Results Realty Buzz

I have been asked by many Spring TX first time home buyers what they will need to bring to closing. The first item that comes to mind is of course funds to close. I have had a few Veterans who did not have to bring funds to the closing table but not many. With the changes in the loan industry most 100% loans are gone so you will need some cash.

The money to pay all your fees and closing cost will need to be in the form of "guaranteed funds" such as a Cashier's Check. Your agent or escrow officer will notify you of the exact amount. You will receive a closing document required by HUD that outlines the settlement cost. The Title Company prepares this document. The HUD statement is a little difficult to read as you read it backwards. You start with page two and then go back to page 1. Page 1 is the page that shows the funds you need to bring for your real estate closing. For additional information on HUD statements go here.

In a perfect real estate world a Spring TX first time home buyer  would receive the HUD statement the day before closing so you would have time to go over it before closing. Unfortunately real estate is not perfect; I can't tell you how many times we get the HUD from the Title Company at the closing table. I honestly don't know why it takes so long but it is a very complex process. Should that happen you can bring a check using the figures your lender have come up with from your good faith statement. Should you not bring enough money you can write a personal check to the title company for up to $1500. On the flip side if you bring too much money the Title Company will cut you a check for the overage.

The other item you will need to bring is a picture ID such as your driver's license or a passport. A number of years ago I had a client who was moving to another state. He came back to Spring TX for the closing and to get his furniture. A few days before closing I found out that he had turned in his driver's license to the other state and only had a piece of paper for a drivers license. He did not have another picture ID. Back then I talked the title company in to letting us get a membership at Sam's Club and using it as a picture ID. As I told you this was quite a few years ago I'm not sure if that would fly today.  Long story short I highly recommend not turning in your driver's license if you are planning on buying a house unless you have another type of picuter ID.

This is a Spring TX first time home buyers series and as I add additional post I will add the links.  Please feel free to visit my prior post.

1. Spring TX First Time Home Buyers Guide - Part 1 - Loan Pre-approval!
2. Spring TX First Time Home Buyers Guide - Part 2 - The Web Search!
3. Spring TX First Time Home Buyers Guide - Part 3 - The Home Search!
4. Spring TX First Time Home Buyers Guide - Part 4 - What price do we offer!
5. Spring TX First Time Home Buyers Guide - Part 5- The Home offer!
6. Spring TX First Time Home Buyers Guide - Part 6 - The Texas option fee and your home inspection!
7. Spring TX First Time Home Buyers Guide - Part 7 - The Title policy
8. Spring TX First Time Home Buyers Guide - Part 8 - Why you need to live in an HOA!
9. Spring TX First Time Home Buyers Guide - Part 9 -  What to bring to your closing!

_________________________________________________________________________________________________

If you are buying or relocating to Spring Texas and need help from a professional REALTOR®, Marchel can be reached at Marchel@AgentwithResults.com or by phone at 832-721-8332. 

If you would like information about Spring TX please visit my websites at www.AgentwithResults.com and at www.ResultsRealtytx.com. The AgentwithResults site is rich in Content about Spring and the surrounding areas of Tomball, The Woodlands and Magnolia.  If you prefer pictures with your content then visit my ResultsRealtyTX site.

Want to find out about new Spring TX properties immediately as they come on the market, then click here to sign up for a free automatic notification of new listings.

Click the button to the left to search our local MLS.

Subcribe in a reader

I am continuing my Spring TX first time home buyer series.  In this post we are going to talk about home owners associations.   On a regular basis I have people asking me to find them a home that is not in a homeowner's association. Usually this is someone moving here from another state and usually the area that they are moving from has zoning in affect.  I am going to tell you why I don't think that is a good idea living in the Spring area.

The problem with not buying in a subdivision in Spring TX is that WE DO NOT HAVE ZONING IN SPRING TX.  Since we don't have zoning it is a free for all.  People can build whatever they want wherever they want it. It is not uncommon to see a nice home next to a trailer on cinder blocks in unrestricted areas..   

