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Don't Make Major Purchases Before You Close!

don't make major purchases before you buy a home in port aransas
Whether you’re buying a Port Royal condo or a house in El Pescador, maxing out your credit cards and getting new lines of credit to buy furniture and other big-ticket items before you close on the deal can be a huge mistake.

Why You Need to Steer Clear of Major Purchases Before You Buy a Home

Nothing is set in stone with your mortgage until you sign the very last piece of paperwork on closing day, which means that right up until the last minute, your lender can change its mind and revoke your approval for a mortgage loan.
A big purchase on a credit card can change your credit score—and render you ineligible for a loan.
In fact, any change in your circumstances, including switching jobs or having a late payment on your car loan, can affect your eligibility to get a loan at the interest rate you and your lender have agreed upon. If the lender pulls its offer for funding, you could be out of a house… or, at the very least, see your closing delayed until the lender has its underwriters work with the new figures.

Are You Buying a Home in Port Aransas?

If you’re looking for a home in the beautiful city of Port Aransas, we’d love to help you.
Call us at 361-563-7788 or get in touch with us online to tell us what you want from your next home. We’ll begin searching right away.
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Why Should You Get Mortgage Preapproval Before You Start House-Hunting?

mortgage preapproval - port a realtor
For most people, whether they’re buying a Port Royal condo or a house in El Pescador, getting a mortgage is a necessary step in buying a home. (Unless, of course, you have a few hundred thousand dollars sitting in an account gathering dust, you’ll have to get a mortgage, too.)
But before you begin house-hunting, it’s a good idea to get mortgage preapproval.

What is Mortgage Preapproval?

Mortgage preapproval isn’t the same as getting a mortgage loan. Instead, it’s a simplified version of the loan application process. Your lender looks at your financial picture and determines that if circumstances stay the same—and if you’re being honest when they check your financial documents—you’ll most likely be approved for a mortgage in the amount you’re asking for.

Why Should You Get Preapproved Before You Start Shopping for a House?

A mortgage preapproval lets you know exactly where you stand financially, so you understand how much home you can afford; you won’t have to waste time looking at homes that fall into the wrong price range.
When you find a home you love, you’ll be able to make an offer the seller can take seriously; that’s because the seller can see that you’re preapproved and that you actually do qualify to buy the home—unlike someone who makes an offer without checking with a lender first.

Are You Buying a Home in Port Aransas?

If you’re looking for a home in the beautiful city of Port Aransas, we’d love to help you.
Call us at 361-563-7788 or get in touch with us online to tell us what you want from your next home. We’ll begin searching right away.
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What is Seller Financing?

What is Seller Financing
Often overlooked because few people know what it is, seller financing is an alternate way to borrow money to buy a home. It’s not very common, but it can be an excellent way to buy (or sell) your home.

What is Seller Financing?

Seller financing is a method some sellers use to sell to a buyer without involving big banks and lenders.
The terms of the agreement are completely between the buyer and seller; there’s nobody underwriting or anything like that. The two parties negotiate a down payment, monthly payments, and determine the length of a loan.
Calling it a loan is a little misleading, though. The seller doesn’t actually give the buyer any money; instead, they count on the buyer (and establish a contract with the buyer) to make monthly payments.

Why Do Some Sellers Offer This Type of Financing?

Sometimes sellers who don’t need the full proceeds from the sale of a home can offer seller financing, but it works well in other situations, too.
Many sellers offer this type of financing because:

  • It can help them sell faster
  • They want to minimize carrying costs while they’re waiting for a buyer
  • They want to get closer to the full asking price
  • They want to collect enough money for a down payment on their next home
  • They want to pay down their debts
  • They want to avoid the monthly expenses associated with owning a home

Are You Buying a Home in Port Aransas?

