Experienced Realtors® serving Spring and The Woodlands, Texas  |
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If you could have an experienced, professional REALTOR represent you at little or no cost to you, wouldn't you do that? Well you can! Buyers typically do not pay Realtor fees If you are new to Texas, don't let the property taxes scare you off. There is no income tax in Texas! Oh but we do have those property taxes. Still you will find that you end up with more money in your pocket at the end of the year despite paying property taxes. Contact us for more info. The many benefits of owning a home include: Building equity Tax savings Creating an environment for your family Check out some of the resources I have below for more info on the home buying process. And please contact me with your questions or if you are ready to work with a true pro! |
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Ten Ways to Prepare for Home Ownership 1. Decide what you can afford. Typically you can afford a home equal in value to between two and three times your gross income.
2. Develop your home wish list. Then, prioritize the features on your list.
3. Select where you want to live. Compile a list of 3 or 4 neighborhoods you’d like to live in, taking into account items such as schools, recreational facilities, area expansion plans and safety.
4. Start saving. Do you have enough money saved to qualify for a mortgage and cover your down payment? With FHA loans, you only need about 3.5% of the purchase price as a down payment. Right now is a great time to buy a home considering the first time homebuyer's tax credit is $8000 and $6500 for repeat buyers. Don’t forget to factor in closing costs. Closing costs include taxes, title company fees and HOA fees and can average between 2-7% of the home price.
5. Get your credit in order. Check your credit report and make sure it is accurate, correct any errors immediately. 6. Determine your mortgage qualifications. How much home can you afford? Explore different loan options such as 30-year vs. 15-year mortgages and Conventional vs. FHA or VA loans.
7. Get preapproved. Organize all the documentation a lender needs to preapprove you for a loan. These documens may include tax statements, income stubs, bank account info, etc. 8. Don't have the down payment? Your REALTOR® should be able to refer you to a lender who can tell you if you qualify for any special mortgage or down payment assistance programs. If you have an IRA account, you can use the money you’ve saved to buy your fist home without paying a penalty for early withdrawal. Don't forget about the $8000 tax credit! You might qualify to utilize part of that for your down payment. 9. Calculate the costs of homeownership.This should include property taxes, insurance, maintenance and utilities and Home Owner Association fees, if applicable. Should you rent or buy?
10. Contact a the Stephan Team. We will guide you through the process and, as the buyer, you do not pay for our professional services. Why wouldn’t you want someone to protect YOUR interests in such an important transaction? WANT MORE INFORMATION? CHECK OUT THESE HELPFUL SITES...
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