I will never forget when I found out that the Houston area did not have zoning.  We moved to the area in 1996 and as I was taking the classes to get my real estate license one of the instructors nonchalantly said "well you know we don't have zoning in the Houston area".  I almost fell off my chair. I had thought every area was zoned. Well that is not the case the Houston area is one of the few large cities if not the only large city that does not have zoning.

I have lived in three different states besides Texas.  Those states being Kansas, Colorado and North Carolina.  All of the areas I lived in had zoning so it was no big deal not living in a home owners association (HOA). I was a little apprehensive about living in a HOA and having someone telling me what I could and couldn't do with my own house. The longer I have lived here I have realized the value of living in a HOA.  By having deed restrictions it helps me to maintain my property values.  To give you an example a few years ago my husband worked with someone who bought out in the country in a non-restricted area.  The guy loved it until the house next door was sold and the new owner decided to make it in to a salvage yard.  His property values took a nose dive when the salvage yard opened.

The good news is that there is just about something for everyone as far as homeowner's associations go. There are associations with all kinds of restrictions such as in master planned communities and there are HOA's that allow you to have mobile homes.  In Spring you can find subdivisions all the way between the two extremes.  There are not many country subdivisions left in Spring.  There are a few scattered around but if you want country living you might want to look at Magnolia.

The HOA's fees also vary greatly. I have seen fees as low as $10 a year and as high as $1500.  There are even a few subdivisions that have deed restrictions but no fees.  Most of the suburb HOA's have similar restrictions.  If there is something in particular you are interested in doing it is a good idea to look the deed restrictions over before you ever put an offer on a house. It is a fairly easy process to get the deed restrictions; usually you can get them from a local title company. It is important to decide what kind of restrictions you are looking for and find your home in a HOA that meets your needs. 

This is a Spring TX first time home buyers series and as I add additional post I will add the links.  Please feel free to visit my prior post.

1. Spring TX First Time Home Buyers Guide - Part 1 - Loan Pre-approval!
2. Spring TX First Time Home Buyers Guide - Part 2 - The Web Search!
3. Spring TX First Time Home Buyers Guide - Part 3 - The Home Search!
4. Spring TX First Time Home Buyers Guide - Part 4 - What price do we offer!
5. Spring TX First Time Home Buyers Guide - Part 5- The Home offer!
6. Spring TX First Time Home Buyers Guide - Part 6 - The Texas option fee and your home inspection!
7. Spring TX First Time Home Buyers Guide - Part 7 - The Title policy
8. Spring TX First Time Home Buyers Guide - Part 8 - Why you need to live in an HOA!
9. Spring TX First Time Home Buyers Guide - Part 9 -  What to bring to your closing!

__________________________________________________________________________________________________

If you are buying or relocating to  Spring Texas and need help from a professional REALTOR®,  Marchel can be reached at Marchel@AgentwithResults.com or by phone at 832-721-8332. 

If you would like information about Spring TX please visit my websites at www.AgentwithResults.com and at www.ResultsRealtytx.com.  The AgentwithResults site is rich in Content about Spring and the surrounding areas of Tomball, The Woodlands and Magnolia.  If you prefer pictures with your content then visit my ResultsRealtyTX site.

Want to find out about new Spring TX properties immediately as they come on the market, then click here to sign up for a free automatic notification of new listings.

Click the button to the left to search our local MLS.

Subcribe in a reader

I am continuing my Spring TX first time home buyer series.  In this post we are going to talk about your Spring TX title policy.  In Texas we close at Title companies and if you are getting a loan you are going to be required by your lender to have a title policy. 

Title insurance provides protection against title defects that were unknown to you at the time you purchased the policy.  Before writing a policy, a title company will check for defects in your title by examining public records, including deed, mortgages, wills, divorces, court judgments, tax records, liens, and encumbrances.  The company will then defend in court any claims to the property that are covered by your policy, subject to certain limitations.  If the company loses, it will pay you for covered losses up to the amount of your policy.

In Texas, the two most common types of title policies are "mortgagee policies," which protect lenders, and "owner policies," which protect buyers.

Most lending institutions won't loan you money to buy a house or other property unless you purchase a mortgagee policy.  This policy will repay the balance of the mortgage if a claim against your property voids your title.  Mortgagee policies remain in effect until the loan is repaid.  Most lenders will require you to buy a new mortgagee title policy if you refinance your home. 