If you’re looking for a home in the beautiful city of Port Aransas, we’d love to help you.
Call us at 361-563-7788 or get in touch with us online to tell us what you want from your next home. We’ll begin searching right away.
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How to Improve Your Credit to Buy a House

How-to-Improve-Your-Credit-to-Buy-a-House
When you’re buying a home, whether it’s a beachfront condo in Port Aransas, a newly built home near the beach, or a $300,000 home on North Padre Island, you’ll want your credit score to be as high as possible—and that’s because you’ll be eligible for more competitive interest rates.
Even if you have bad credit, buying a home isn’t out of reach. However, there are a few steps you can take to boost your credit score in a relatively short period of time.

How to Improve Your Credit to Buy a Home

Improving your credit doesn’t happen overnight, and it doesn’t happen in a vacuum. You have to handle a few things to get yourself on the right path, including:

  • Getting a major credit card. Many credit cards offer “secured” financing, which means if you give the card company a certain amount of money, they’ll give you a credit card with an equal limit; eventually, you’ll get your money back (and if you don’t pay your bills, they’ll keep your original deposit).
  • Show steady employment by keeping the same job for at least a year.
  • Hang on to your check stubs.
  • Save up 10 percent—or more—of a home’s purchase price to use as a down payment.
  • Never pay a bill late. Ever.

Are You Buying a Home in Port Aransas?

If you’re looking for a home in the beautiful city of Port Aransas, we’d love to help you.
Call us at 361-563-7788 or get in touch with us online to tell us what you want from your next home. We’ll begin searching right away.
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Can You Buy a Home With a Bankruptcy in Your Past?

Can you buy a home with a bankruptcy in your past - Port A Realtor
There’s good news if your credit is less-than-perfect: You can still buy a home with bad credit from a bankruptcy.

Can You Buy a Home After a Bankruptcy?

You can absolutely purchase a home if you’ve had a bankruptcy in your past. The farther back it is, the better your chances of securing a better interest rate, but a bankruptcy does stay on your credit report for about 10 years.
You might be surprised to learn that if you wait just four years after filing bankruptcy, you can begin to get better interest rates on a conforming loan.

How Long Must You Wait After Bankruptcy to Buy a Home?

The period of time you have to wait after a bankruptcy varies based on the amount of money you need to borrow and the type of lender you use.
Some hard money lenders will give you a loan to buy a house after just 6 months have passed—but there’s a catch. They’ll typically require a 20 to 35 percent down payment, and the interest rate is likely to be fairly high.
Other lenders have different requirements, so it’s a good idea to get in touch with your bank and a few lenders to see what they have to say.

Are You Buying a Home in Port Aransas?

If you’re looking for a home in the beautiful city of Port Aransas, we’d love to help you.
Call us at 361-563-7788 or get in touch with us online to tell us what you want from your next home. We’ll begin searching right away.
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What Are Contingencies in a Real Estate Purchase Contract?

What Are Contingencies in a Real Estate Purchase Contract - Port A Homes for Sale
Whether you’re buying a beachfront condo in Port Aransas, a newly built home near the beach, or a $300,000 home on North Padre Island, you’ll end up having a real estate purchase contract. Your Port A Realtor® will draw it up for you, and as long as you don’t waive them, there will be contingencies built into it.

What Are Contingencies?

A contingency is a type of “if this, then that” scenario. They’re built into real estate contracts to ensure that you have an “out” if something goes wrong with the deal.

General Real Estate Contingencies

Your agent can build any kind of contingency into your purchase agreement, but the general contingencies include those involving appraisals, home inspections, financing, and selling your current home.

Appraisal Contingency

If the appraised value of the home is lower than your purchase offer, this contingency can allow you to back out of the deal and get your earnest money deposit back.

Home Inspection Contingency

If the inspection reveals a big problem, you might be entitled to walk away from the deal.

Financing Contingency

You wouldn’t want to be stuck buying a home that you can’t pay for, so it’s customary to include a financing contingency that lets you leave the deal if you can’t secure financing.

Selling Your Current Home

Your agent can make your real estate deal contingent on selling your current home to prevent you from taking on two mortgage payments. If you don’t sell your home, you don’t have to buy the new one.

Are You Buying a Home in Port Aransas?

