Buying Your DFW Home

Home Buyer's Guide

Here's what to expect when buying a home ⬇️

When getting pre-approved, what questions should I ask my lender?

Getting pre-approved is one of the first, and most important, step when buying a home. While lenders will have plenty of questions for you, don’t be afraid of asking a host of questions all your own. ⁣Here's some to get you started.

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Want to see what's on the market? Click below to explore on your own.

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How Do I Know How Much Home I Can Afford?⁣

Only look at homes you feel confident you can comfortably afford -- it’s one of my top pieces of advice for homebuyers.

• Most experts recommend using the 28/36 rule which means you shouldn't spend more than 28% of your gross monthly income on housing and 36% on total debt (including your mortgage, credit cards, and other loans like auto and student loans).⁣
• For example, if your salary is $100,000 per year, your gross monthly income is $8,333 ($100,000 divided by 12). Your total housing costs (principal, interest, taxes, and insurance) shouldn’t exceed $2,333 per month (28% of $8,333).⁣
• Keep in mind the 28/36 rule is just a general guideline. Adjust the percentages to your own comfort level and financial goals. ⁣

Playing around with your budget and ready to see some homes? Contact us to set up a strategy call⁣!

What's One Negotiating Tip You Suggest?

If there's one thing to know about saving on your house payment, it's this:

The importance of negotiating for a mortgage rate buy-down.

Given our current market and interest rates, having this strategy in your pocket will have the most significant financial impact on your monthly payment (in a good way).

Here's a real life example: Let's say you're looking at a home priced at $300,000. You could ask the seller to reduce the price by $10K and see savings of $78/mo.

But watch this: If you asked that same seller for a $10k credit to buy down your interest rate, you're looking at $248/month in savings... 🤯

For the sellers, it makes zero difference; it is simply redirecting where the money is applied.

This is just the beginning of how we will help navigate you through the buying process! Contact us today to set up a strategy call!

Is “Now” a Good Time To Buy?⁣

Q: Is “now” a good time to buy?⁣
A: No matter if it's a "sellers market" or "buyers market" the answer is always going to be: IT DEPENDS! It's not about the market - but more about your situation and goals.
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If you have a 550+ credit score, steady employment, and have money saved up, then yes... consider buying! And if you're renting always remember this: no matter the interest rate, it's better than a "100% Landlord Rate."

Tips for Viewing Homes

Here’s a quick list of how to be 'as cool as a cucumber' when viewing homes that make your short-list: ⁣
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1. Before a showing, read over your wants vs. needs list and revisit your budget. Having this fresh on your mind will help you stay objective and focused.⁣
2. Take pictures and videos to jog your memory later and to help you process with friends and family.⁣
3. Remember, you can’t change the lot or the location so make sure you love both.
4. Don't let yourself get distracted by decor or staging. These things will be gone by the time you move in, so try to stay focused on the things that cannot be changed as easily.⁣
5. Take your time. If a home makes a good first impression, let us know you’re interested and that you’d like to spend a bit more time looking around! This is one of the largest purchases you’ll ever make so it’s worth it to learn as much as you can while you’re there. ⁣

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