Owner policies insure property owners against the specific kinds of claims listed in the policy.  Any owner policy remains in effect as long as you or your heirs own the property or are liable for any title warranties made when you sell the property.  You should keep your owner policy, even if you transfer your title or sell the property.

In Texas our title policy forms are standardized.  This mean the policy language is the same, regardless of the company. Here is a blank title policy from Alamo title so you can see the standardized language.  Pay special attention to "Schedule B" of the policy which explains any limitations, exclusions, exceptions and special.  You may want to discuss these exceptions with an attorney before you close.

Schedule C is not shown on the blank copy above but it will be there when you get your title policy.  This is the schedule that shows the requirements that must be satisfied for the title policy to be issued. It may require information on marital status of one of the parties; if there have been any probates or bankruptcies they will be here also.  This is also where you will find the descriptions of mortgages.  If there are any mechanics liens, tax liens, judgments (you get the idea) this is where they will be found.  This is the part of the title commitment that the seller must resolve before the closing occurs. 

The premium for a title policy is paid only once, at the closing of the sale.  The buyer and seller may negotiate who pays the premium.  Generally in Texas the title policy is paid by the seller for the new buyer but everything is negotiable so this is not always the case.  New home builders will typically NOT pay for the title policy and it becomes a buyer's expense.

Title insurance premium rates are set by the Texas Department of Insurance and are based on the property's sale value using a sliding scale.  You can check the Texas Title Insurance rates here. 

As a Spring TX first time home buyer I expect you will be getting a loan and this will be required by your lender.  If you are paying cash then you can make the choice as to whether you want title policy protection or not.  I recently had a buyer who seriously considered not buying the policy.  I told them it was their decision but I would require them to sign something saying I did not think this was in their best interest. They finally decided to buy the policy; my concern was you just never know what might come back to bite you without it.

This is a Spring TX first time home buyers series and as I add additional post I will add the links.  Please feel free to visit my prior post.

1. Spring TX First Time Home Buyers Guide - Part 1 - Loan Pre-approval!
2. Spring TX First Time Home Buyers Guide - Part 2 - The Web Search!
3. Spring TX First Time Home Buyers Guide - Part 3 - The Home Search!
4. Spring TX First Time Home Buyers Guide - Part 4 - What price do we offer!
5. Spring TX First Time Home Buyers Guide - Part 5- The Home offer!
6. Spring TX First Time Home Buyers Guide - Part 6 - The Texas option fee and your home inspection!
7. Spring TX First Time Home Buyers Guide - Part 7 - The Title policy
8. Spring TX First Time Home Buyers Guide - Part 8 - Why you need to live in an HOA!
9. Spring TX First Time Home Buyers Guide - Part 9 -  What to bring to your closing!

__________________________________________________________________________________________________

If you are buying or relocating to  Spring Texas and need help from a professional REALTOR®,  Marchel can be reached at Marchel@AgentwithResults.com or by phone at 832-721-8332. 

If you would like information about Spring TX please visit my websites at www.AgentwithResults.com and at www.ResultsRealtytx.com.  The AgentwithResults site is rich in Content about Spring and the surrounding areas of Tomball, The Woodlands and Magnolia.  If you prefer pictures with your content then visit my ResultsRealtyTX site.

Want to find out about new Spring TX properties immediately as they come on the market, then click here to sign up for a free automatic notification of new listings.

Click the button to the left to search our local MLS.

Subcribe in a reader

I'm often asked by my Spring TX first time home buyers "How much under the listing price should we offer?" This is an excellent question. As I had told you at the end of part 3 (the home search) we will run comparatives going back 6 months to see how the home is priced compared to other homes that have sold in the area.

I have found that Spring TX sellers price their home differently for different reasons. 

1. Ridiculously Overpriced!
Often these sellers have an unrealistic expectation of what their home is worth.  I have found these sellers usually shop real estate agents until they find one that will agree to list at their ridiculous price.  These homes can be 10 to even 30% overpriced. These sellers may need a "dose of reality" for a few months before they begin to realize that their home is way overpriced as compared to others in the area.  If we find a home that is overpriced like this and the listing is new on the market I have found it is sometimes better just to move on.  The longer an overpriced home is for sale, the more likely we can get the seller to face reality and sell at a fair price.