If you’re looking for a home in the beautiful city of Port Aransas, we’d love to help you.
Call us at 361-563-7788 or get in touch with us online to tell us what you want from your next home. We’ll begin searching right away.
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Buying a New Home: What's in Your Budget?

Buying a New Home - What's in Your Budget
Budgeting for a new home, whether it’s a beachfront condo in Port Aransas or a $250,000 home on North Padre Island, is a really important step to take before you buy. You need to know exactly how much you can afford—and if it feels like a stretch on your finances before you even make an offer, it’s probably a good idea to keep looking.

Can You Really Afford the Home You Want?

In your new home, you’ll be responsible for homeowner’s insurance, maintenance, repairs, and your mortgage payment—and if it’s farther from work, school, or other places you go often, you’ll have to factor in more gas money on your car (and potentially higher auto insurance premiums, too).
“The cost of buying a house you shouldn’t is far higher than the cost of leaving it behind if you’re worried about the payment,” says Todd Huettner, founder of Huettner Capital in Denver, Colorado. In the long run, you’ll be glad you skipped a home that would’ve been a financial burden and searched for one that left you some breathing room.

Are You Buying a Home in Port Aransas?

If you’re looking for a home in the beautiful city of Port Aransas, we’d love to help you.
Call us at 361-563-7788 or get in touch with us online to tell us what you want from your next home. We’ll begin searching right away.
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3 Tips for First-Time Home-Buyers in Port Aransas, TX

Tips for First-Time Home Buyers in Port Aransas, TX
First-time buyer?
Don’t worry — your Port Aransas Realtor® will walk you through the whole process.

3 Tips for First-Time Home Buyers in Port Aransas

Your first excursion into the real estate market is exciting, but it can be a little confusing (and if we’re being honest, it can be a little scary, too).
With the right help, though, you’ll come out of it unscathed… And you’ll own your own home.

First-Time Home Buyer Tip #1: Get Your Finances in Order Before You Start House-Hunting

Order your free credit report from Annual Credit Report. Thanks to the Federal Trade Commission, everyone’s entitled to one free copy of his or her credit report every year. Annual Credit Report is the one the FTC recommends you use, but there are other services available — just be careful that you’re not signing up to pay for something when you don’t have to do so.
Start talking to lenders. Get quotes on mortgages, and compare their rates and fees.
Figure out how much money you can spend on a down payment. Typically, the more you spend on a down payment, the lower your mortgage payments will be. If you qualify for a VA loan, use it! Try to get preapproval for a loan (not prequalification, but preapproval) before you start looking; that way, you’ll know your budget and you’ll be able to find homes that really meet your needs.

First-Time Home Buyer Tip #2: Separate Your “Needs” From Your “Wants”

You need a bathroom and a bedroom, and probably a kitchen… but that’s if you’re flying solo. If you have children, you’ll have to plan for their needs. Don’t forget to think about the future, too; if you’re growing your family (or if some are leaving the nest), you’ll have to plan accordingly.
We all want a swimming pool, an outdoor kitchen, and a big, roomy garage, but unless you need these things, you may want to brace yourself; they might not be feasible when you’re buying your first home.

First-Time Home Buyer Tip #3: Let Your Realtor Do the Heavy Lifting

Tell your Realtor what you need and what you want. Make sure she knows about your budget and your preapproval status so she can find Port Aransas real estate listings that meet your needs, and set up times to go see the homes you’re interested in buying.
Remember while you’re house-hunting that great homes don’t stay on the market for long. If you find one you love, make an offer. Your Realtor will help you every step of the way!

Are You Buying a House in Port Aransas?

If you’re buying a home in Port Aransas, call us at 361-563-7788 right away. Tell us what you’re looking for and we’ll help you find it.
In the meantime, browse our Port A real estate listings in some of the most popular communities:

 

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How to Prepare to Buy a Home in Port Aransas

Preparing to Buy a Home in Port Aransas - Port Aransas Real Estate Listings
When it comes to buying a home, there’s no time like the present. Interest rates are still low, but there is a hike on the horizon—so now may be the perfect time for you to dive into home ownership.
So where do you start?

