Buying a home for the first time in Texas can be magical, and it can also be stressful. Everything has to work out the way it’s meant to, but in order for that to happen, you’re going to have to jump through some hoops. Here are some quick tips for first-time home-buyers in navigating the process and some of the pitfalls along the way.

Assess the Market and Your Finances

Be sure that you’re ready for homeownership and that the market is right. It may or may not be a good time to buy, especially with post-pandemic inflation. Don’t give in to pessimism, either. In 5 years, your dream home could be affordable. Bubbles have a tendency to pop.

Loans Are More Accessible Than You Might Think

There are general guidelines when it comes to a loan, like a credit score of 620 and the 28/36 debt to income ratio rule, but rules are meant to be broken, and they often are. There are more options out there than you might think.

Don’t Settle

Real estate professionals have a way of trapping people. You’ll hear that every property in town comes attached to an HOA, because certain agents only work with certain HOAs. You might also hear that there are no houses in town under 250K, but only because that’s what your real estate agent is showing their clients. This list of dubious tactics goes on and on, and they’re very good at pressuring you and seeming legit and stuffy so you won’t second guess them. Find the right neighborhood. Hunt down the right price bracket. Don’t compromise. The right home is out there, and the right guide can help you.  Contact Jimmy Willingham for un-biased advice here.

There Are Hidden Fees

Closing costs can be significant. They include but are not limited to appraisal fees, inspection fees, and attorney fees. Some sates require an attorney to be present for home sales. Know every single thing that has to be paid and know every piece of paperwork you need to sign. Expect the unexpected – charges can pile up quickly. There are a wealth of sites that can be used as a reference, like this calculator. We hope these tips for first-time home-buyers have been helpful, and wish you the very best in your exciting journey.