a mortgage rate can mean tens of thousands of dollars over the life of your loan. You definitely want that extra small percentage taken off your rate if you can get it.
In general, you’ll get an average rate with a 650-700 credit score. Any credit score higher than that and you’ll have a great chance of getting a nice reduction. You’ll want to sit back and wait to buy a home if you have a score lower than 650. It may be tough, but down the line, it may be worth waiting to get a better interest score.

Get Pre-Approved

Before even contacting a real estate agent, apply to several lenders. This can be quite a process, but it’s well worth the effort. To not prevent harming your credit score, apply for one loan every two weeks. The goal is to get pre-approved for a loan, as sellers love buyers who get pre-approved. If a purchaser gets pre-approved, it means there is less of a risk to them.

Shop Around for a Mortgage

Don’t take the first mortgage offered to you. Check out different companies, as you may find a mortgage with a lower interest rate.

Figure Out the Terms of the Loan

Make sure you know the exact terms of your loan, and what these terms mean for you. If you aren’t sure about anything, be sure to discuss your questions with the lender, and/or hire someone to help you figure it all out. Don’t go into anything blind.

Find A Good Real Estate Agent & Know What You Want

Once you get all of the above done, it’s finally time to locate a real estate agent. They should be a person you can trust, and they have to be able to listen to what you want and be able to find what you’re looking for while staying within your budget.
Figure out your price range and what you dream home will resemble. Remember, this is the biggest, most important decision you’ll make. You want this to be precisely what you want, but it’s also important to have realistic expectations… Don’t expect to find many $500k homes listed for $200k. Discuss your needs, wants, and budget with a knowledgeable real estate agent and they’ll help find what you’re looking for or help you realign your goals so you get the most bang for your buck.

Don’t Stress Out!

The home buying experience can both be long and frustrating, but at the end of the day, it will be worth it when you buy the home of your dreams. When things are getting tough, just focus on the end result and take your time with things. Don’t lose hope or patience, and before you know it you’ll be all settled in. If you’re looking for a reliable and trustworthy REALTOR® in the San Marcos, Kyle, or New Braunfels area, be sure to contact the Walker Texas REALTOR® Team to discuss your needs!
Location: Walker Texas Team

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