Frisco TX First Time Home Buyers – Your First Steps (Part 1)

by Mike Yeo on September 4, 2010

Frisco TX first time home buyers – So, you have decided to purchase your first home. You are online looking at houses. You signed up for property watch* so you can monitor the housing market in your targeted areas. You have been looking and looking. So what’s next?

The series of Frisco TX First Time Home Buying articles will help walk you through the home buying process.

Your first step is to evaluate how much financing you qualify for. Most buyers in America purchase their homes via financing, hence it is important to know the maximum you qualify for. When you know that amount, you do not have to spend it. But knowing itself may change the course of your home purchase.

A $150,000 first time buyer home in Frisco TX is different from a $180,000, just as the same with a $200,000 first time home is different from a $250,000. The features may be different in terms of quality and of course, the land/ lot value itself may be different. So knowing how much you could qualify for sets your expectations as to what you could possibly ultimately purchase.

Many times, buyers are unaware about their credit situation. For better or for worse, knowing gives you the power to make necessary changes – whether it might be an error correction in your credit, or it may mean cleaning up your credit and buying 6 months later.

Check your free credit report at AnnualCreditReport.com – the only authorized source to receive your free annual credit report under the Federal Trade Commission once every 12 months. Be sure not to fall into a variety of traps that offer you “free” reports.

Knowing your credit score can make a huge difference in your mortgage. Excellent credit in today’s mortgage is considered 740 points. Anything less than that, it would have some impact on your interest rates and/or terms. However, lending requirements today depends more than just credit scores. Payment history also makes up an important factor to the loan approval process.

Stay tuned to learn more about the Difference between Pre-Approval and Pre-Qualification and how one could put you in a better negotiation position.

** Read more about the Benefits to setting Property Watch alerts

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Loreena Yeo
Realtor®/ Broker of 3:16 team REALTY
(214) 783-2210
loreena@loreenayeo.com

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Copyright © 2009 by Loreena Yeo (3:16 team REALTY).
Frisco TX First Time Home Buyers – Your First Steps (Part 1).

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