North Houston Home Buying Guide

Here are my services and strategies from my North Houston Home Buying Guide to successfully get you into your dream home:

1. Initial Meeting Discussions –This initial meeting is a crucial step in establishing a working relationship with me and ensuring that I have a clear understanding of your needs and objectives, which will help me assist you in finding the right property.
   • Budget, Financing & Closing Costs – We will discuss mortgage pre-approval / pre-qualification, down payment, and your preferred price range. If you don’t have a pre-approval at this point, I have some preferred lenders that I can put you in touch with.
   • Location and Neighborhood Preferences such as any specific amenities or features you’d like in the area.
   • Criteria – the “must haves” and “wish list” that you’d like in your new home.
   • Purchasing / Move timeline.
   • Home Inspection and Repair Negotiations
   • Market Conditions including inventory and pricing trends.
2. Choose A Lender and Get A Pre-Approval Letter – Interviewing lenders is an important step in determining what type of home loan is best for you. Not all lenders are the same, and the type of loans available, interest rates, and fees can vary. I have a list of some preferred lenders and typical loan application documents they request in my downloadable North Houston Home Buying Guide.
   • Pre-Qualified – Pre-qualification is an early step in the home buying process during which the borrower submits financial data for the lender to review. This might include your income, bank account information and ideal loan and payment amounts, among other things.
   • Pre-Approved – Obtaining a pre-approved offer is a lengthier process that requires more thorough investigation of the borrower’s credit history and other financial information. In the case of a mortgage, a pre-approved offer can indicate that you are more committed as a homebuyer, which can be particularly helpful in a competitive housing market or when you are ready to make an offer on a house.
   • Which Loan Is Right For You?
     • Conventional Loan 
       • Typically requires a 20% down payment to avoid PMI, although lower down payment options are available.
       • Minimum credit score 620
     • FHA Loan
       • Down payment of 3.5%-20%. mortgage insurance for 11 years or life of the loan.
       • Minimum credit score 580
     • VA Loan
       • No down payment, no mortgage insurance
       • Minimum credit score 580
     • USDA Loan
       • No down payment, no mortgage insurance
       • Minimum credit score 640
3. Let’s Have Some Fun Go Home Hunting! – I will help you search for homes based on all your criteria and schedule showings.
4.  Tips On Making An Offer – When we have found a home that you’re interested in buying, we will quickly and strategically place an offer. I will have all these necessary documents. There are several factors to consider that can make your offer more enticing than other offers:
   • Put in a competitive offer based on current market conditions, comparable properties recently sold in the area, and the current condition of the house.
   • Paying in cash versus taking out a loan offers a faster closing timeline and fewer chances of issues arising, making it more appealing to sellers.
   • An offer that includes a larger earnest money deposit presents a more serious and competitive offer.
   • An offer with a shorter timeframe for closing is generally more attractive to sellers over one with an extended time period with a house sale contingency. A typical closing timeframe is 30 days.
5. Under Contract – Once you and the seller have agreed on terms, a sales agreement is signed and the house is officially under contract and in escrow. Here are the steps that follow:
   • The executed contract will be sent to your lender and the title company.
   • Deposit earnest money and option fee to the title company.
   • Schedule a home inspection – may need to renegotiate for repairs. This will be during the option period.
   • Your lender will order an appraisal.
   • The title company will order the survey if needed.
   • You will need to shop for homeowners insurance.
6. Almost There!
   • Closing Disclosure – At least 3 days before closing, lenders are required to provide you with a closing disclosure showing your final loan terms and closing costs for you to review.
   • Final Walk-Through – Within 24 hours of closing will do a final walk-through of the home before signing the final paperwork. This is to make sure no damage has been done to the property since the inspection and any agreed repairs have been completed.
7. Congratulations! We are heading to the title company to sign the final paperwork! Items to bring to closing:
   • Driver’s license or government issued ID.
   • Cashier’s Check or bank wire information for closing costs.