2. A Little Overpriced!
These sellers usually fall into 2 categories:
1. The sellers that feel their home is worth every penny of their asking price.
2. Those that want to leave a little "negotiating" room.
These homes can be 4-10% overpriced. When running comparatives I find many homes that are just a little overpriced. 

3. Priced At Fair Market Value These sellers have carefully and realistically studied other homes for sale. They have priced their homes very competitively. These homes usually sell within 4 weeks at or very near the listed price.

4. Priced Below Fair Market Value
These homes are priced below value. Perhaps the seller wants a fast sale. Perhaps the real estate agent recommended too low of a price. These homes usually sell within 7-10 days, at or above the listed price. There are usually competing offers.

At this point we will want to discuss how the Spring TX home is priced and decide what we want to offer.  You want to be careful in this step that you don't make such a low ball offer that you offend the seller.  If the home is ridiculously overpriced then yes the seller may get offended but so be it.  If the home is priced fairly you don't want to come in so low to offend the seller.  Most sellers have left some room to negotiate and so it is okay to be a little aggressive but not so aggressive that it is offensive.  I remember a listing I had where a low ball offer came in and they also asked for my clients' stainless steel grill and a bed.  That was years ago when stainless steel grills were still VERY EXPENSIVE.  During the negotiating another offer came in and he jumped at the other offer as these people had totally offended him.  My seller was very attached to that grill (it was a standalone grill and was not attached to the house). Asking for the grill was way over the top as far as he was concerned.

Bank Protection
Even by carefully studying homes for sale, it's sometimes difficult to establish Fair Market Value. If you're obtaining a new home loan, you'll be protected by the Professional Bank Appraisal. Home lenders want to make sure that you don't over-pay for a home. If the home does not meet value in the eyes of the bank appraiser, you'll be informed. At that time, we can re-negotiate the sale price or void the agreement and refund your earnest money deposit.

My job is to ensure that as a Spring TX first time home buyer you have the tools and information you need to make an informed decision. I will help you prepare the offer. Then I will present it to the seller on your behalf and try my best to get it accepted at your price and terms!  My next post will be on the terms beside price that we will be negotiating.

This is a Spring TX first time home buyers series and as I add additional post I will add the links.  Please feel free to visit my prior post.

1. Spring TX First Time Home Buyers Guide - Part 1 - Loan Pre-approval!
2. Spring TX First Time Home Buyers Guide - Part 2 - The Web Search!
3. Spring TX First Time Home Buyers Guide - Part 3 - The Home Search!
4. Spring TX First Time Home Buyers Guide - Part 4 - What price do we offer!
5. Spring TX First Time Home Buyers Guide - Part 5- The Home offer!
6. Spring TX First Time Home Buyers Guide - Part 6 - The Texas option fee and your home inspection!
7. Spring TX First Time Home Buyers Guide - Part 7 - The Title policy
8. Spring TX First Time Home Buyers Guide - Part 8 - Why you need to live in an HOA!
9. Spring TX First Time Home Buyers Guide - Part 9 -  What to bring to your closing!

__________________________________________________________________________________________________

If you are buying or relocating to  Spring Texas and need help from a professional REALTOR®,  Marchel can be reached at Marchel@AgentwithResults.com or by phone at 832-721-8332. 

If you would like information about Spring TX please visit my websites at www.AgentwithResults.com and at www.ResultsRealtytx.com.  The AgentwithResults site is rich in Content about Spring and the surrounding areas of Tomball, The Woodlands and Magnolia.  If you prefer pictures with your content then visit my ResultsRealtyTX site.

Want to find out about new Spring TX properties immediately as they come on the market, then click here to sign up for a free automatic notification of new listings.

Click the button to the left to search our local MLS.

Subcribe in a reader

Now that you are pre-approved and have decided on the area you want to live in it is time to start searching for your Spring TX home.  At this point you are going to have a list of homes that you have identified from your web search.  We can then schedule a time that works for both of us to look for your home.

