Buying a home
in today’s
fast-moving market
takes a strong plan.
Build your
core team of professionals and follow these
15 steps to make
your dream home a reality!
Build Your Core Professional Team
Real Estate Agent (Realtor): Provides expertise and guidance throughout the process.
Mortgage Lender: Helps you secure the right financing.
Home Inspector: Identifies potential issues with the property.
🚀 Key Homebuying Tips
1️⃣ Know Your Budget: Use a home affordability calculator to determine a comfortable price range.
2️⃣ Explore Loan Options: Conventional, FHA, VA, or Jumbo? Find the best mortgage type for your situation.
3️⃣ Down Payment Planning: Discover assistance programs available for first-time buyers in Texas.
4️⃣ Choose the Your Neighborhood: Consider location, schools, safety, and future resale value.
5️⃣ Work with a Realtor: Gain an edge in negotiations and market insights with an expert by your side.
Homebuying Journey: A 15-Step Guide
This guide outlines 15 essential steps to help first-time buyers and those upgrading navigate the homebuying process, saving time, money, and stress.
Step 1: Are You Ready to Buy?
Emotional Readiness: Assess your emotional
preparedness for a significant financial commitment and settling down.
Future Goals: Consider your plans for the next few years, including career, family, and potential relocation.
Financial Alignment: If buying with a partner, ensure you're both on the same page regarding finances.
Step 2: Get Your Finances in Orde
Affordability Calculator: Use a home affordability calculator to determine your budget based on income, debts, and down payment.
Credit Score Check: Check your credit score to secure a lower mortgage interest rate. Improve it if necessary.
Step 3: Plan Your Down Payment
Down Payment Amount: Determine how much you want to save for a down payment. It doesn't have to be 20%.
First-Time Home Buyer Programs : Explore
state first-time home buyer programs for financial assistance.
Gift Money: Consider using gift money to increase your down payment.
Step 4: Create Your Wish List
House Type: Decide between a detached house, condo, townhouse, or co-op.
Ideal Location: Choose a neighborhood based on safety, amenities, and costs.
Move-In Ready or Fixer-Upper: Determine if you want a move-in ready home or are willing to take on a fixer-upper.
Step 5: Find a Real Estate Agent
A good real estate agent can make a huge difference throughout the process of buying a house.
Negotiation Market Knowledge
Step 6: Find the Right Mortgage
1. Conventional Loans: Low down payments, stringent qualifications.
2. FHA Loans: Easier to qualify, stricter
mortgage insurance.
3. VA Loans: For veterans, no down payment
required.
4. Jumbo Loans: For expensive houses, larger down payments.
Step 7: Get Preapproved for a Mortgage
1. Shop Lenders: Compare rates and fees from different lenders.
2. Gather Documents: Collect necessary
financial documents.
3. Apply for Preapproval: Get a preapproval
letter to show you're a serious buyer.
Step 8: Shopping Around!
Work with your realtor to schedule property showings based on your profile.
1. Charming Features: Remember the details you loved.
2. Potential Issues: Note any potential problems.
3. Replacement Needs: Consider necessary replacements.
Step 9: Make an Offer
Consult Agent: Get comparable sales info and seller intel.
Negotiate: Counteroffer if necessary.
Option Fee & Earnest Money: Make a deposit toward the purchase, this MUST be done per Title Company’s instructions.
Step 10: Schedule a Home Inspection
Visual Assessment: Covers all aspects of the house.
Raise Issues: Points out necessary repairs.
Specialized Inspections: Consider mold or radon
inspection
Step 11: Negotiate Repairs or Credits
Seller's Market: Difficult to get concessions.
Buyer's Market: Almost any aspect can be negotiated.
Leverage: Use issues that will come up with any buyer.
Step 12: Get a Mortgage
Paperwork: Prepare to upload lots of documents.
Underwriting: Lender makes a final decision.
Title Search: Check the home's title.
Step 13: Have the Home Appraised
Lender's Benefit: Ensures the home is worth the loan amount.
Market Value: Determines the property's market value.
Your Investment: Consider even when buying with cash.
Step 14: Get Homeowners Insurance
Coverage: Secure enough coverage to fully replace the home.
Effective Date: Policy should be effective on your closing date.
Step 15: Close on Your New Home
Get familiar with the standard closing documents ahead of time to make the closing process less nerve-wracking.
