How Do I Buy a House???

If you've never owned a home before, the idea of buying your first home can be pretty scary. Appraisals, inspections, lenders, contracts, earnest money, down payments...whew!

And while all these things are, indeed, a part of the home-buying process they shouldn't be frightening. Why? Because it's your Realtor's job to help you navigate the process all the way to closing. (And a Realtor doesn't cost a buyer a penny!)

So, what DO you need to do in order to buy a home? Well, you should start with what you've got in the bank. There is no Golden Rule of savings, but I like for my clients to have four to six months of income saved up. This way, there are funds available for earnest money, inspections and a down payment, if required.

You should also STOP MAKING LARGE PURCHASES! In other words, if you're embarking on the home-buying process it is not the time to buy cars, loads of furniture and tons of electronics. (See my blog post on debt-to-income ratio for a detailed explanation.)

Next, choose a mortgage company and get a pre-approval (not a pre-qualification) so you can see how much money a lender is willing to put on the line for your dream home. This is also the time when you'll find out whether a lender believes you're financially ready to handle the responsibility of owning a home.

Also consider attending first-time home buyer seminars so you can hear the questions and concerns of other aspiring buyers. And you can hear the answers of professionals who can help remove the fear of the unknown.

Then it's time to figure out what's important to you. In other words, what do you expect from your home? That's right...you should have an expectation of your home. Otherwise, you'll be in the streets looking at house-after-house and never quite finding what you want. You need to consider whether you want one or two stories; whether you want your bedroom next to the children's; what schools you want to be near; the commute to and from the job; tax rates; association dues and the list goes on!

But don't worry. That's what MG Willard Properties is here for. We already have the bases covered. You do your part and then call us when you're ready for a Realtor to do their part. Call us at (832) 768-1711 Monday-Saturday from 9 a.m. to 5 p.m.