I don't recommend looking at more than 10 Spring TX homes at a time.  I have found if you look at more than that it becomes difficult to remember what you have seen.  You are going to want to bring a notebook along so you can take notes as we go.  If you can tell that a home is not going to work then it is best just to move on to the next home. 

My real estate mentor years ago gave me some wise advice.  She told me to never sell a house that I couldn't resale.  I have taken her instructions to heart and as we go through the Spring TX homes I will be looking for anything that would make this home hard to re-sale down the road.  There are many things that can make a home hard to re-sale.  What does the home back up to?  It can be hard to re-sale homes that back up to businesses or roads.  In our area a 2 bedroom one bathroom home would be another example of being functionally obsolete.  Almost all homes in our area have at least 3 bedrooms with 2 bathrooms.

In the Spring TX area where the master bedroom is located is a big deal also.  Most buyers prefer either a one story or the master bedroom downstairs.  If you buy a home with all bedrooms up you just have to realize when you go to re-sale the home it might take a little longer and you will probably not get as much for your home.  On the plus side you probably got a good deal when you bought the home.  I have to admit we did not realize this when we bought here almost 13 years ago and coming from the north all of our bedrooms are upstairs.  Back then my husband was a day sleeper so I don't know that we would have bought with a master bedroom downstairs anyway.

Once you have narrowed down the homes that you are interested in we will want to compare these homes to other homes that have sold in that area in the last 6 months.  Sometimes this will tell you that the home is priced good and other times it might tell you that the home seems to be a little over priced for the area.  Recently I did comparatives for a client and we found that the home was fairly overpriced; in doing the comparatives we found another home that was priced good with similar square footage. In this case my client ended up buying the comparative.  Doing a buyer's comparative analysis will then give you the information you need to make an educated offer.  My next post will cover what price to offer for your Spring Texas home.

This is a Spring TX first time home buyers series and as I add additional post I will add the links.  Please feel free to visit my prior post.

1. Spring TX First Time Home Buyers Guide - Part 1 - Loan Pre-approval!
2. Spring TX First Time Home Buyers Guide - Part 2 - The Web Search!
3. Spring TX First Time Home Buyers Guide - Part 3 - The Home Search!
4. Spring TX First Time Home Buyers Guide - Part 4 - What price do we offer!
5. Spring TX First Time Home Buyers Guide - Part 5- The Home offer!
6. Spring TX First Time Home Buyers Guide - Part 6 - The Texas option fee and your home inspection!
7. Spring TX First Time Home Buyers Guide - Part 7 - The Title policy
8. Spring TX First Time Home Buyers Guide - Part 8 - Why you need to live in an HOA!
9. Spring TX First Time Home Buyers Guide - Part 9 -  What to bring to your closing!

__________________________________________________________________________________________________

If you are buying or relocating to  Spring Texas and need help from a professional REALTOR®,  Marchel can be reached at Marchel@AgentwithResults.com or by phone at 832-721-8332. 

If you would like information about Spring TX please visit my websites at www.AgentwithResults.com and at www.ResultsRealtytx.com.  The AgentwithResults site is rich in Content about Spring and the surrounding areas of Tomball, The Woodlands and Magnolia.  If you prefer pictures with your content then visit my ResultsRealtyTX site.

Want to find out about new Spring TX properties immediately as they come on the market, then click here to sign up for a free automatic notification of new listings.

Click the button to the left to search our local MLS.

Subcribe in a reader

This is my second in a series of post for first time home buyers in Spring TX.  Now that you are pre-approved for your home loan the next step is to start searching for your home. I have found that most buyers like to start looking at homes and familiarizing themselves with the areas online.  Spring is a large area located in two different Counties (Harris County and Montgomery County) and three different school districts.  Plus you also have the neighboring areas of Tomball, Magnolia and The Woodlands to consider. With this in mind you are going to want to start narrowing down the area where you want to live.