* Final Walk-Through
* Closing Disclosure
* Closing Documents
Congratulations, Homeowner!
Enjoy Your New Home: Settle in and make it your own.
Maintain Your Property: Keep up with repairs and maintenance.
Build Equity: Watch your investment grow over time.
Why use a realtor when buying, selling, or leasing a property ?
Real Estate Professionals
Carlos Alarcon
Daniela Alarcon
FAQs for Homebuyers in
Houston, TX and surrounding areas
1. How do I know if I’m ready to buy a home?
Buying a home is a big step! You’re financially ready if you have stable income, a good credit score, and savings for a down payment and closing costs. You’re emotionally ready if you plan to stay in the home for at least a few years. A realtor can help you evaluate your situation and guide you through the process.
2. How much money do I need to buy a house?
Your budget depends on the home price, down payment, closing costs, and monthly mortgage. Some loan programs allow as little as 3% down, and Texas offers assistance programs for first-time buyers. A realtor can connect you with trusted lenders who explain your best financing options.
3. What credit score do I need to buy a home?
Most lenders prefer a credit score of 620 or higher, but FHA loans allow scores as low as 580 with a 3.5% down payment. A realtor can recommend lenders who help improve your credit and find the right loan for you.
4. Do I need to get pre-approved before looking at homes?
Yes! Pre-approval shows sellers that you’re a serious buyer and tells you how much home you can afford. A realtor can introduce you to top lenders and ensure you have a strong pre-approval letter.
5. How do I choose the right neighborhood?
Consider factors like schools, commute times, safety, property taxes, and amenities. A local realtor has expert knowledge of Houston’s different areas and can help you find a neighborhood that fits your lifestyle and budget.
6. What are closing costs, and how much are they?
Closing costs include lender fees, title insurance, home inspection, appraisal, and other charges, usually 2-5% of the home's price. Your realtor negotiates with the seller to see if they’ll help cover some of these costs.
7. Do I really need a realtor when buying a home?
Absolutely! A realtor protects your interests, negotiates the best deal, and handles all the paperwork. In most cases, the seller pays the buyer’s agent commission, meaning you get expert guidance at no extra cost!
8. How long does it take to buy a house?
The homebuying process typically takes 30-60 days once your offer is accepted. However, if you’re still house-hunting, it could take longer. A realtor helps streamline the process to avoid unnecessary delays.
9. What should I look for during a home tour?
Pay attention to the home's condition, layout, potential repairs, and resale value. Your realtor can spot red flags, advise on inspections, and help you determine if it’s a good investment.
10. How do I make a competitive offer on a home?
A strong offer includes a fair price based on market conditions, a solid pre-approval, and limited contingencies. A realtor uses market data to advise on the best offer strategy to help you win the home.
11. What happens after my offer is accepted?
You’ll enter the contract period, which includes home inspections, appraisals, loan approval, and title work. Your realtor will guide you through each step to ensure everything is on track for closing.
12. What inspections should I get before buying?
A general home inspection is a must! You may also need a foundation, termite, or roof inspection, depending on the home’s condition. A realtor helps coordinate these inspections and negotiate repairs if needed.
13. What if the home appraisal comes in lower than my offer?
If the appraisal is lower than the agreed price, your options include renegotiating, covering the difference, or walking away (if you have an appraisal contingency). A skilled realtor helps you navigate this situation to protect your investment.
14. How much will my monthly mortgage payment be?
Your monthly payment depends on the home price, loan type, interest rate, property taxes, and homeowners insurance. Your realtor can help you estimate your total costs and connect you with a lender for a personalized breakdown.
15. What should I do after closing on my home?
After closing, update your address, set up utilities, and review your home warranty. A great realtor stays in touch even after the sale, offering homeowner tips, market updates, and referrals for home maintenance services.
Schedule An Appointment
Ready to take the first step of your Real Estate journey?
Schedule a virtual appointment or phone call with one of our expert realtors.
During your personalized session, you'll gain:
Tailored Market Insights: Get a clear understanding of current trends in your area.
Expert Guidance: Learn the steps to buy or sell with confidence in today’s market.
Answers to Your Questions: Have all your real estate concerns addressed by professionals.
Action Plan: Walk away with a clear, customized roadmap for success.
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