Buying a house is one of the biggest accomplishments that you’ll make in your life. While we know that the process can be long, confusing and stressful, we want to take all that off your shoulders and make it easy, exciting and fun! We recently held a homebuyer seminar, hosted by our amazing agents, Kat Plangman, Aurora Pisana & Angel Fultz at Collina’s Italian Cafe. We invited some important people that are crucial in the buying process to talk about the steps and necessities needed, Chad Helcamp, Cass Moore, and Molly Evans. The outcome was awesome, insightful and delicious! Here are some key take aways:
Chad Helcamp, Mortgage Lender for Legacy Mutual Mortgage
“Get pre-approved as early as possible to catch any credit issues you may be unaware of. Also, if you like to pay cash for everything, you’re going to need credit to buy a home. You need at least three active lines to show your credit worthiness.”
Cass Moore, Insurance Broker for Goosehead
“Flood insurance costs $450. Just get it. I think he said, post-Harvey, the average FEMA payout was $7500, but the average flood insurance payment was $100,750.”
Molly Evans, Escrow Representative for Old Republic Title
“A title policy is an insurance policy on the history or past of your home. It insures that no one else has a possible claim to the home, and has clean title when ownership transfers.”
Here are a couple of the most asked questions to help ease the mind:
1. How do I know if I’m ready to own a home?
-While there are no specific answers for this question, you could be experiencing feelings or there might be cues that signal that its time. For instance, you realize that you are going to spending a significant amount of time in this area and you’re ready to plant your roots here without having to pay rent every month. Or you’ve been saving up for this milestone and you’re financially ready.
2. Why should I consider buying as opposed to renting?
-There are new homes on the market everyday and real estate is constantly changing. Typically, buying a house is more cost efficient than renting. How you ask? When you purchase a home, you’re investing into your future. You put your hard work and time into this house making it a home and ultimately increasing the value! Also, there are some perks such as tax deductions and home equity putting money back into your pocket.
3. Financially, how do I know I can do this?
-Well first, meeting with a lender or your bank can help you determine what you can and cannot afford. Lenders can help you put your debts, assets, credit history, down payments and loan options into perspective.
4. How does the closing process work?
-Once you and the seller have agreed on a price, the closing process officially begins! This typically lasts between 30-60 days. During this course, the contract is drawn up and signed, financial documents are finalized, home inspections and appraisals are concluded. On signing day, both parties meet to sign the final documents, the keys are handed over and the champagne is popped!
Have questions about buying? Please contact us!!
1925-B Richmond Ave. Houston, TX 77098