There are lots of websites that you can go to search for homes for sale but we are blessed in the Houston area to have an INCREDIBLE Public MLS site through the Houston Association of REALTORS® (HAR).  We tend to take this site for granted but as I have blogged and met people across the United States I have realized how fortunate we are to have such an incredible public site.  HAR has won many awards for this site and they are constantly improving it. You may search directly at www.HAR.com or if you are working with me to find your new Spring TX home you can click here to go in to the site.  By going in under my name any questions that you have will be immediately directed to me.

In this busy age that we live in I have found Spring TX first time home buyers often want to be set up to have new listings sent to them automatically. It doesn't matter whether you are looking for a single family detached Spring TX home, a home on acreage, a town-home or even vacant land; this automated search can do the work for you. You will learn about listings new to the market even before most REALTORS®.  You are notified of new listings within 24 hours of them going on the market.  The listings for the most part have directions so you can also explore subdivisions to get an idea of where you want to be.  Please click here for the automated form.  I have tried to make this as specific as I can.    I am able to put filters on your search and have learned all kinds of tricks to tweak your Spring Texas home search so we only pull up the specific type of home you are looking for.

* * * Please note: If you are already looking at homes or land with another REALTOR® and have signed a Buyers Representation Agreement with that REALTOR® please do not use this automated search. It would be a violation of the Code of Ethics for the National Association of REALTOR® for me to be assisting you in this circumstance. * * * If you have an agent and this is not set up for you just ask your REALTOR® to set it up. 

You are probably wondering why I put the First time home buyer Spring TX website search as number 2 in my series and not number 1. I have found with today's ever changing mortgage environment that it is more important than ever to get pre-approved for your loan ahead of time; especially if you are a first time home buyer and are not familiar with the process.  If you wait until you are ready  to buy and you find some kind of a hiccup that needs to be worked on then it is too late and could cause you to have to wait longer to buy your first home.  By getting pre-approved (as much as 6 months prior to buying your home) it gives you time to take corrective action.  I also can't tell you how many first time home buyers I have worked with who were not searching in the correct price range and that can be very discouraging.  Not to mention that by starting early you can start narrowing areas and decide what you want in a home. 

This is a Spring TX first time home buyers series and as I add additional post I will add the links.  Please feel free to visit my prior post.

1. Spring TX First Time Home Buyers Guide - Part 1 - Loan Pre-approval!
2. Spring TX First Time Home Buyers Guide - Part 2 - The Web Search!
3. Spring TX First Time Home Buyers Guide - Part 3 - The Home Search!
4. Spring TX First Time Home Buyers Guide - Part 4 - What price do we offer!
5. Spring TX First Time Home Buyers Guide - Part 5- The Home offer!
6. Spring TX First Time Home Buyers Guide - Part 6 - The Texas option fee and your home inspection!
7. Spring TX First Time Home Buyers Guide - Part 7 - The Title policy
8. Spring TX First Time Home Buyers Guide - Part 8 - Why you need to live in an HOA!
9. Spring TX First Time Home Buyers Guide - Part 9 -  What to bring to your closing!

_________________________________________________________________________________________________

If you are buying or relocating to  Spring Texas and need help from a professional REALTOR®,  Marchel can be reached at Marchel@AgentwithResults.com or by phone at 832-721-8332. 

If you would like information about Spring TX please visit my websites at www.AgentwithResults.com and at www.ResultsRealtytx.com.  The AgentwithResults site is rich in Content about Spring and the surrounding areas of Tomball, The Woodlands and Magnolia.  If you prefer pictures with your content then visit my ResultsRealtyTX site.

Want to find out about new Spring TX properties immediately as they come on the market, then click here to sign up for a free automatic notification of new listings.

Click the button to the left to search our local MLS.

Subcribe in a reader

Picture taken by Tarina Peterson all rights reserved.

I remember being a first time home buyer and the mystery that surrounded the transaction.  This is the first post of a "Spring TX first time home buyer series". I hope this series will help to alleviate some of the home buying mystery.

The VERY FIRST step in the process is to get yourself pre-approved with a good lender.  I'm not talking pre-qualified; I'm talking pre-approved. There is a difference between the two.  In the days where anyone could get a loan this was not a big deal but those days are over.

What is a Pre-Qualification?

