Texas Lending Home Buying Experts Discuss Home Search Strategies
Finding the right neighborhood is important. Read on as Texas Lending explores ways to pick the perfect community for your next new home.
Q: What sort of things should I look for during my initial search?
Texas Lending: Before you even begin browsing the MLS, take some time to write down what you really want. Is it access to top-notch schools? A community swimming pool? Do you need a large yard or want to live in an HOA neighborhood that provides lawn care? Your “wish list” is going to be as unique as you.
Q: Should I believe everything I read online about the area?
Texas Lending: The Internet is valuable for research, but make sure to use trusted websites. Zillow offers several tools that can help you make a selection, and most area police departments will offer a link to local crime maps and data. Check around for a community blog or neighborhood-oriented social network such as NextDoor.com.
Q: How can I get a feel for the school system before moving?
Texas Lending: Even if you don’t have school-aged children, the school system is important to the community. Homes in “good” school zones will likely have more value than those where education isn’t a priority. If you can, call the schools your future home is zoned for and ask about making a school visit so that you and your children can get acquainted with teachers and staff. You can also find out more information, including test scores and parent reviews, by visiting GreatSchool.org.
Q: All cities will have parks, libraries, and other community amenities, right?
Texas Lending: Usually, yes, but the quality of these varies significantly. Middle-to-high income areas may have access to more programs, better books, and parks with more updated playground equipment, for example. If community features are important, it is worthwhile to check them out before you sign your home contract.
Texas Lending Shares Insight on Holiday Home Buying
Few people really want to move during the holidays, but according to the mortgage experts at Texas Lending, a new home may be the best gift in Santa’s bag for the 2017 season and a great way to start your New Year.
Q: Are mortgage rates projected to rise in 2017?
Texas Lending: There is a good chance that rates will climb starting as soon as the end of the year. That means that people looking for a new home will likely get the best rates now. In addition to low rates, the winter months are a great time to house hunt since there are typically fewer buyers to compete with.
Q: Are sellers less motivated to sell during the winter season?
Texas Lending: Sellers whose homes were listed during the peak season are likely tired and ready to move on. Many must relocate due to jobs, family, and financial situations that make it difficult to remain in their current home. Chances are, a high-priced home that was listed over the summer may be the best deal come winter.
Q: How does the off season affect buyers?
Texas Lending: One of the greatest benefits to buying now is that there is an abundance of real estate and mortgage professional available. During the summer, the best agents may have multiple buyers they represent. In the winter, these same experts usually have more time to devote to their cold-weather clients.
Q: Is it possible that interest rates will stay the same in 2017?
Texas Lending: Rates change from week to week. As the economy strengthens, rates will most likely rise. If you are looking to buy a home, now is a great time to at least start your search and make your wish list.
There is no better time to lock in a historically low mortgage rate. Contact Texas Lending at 888.228.8196 today for more information.
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Whether you are buying your first home or renovating one you own outright, TexasLending.com says that an FHA insured loan may offer the right balance of small down payments, easy qualifications, and low closing costs.
TexasLending.com offers a wide range of residential mortgage products to consumers in the Dallas/Fort Worth area and says that their FHA loans offer the best value for hard-working families. Many first time buyers opt for an FHA product because of the simpler qualification process. TexasLending.com also points out that FHA loans can be acquired with little money down – usually just 3.5% of the loan amount or purchase price.
FHA loans offer the opportunity to roll in closing costs and other miscellaneous fees, reports TexasLending.com. Many consumers with a credit rating over 620 may qualify as long as they are purchasing a single family dwelling or small multi-housing unit. TexasLending.com also reports that FHA loans are available for modular homes, both for those stationed on private land and those in modular housing communities.
Another benefit of FHA insured products, comments TexasLending.com, is their availability to seniors who wish to pull equity from their homes. FHA provides Reverse Mortgages to adults over the age of 62 who wish to convert hard earned equity into cold hard cash. The money can be used for a much deserved dream vacation or to supplement retirement funds. TexasLending.com points out that reverse mortgages do not take credit worthiness into consideration and also eliminate mortgage payments from those on a fixed income.
According to TexasLending.com, the FHA provides loans to borrowers who want to renovate an existing structure but do not have the cash on hand to do so. FHA loans are available that are inclusive of purchase price as well as repair and remodeling cost.
HUD Resources
TexasLending.com cites HUD as a valuable resource for consumers who are interested in an FHA loan. The Federal Housing Authority is a division of HUD. For Texans, the HUD website provides an array of information including tips on getting started with a purchase, how to finance, and where to locate assistance programs for special circumstances. As well, TexasLending.com says the site offers resources relating to energy efficiency, mortgage limits, and home buyer calculators.
About TexasLending.com
TexasLending.com was founded in 2001 by mortgage banker Kevin Miller, who serves as CEO of the firm. With over 200 employees and an army of experienced loan officers and mortgage counselors, TexasLending.com is the most trusted and readily available lending partner in the Dallas/Fort Worth area. TexasLending.com is an Equal Housing Lender.
