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Buying in North Texas

Buy With a Plan and a Lender's Eye

From the first search to the keys, with the numbers explained in plain words.

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The Process

Six Steps to the Keys

1. Talk It Through

Where you want to live, what you can spend comfortably, and what matters most. Twenty minutes saves weeks of looking at the wrong homes.

2. Get Pre-Approved

A lender checks your income, credit and savings and puts a number in writing. Sellers take an offer with a pre-approval seriously.

3. Shop Smart

Search on your own, get alerts on new listings, and tour the homes that make the cut together, including new builds.

4. Make the Offer

Price, earnest money, option period and closing date all matter. Brad writes an offer built to win without overpaying.

5. Inspect and Negotiate

Use the option period for inspections, then negotiate repairs or credits with facts in hand.

6. Close and Move In

Appraisal, final loan approval, a walk-through, then signing at the title company. Then the keys are yours.

Financing

Four Common Loan Types

A lender will tell you which fits. Here is the short version.

Conventional

Not government backed. As little as 3 percent down for some first-time buyers; mortgage insurance drops off as you build equity.

FHA

3.5 percent down with a credit score of 580 or higher. More forgiving on credit, with mortgage insurance for the life of most loans.

VA

For eligible veterans and service members. Often zero down and no monthly mortgage insurance.

USDA

Zero down in eligible rural and edge-of-town areas, with income limits. Worth checking on homes with land.

New Construction

Bring Your Own Agent to the Builder

The sales office works for the builder. Brad works for you, on price, upgrades, incentives and the inspections before closing. Bring him on your first visit; many builders require it.

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What Would the Payment Be?

Move the numbers until the monthly payment feels right. Then you know your price range.

Estimated monthly payment
$—
  • Principal & interest$—
  • Property tax$—
  • Insurance$—
  • HOA$—

Estimate only. Brad Cunningham is a real estate agent, not a lender; a licensed loan officer can give you exact figures. Texas property taxes vary by city, county and school district, so check the rate for the home you are considering.

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Buyer Questions

Questions Buyers Ask Most

How much do I need for a down payment?

Less than most people think. VA and USDA loans can be zero down, FHA is 3.5 percent, and some conventional loans start at 3 percent. Plan for closing costs on top, and ask about seller or builder credits.

What is the difference between pre-qualified and pre-approved?

Pre-qualified is an estimate from what you tell a lender. Pre-approved means the lender checked your income, credit and assets. Get pre-approved before you start touring seriously.

Why are property taxes so high in Texas?

Texas has no state income tax, so cities, counties and school districts lean on property tax. Rates differ from town to town, which is one reason the same price can mean very different payments.

Do I need my own agent for a new build?

Yes, if you want someone on your side. The builder's sales staff represents the builder. Most builders want your agent at your first visit, so bring Brad from the start.

What is the option period?

A short window after your offer is accepted, usually a few days to a week and a half, when you can inspect and walk away for any reason. You pay a small option fee for it.

North TX Real Estate Group

Ready When You Are

Call or text Brad at 972-768-7207, book a time that suits you, or send a note.

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