RE/MAX homes for sale in Flower Mound, TX are going so quickly in today’s hot seller’s market that you’re probably thinking the only thing you need to worry about is getting to the next open house before other buyers. But, if you’re a first-time homebuyer there’s plenty more to worry about than just landing the right home – or any home. You have to get your finances in order or any purchase you try to make will fall apart pretty quickly. Here’s what you need to know:
1 – Get Educated
When you buy a home, you’re walking into what will probably be the biggest expenditure and investment you’ll ever make. Why walk in blindfolded? With all the resources available online, there’s plenty of information to guide you through the mortgage loan process. In addition, some banks and mortgage companies offer seminars for first-time homebuyers that will give you more detailed information including how to decide if you’re financially ready to buy, how lenders will evaluate you for a loan, what documentation you’ll need and a breakdown of what a final mortgage payment actually pays for.
2 – Save Money
Unless you are eligible for a VA loan or certain types of USDA home loans that don’t require down payments, you’ll be expected to make a down payment on a new home that can be anywhere from 5% to 20% of the sale price. This can add up to a substantial amount and while there are some lenders who will offer you down payment assistance coupled with private mortgage insurance (PMI), it’s never a good idea to go into a home purchase with no cash in pocket for repairs, improvements or other unforeseen costs.
3 – Shop Around
If you want to own a home, you shouldn’t just shop for RE/MAX homes for sale in Flower Mound, TX, you should also shop for home loans. It is perfectly acceptable to go to more than one lender to try to get the best mortgage rate possible and service that makes you feel comfortable working with the lender. You’ll find that some lenders offer just one kind of mortgage while others will tell you about a variety of ways you can finance your new home. Remember that somewhere down the line, you can refinance your home with a better rate but you don’t want to pay extra money every month if you don’t have to right now.
4 – Remember The Extras
Unless you’re buying a brand new home, there are likely going to be some things in your home that will have to be repaired or renovated to make the home functional for you. These things will cost money so always be sure to go into your home purchase with funds available for these fixes. In addition, if you are a new homeowner who previously rented, you’re going to have to factor in some monthly costs, in addition to your mortgage payment, that you’re probably not used to like HOA fees and the cost of utilities. You’ll also have to keep in mind everything that breaks down in your home is now your responsibility to fix, not your landlord’s.
For the best help and information when you’re looking for RE/MAX homes for sale in Flower Mound, TX, call Sean May homes at (972) 457-3002. You can also start your home search online at www.newflowermoundhomes.com.