How to Get Ready to Buy a Home in Port Aransas

When you’re considering making the switch from renter to owner, you’ll have to take a few steps to make sure you’re on the right track for a successful purchase.

Step 1 of Buying a Home in Port Aransas: Talk to a Realtor®

Every good real estate transaction starts with a great Realtor. You should find someone who you “click” with. Questions to ask as you interview potential Realtors include:

  • How often do you work with first-time buyers?
  • Will it be difficult to find a home within my price range?
  • Can you recommend lenders, contractors, and other professionals who can help me with my home purchase?

A good Realtor will give answers that you are satisfied with—and she’ll begin assisting you right away. It’s important that you remember it doesn’t cost you a thing to work with a buyer’s agent. The seller pays the Realtor’s fees.

Step 2 of Buying a Home in Port Aransas: Talk to a Lender

Whether your Realtor recommends a lender or you choose to work with one you already know and trust, one of the first things you need to do is find out how much house you can afford. Your lender will run the numbers so you can set your price range, and they’ll also run your credit so you’re aware of any issues you may need to handle before you make your purchase.

Step 3 of Buying a Home in Port Aransas: Do Your Homework

Buying a home is probably one of the biggest decision you’ll ever make during your life, so it makes sense for you to do as much research as possible. Use the Internet, ask your Realtor questions, and talk to family and friends who have purchased before. The more you know, this mother your home buying experience will be.

Step 4 of Buying a Home in Port Aransas: Shop Around

Think about all the Port Aransas neighborhoods that fit within your price range. Do your homework on the neighborhoods by driving through them at various times of day; do they come to life in the evenings, when you’re winding down for the day? Are they quiet, or are children playing on the sidewalks in the afternoons? The more you know about your potential neighborhoods and the homes you’re interested in buying, the better off you’ll be.

Are You Buying a Home in Port Aransas?

Whether you’re looking for a home for sale in Port Aransas or North Padre Island, we’d love to help you find the perfect place to live.
Call us at 361-563-7788 or get in touch with us online to tell us what you want from your next home. We’ll start searching right away.
In the meantime, check out our:

 
 

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The True Costs of Owning a Home: What You Need to Know Before You Buy

the costs of owning a home - port aransas homes for sale
If you’re buying a home, you already know that it costs money.
But what are the costs of owning a home that go beyond the mortgage? If you’re a first-time buyer, here’s what you need to know.

Beyond the Down Payment

For most home purchases, buyers need to come up with the standard 20 percent down payment (unless you’re using a VA loan, which doesn’t require a down payment at all, or some types of FHA loans).
Other than your monthly mortgage payment, which begins shortly after you move in, you’ll have to think about furniture, décor, and in some cases, appliances. The
These things really add up… and unfortunately, there’s more to come.

Real Estate Taxes

Your home’s value is the biggest factor in the amount of taxes you’ll have to pay. In many cases, mortgage lenders final real estate taxes into monthly mortgage payments—and that can be a big bonus for you because your taxes will be paid on time, and it’s one less thing to worry about.

Homeowners Insurance

You’ll most likely have to purchase homeowners insurance, which protects you against issues such as fire, theft, and other disasters. However, as with other types of insurance, you’ll most likely be required to pay a deductible if something happens; that means it’s a good idea to set aside a stash of cash for an emergency.

Homeowners Association Dues

Some neighborhoods and subdivisions charge homeowners a monthly or annual fee to care for the sidewalks, landscaping, and other amenities. Nearly all condominium complexes charge HOA dues, as well.

Home Maintenance

If possible, you may want to purchase a home warranty that will cover defects and issues. If not, remember the everything in your home has a life expectancy—including appliances, fencing, and other components.
Most experts suggest that you budget between 1 and 2 percent of your home’s purchase price to put toward annual upkeep.

Are You Buying a Home in Port Aransas?

Whether you’re looking for a home for sale in Port Aransas orNorth Padre Island, we’d love to help you find the perfect place to live.
Call us at 361-563-7788 or get in touch with us online to tell us what you want from your next home. We’ll start searching right away.
In the meantime, check out our:

 

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