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BUYING A HOUSE

Many people think that buying a house is a lot to ask for, especially if you are a first-time home buyer. However, if you set your expectations before buying a house, do your homework properly, and find the right realtor and the mortgage lender, the home buying process could be less stressful or confusing.According to the National Association of REALTORS®, only 10% of new home buyers buy a home with cash. Most of the new home buyers have to borrow some money through financial institutions to purchase their new home.

The key to becoming a smart new home buyer is knowledge. It could be a lot less stressful and intimidating if you have the right information and knowledge about buying a house. If you are a first-time homebuyer, you might have to be a little more observant and try to get as much information as you can. There are many programs for first-timehome buyers which might help them to get the mortgage with minimum down payments.

The Process for Buying A House

In today’s world being a homeowner is one of the most rewarding feelings that one could have. If you are a first-time new home buyer it is very important to know the process of buying a house. The first thing that an individual needs to do is find a trusted licensed realtor who has adequate knowledge and experience of real estate in the area that you are buying a house. Looking at the realtor’s profile and reviews may help to find the right one.

Once you finalize on a realtor its time to finalize a mortgage lender or a mortgage broker who will provide you with a pre-approval letter. Once you receive the pre-approval you can make an offer to the property that you liked and finally sign the sales contract. The financial institute like a broker or a lender will help you secure the mortgage loan that is required to buy your new home. Once you secure the mortgage loan through the lender or a broker, they will underwrite your loan and get it approved based on your documentation and federal guidelines. Once you receive a final approval you are good to close the mortgage loan on your new home.

Benefits of Buying a House

When you arebuying a house you would always have some share in your home as equity. As a new home buyer, you could also take advantage of a few home-related tax benefits. Once you get a home mortgage you can always get a tax write-off for the mortgage loan that you took for the new home. If you paid points when you got the original mortgage loan you can always get it written-off while you are filing your taxes.

Another advantage of having your own home is you have fixed costs compared to renting, as the landlord might hike your rent without prior intimation. By buying a house with a fixed-rate mortgage, you can actually count on more predictable costs related to your housing expenses. Although some aspects of your homeownership will fluctuate like property taxes, your monthly mortgage payments would largely remain the same. Another benefit of being a homeowner is that you have complete control of the home that you bought. You can customize your home according to your comfort.

Options for Buying A House

When you plan to buy a new home for the first time like most people you might be also trying to figure out about down payment andmortgage loan programs that are currently offered. If you are a first time new home buyer you might want to understand which category you relate to. There are a few first time home buyer loans that you can choose from. Some of the first time home buyer loans can help you finance up to 100% of the property value. Although 100% financing sounds great, you might have to qualify for these loans.

For the individuals who have credit challenges and with limited cash for down payment FHA loans could be the best option. The advantage of the FHA loan program is that it allows a borrower to make a very low down payment of the purchase price. For potential first time home buyers who have good credit but limited cash for a down payment, there are conventional first time new home buyers loans like ‘home possible’and‘home ready’ which gives borrowers an option to make down payment as low as 5%. Whether it be an FHA loan, conventional mortgage loan, or first time new home buyer loan we have lenders who can get the right program that suits you the best.

Why Buy a House With Compare Closing?

Whether you are a first-time new homebuyer or a real estate investor, buying a house could be a process with a lot of anxiety and might require immense patience and time. We at Compare Closing LLC are here to assist you in every step of the process to make it as smooth and as hassle-free as possible. With us comes the experience of mortgage lenders and brokers who have helped many individuals not only to guide them in the process but also to make their new home buying experience a pleasant one. With a minimum down payment, lesser documents, our preferred lenders can help you close on your new home purchase within 8 to 15 working days.Buying a house is a big decision for anyone. Compare Closing has your back. We can get you pre-approved for a mortgage in minutes and get your new home mortgage closed in no time.

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When there are fewer homes on the market, you might have to look into buying new construction homes. In this post, we will discuss the pros and cons of buying new construction homes in Texas.

Best Cities to Live in Texas

Why would anyone like to move to the state of Texas? In this post, we would discuss some of the best cities to live in Texas and a few suburbs as well and highlight a few reasons why you may want to move to Texas.

5 Questions to Ask A Realtor While Interviewing

When you are selling the house, it is prevalent to have realtors coming to your home, and your interview maybe two or three of them. One might feel the need to do it because you are going to pay them a commission to sell your house.

Do You Need a Buyer’s Agent to Buy a House?

One of the most common questions which bother a lot of buyers is “Do you need a buyer’s agent to buy a house?”. In today’s post, we will discuss if you need a buyer’s agent to purchase your home.

How To Avoid Overpaying When Buying A Home in Texas

If you are looking for buying a home or maybe you are going to start looking for one soon and find a home you actually like and it is time to make an offer, you might need some consideration. Whether you are a first-time homebuyer or a real estate investor the number one concern is that you don’t land up overpaying for your home.

4 Major Types of Down Payment Assistance Program In Texas

Low-income homebuyers all across America may qualify for thousands of dollars in down payment assistance program. You probably already know this, but housing may be expensive. In many areas, a mortgage payment may be cheaper than rent.

Things To Consider Before Closing On A House In Texas

The mortgage closing process is really very exciting. If the seller just accepted the offer you made on your home, and you guys have agreed to work together, then let us understand what you can expect and the things you should know while moving forward and closing on a house in Texas.

Buying Fixer-Uppers Vs Buying Move-in Ready Homes!

Sometimes when you get out there and start thinking about home shopping, you get a little sticker shock when you see how much these homes cost, whether it is new construction or a resale home.You wonder what happened to these more affordable homes, where are the fixer-uppers in the market?

Challenges and Tips For New Home Buyers In Texas

If you are a first time home buyer and you are on that fence, it makes a lot of sense. Sometimes you get a lot of anxiety and concerns.Yes, it could be less confusing and easy if you know how to go about it. Today we will discuss the challenges and tips for new home buyers in Texas.

10 Important Home Inspection Checklist In Texas For New Home Buyers

If you are looking to buy a new home, then you definitely need to know everything about the house you want to buy. The interiors, the paint, the heating system, the roof, the air condition, etc.

Steps to Check Before Buying a Home For The First Time In Texas

List of Documents for First Time Home Buyer In Texas

While closing on your dream home as a first time home buyer in Texas, you might have signed many documents.What were those documents? The title company gave you a copy of documents on your

Renting Vs Buying A Home In Texas: The Pros and Cons

Buying your own house is one of the most important decisions you can make to start acquiring assets and build equity. However, a lot of people get intimidated when they hear stories about losing money if they purchase a new house.

5 Steps Guide For Buying A Home In Texas

In today’s world, being a homeowner is one of the most rewarding feelings that one could have. If you are a first-time or an investment buyer, it is imperative to know the process of purchasing a property.

5 Questions to Ask A Realtor While Interviewing

One might feel the need to do it because you are going to pay them a commission to sell your house. But when we are buying a home, we tend to go with the first realtor that we meet.