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What to Expect When Purchasing
Benefits of Owning vs. Renting
Owning
- Long-term investment that creates a higher return on your investment over a period.
- Security of knowing that you are locked into a 30-year fixed interest rate and your monthly payments will not increase yearly based on the market.
- Freedom to pick and choose your style and color without having to get permission from a landlord.
- Money is not being given to a landlord or property manager that increases their portfolio, instead you are able to increase your investment portfolio when you make monthly mortgage payments.
Renting
- No return on your income that is put into the property.
- By renting you are not able to increase your personal investment portfolio or increase your long-term profit.
- Possible monetary rental increases yearly based on the market.
Why Get a Home Inspection?
A home inspection performed by a licensed Texas Property Inspector provides you peace of mind that the home you are purchasing has been inspected thoroughly inside and out for any possible malfunctions or deficiencies. A home inspection report also provides a buyer the opportunity to request any repairs on the home prior to closing that may be of any concern or inconvenience to the buyer or buyers’ lender.
Types of Loans
FHA
Federal Housing Administration Loan
- Used for first-time home buyers.
- This loan is ensured by the government and issued by a bank or lender.
- It requires a lower minimum down payment.
- Can be provided to lower credit scores (have a lender verify if you qualify)
- Usually has a higher interest rate.
- 3.5% down payment required for closing costs.
Conventional
Home buyer loan made through a private lender. (Banks, Credit unions, or Mortgage Companies.)
- Requires a higher interest rate. (Vary depending on the down payment)
- Several variations of the down payment required for closing costs. (5,10,20%)
- Requires a higher credit score.
- Fixed interest rate over a 30- or 15-year period.
VA
Veterans Affair Loan
- Established loan through the Department of Veterans Affairs.
- Available to: active military, retired military, and surviving spouses.
- Require no down payment.
- Requires a certificate of eligibility from the VA.
USDA
U.S. Department of Agriculture
- Assistant to low-income residents of rural areas that may not be able to qualify for a conventional loan.
- 0% Down Payment Loans.