A prequalification is simply a meeting between a loan officer and a customer to determine what the mortgage needs of the customer are.  Income and assets are not verified.  The credit report may or may not be pulled.  The information is not submitted to an underwriter.  The lender does not receive enough information to make a credit decision.

What is a Pre-Approval?

Pre-approval includes a complete loan application.  A credit report is pulled and asset and income are verified.  The information is submitted to underwriters for "credit only" decision.  Once you have been pre-approved your credit package can be used with any property.  Final loan approval will be subject to the underwriter approving the property only.  A pre-approval is normally good for 90 days.  The borrower receives a written pre-approval letter.  A true approval requires this income and asset documentation and credit reports are required on all loan types.

Being pre-approved in Spring TX gives you an edge when you start looking for your home.  If you get in to the situation where there is more than one offer on a home it is often the person who is further along in the loan process who will get the home.  I have even had the situation where the other offer was a little more but my seller preferred the person who had a true pre-approval. 

The rules have TOTALLY changed in the mortgage industry.  The products that lenders had for first time home buyers in Spring TX last year, maybe even last week are no longer available to the consumer which makes getting pre-approved for your loan more important than ever.  Once you even think that you might be interested in purchasing a home you should call a lender. Even if the news is not good by going through the process you will know what you need to start working on and you can make a game plan to get your credit in order. 

The days of a real estate transaction being dependent upon the creativity of a loose lender are finished.  Down payments are back again and FHA loans are sometimes the only game in town with VA loans being about the only 100% loan. With all of this in mind getting yourself pre-approved before you ever start looking is more important than ever.  

I am also attaching some Do's and Don'ts you might consider putting in to action when you start thinking about purchasing a Spring TX home.

Do's

• Do make all your payments on time. Your credit will be checked again right before you close.
• Do continue saving money. There are always additional expenses once you move and you will be glad for that savings.
• Do make deposits into your bank account on a regular basis. If you have any unusual deposits for large sums of money document them as the lender may need to verify the source.

Don'ts

• Do not co-sign for any loans for friends or family. That debt would be held against you.
• Do not decide this is the time to change banks; you can do that after you move in.
• Do not open ANY new accounts. Even though the new account has a $0 balance it may still affect your debt to income ratio.
• Do not buy a new car or new furniture!!! Wait until after you are in your new house then go shopping otherwise the debt could affect your debt to income ratio.
• Do not lender shop over the Internet. Each lender pulls a credit score and multiple hits on your credit report can cause your score to drop dramatically.
• Do not pull your own score and then decide you will check why accounts are still open or have balances. I did this myself and then had to write a note at closing to explain why I had all these hits on my credit

This is a Spring TX first time home buyers series and as I add additional post I will add the links.  Please feel free to visit my prior post.

1. Spring TX First Time Home Buyers Guide - Part 1 - Loan Pre-approval!
2. Spring TX First Time Home Buyers Guide - Part 2 - The Web Search!
3. Spring TX First Time Home Buyers Guide - Part 3 - The Home Search!
4. Spring TX First Time Home Buyers Guide - Part 4 - What price do we offer!
5. Spring TX First Time Home Buyers Guide - Part 5- The Home offer!
6. Spring TX First Time Home Buyers Guide - Part 6 - The Texas option fee and your home inspection!
7. Spring TX First Time Home Buyers Guide - Part 7 - The Title policy
8. Spring TX First Time Home Buyers Guide - Part 8 - Why you need to live in an HOA!
9. Spring TX First Time Home Buyers Guide - Part 9 -  What to bring to your closing!

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If you are buying or relocating to  Spring Texas and need help from a professional REALTOR®,  Marchel can be reached at Marchel@AgentwithResults.com or by phone at 832-721-8332. 

If you would like information about Spring TX please visit my websites at www.AgentwithResults.com and at www.ResultsRealtytx.com.  The AgentwithResults site is rich in Content about Spring and the surrounding areas of Tomball, The Woodlands and Magnolia.  If you prefer pictures with your content then visit my ResultsRealtyTX site.

Want to find out about new Spring TX properties immediately as they come on the market, then click here to sign up for a free automatic notification of new listings.

Click the button to the left to search our local MLS.

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