Buyer Questions

The first thing we recommend is that you get pre-approved by a mortgage lender. It's heartbreaking to fall in love with homes that you aren't qualified for. Once you've been pre-approved we will both have a more realistic expectation on what you can afford and if it's the best time. 

Once you have decided to call a mortgage lender and inform them that you are interested in buying a house there are generally two steps to this process. 

Obtaining pre-qualification is usually done first, fast and for free. This method is when you will tell the bank or lender your overall financial picture (debts, income and assets) and they will give you a ballpark number on how much you can expect to borrow. Keep in mind that a pre-qualification letter does not include a credit check or an in-depth analysis on your ability to purchase a home and pay back the loan.

Obtaining pre-approval is a much more involved step and this method will require you to fill out a mortgage application and provide the lender with the important documentation they need. The lender will take a look at your income and employment history, and they will run a hard credit check (your credit history and your three-digit FICO score) and determine your creditworthiness. The lender will then take a look at your Debt-to-Income ratio (DTI) and your Loan-to-Value ratio (LTV) in order to determine your interest rate and the ideal loan type. 

Being pre-approved puts you at an advantage! When you are ready to make offers, the seller and the seller's agent will often want to see a pre-approval letter and proof of funds to show that you are serious with your intent to purchase the home. Without a pre-approval letter there is a possibility that the sellers will be less likely to consider your offer. If you are interested in talking to a mortgage lender or have any questions please feel free and contact our trusted partners here.

Once you have been pre-approved please send us your pre-approval letter from the mortgage lender and lets start looking at homes!

Yes, you are more than welcome to text/email us the homes on Zillow you like and we will coordinate a showing at your earliest convenience. 

We are happy to help with people all over the Dallas/Ft. Worth metroplex, but we specialize in Collin County. Do not be afraid to reach out to us if you are looking to move away. We are well connected and would love to help you find the best agent if you are moving away from DFW.

Earnest Money is 1% of the sales price. This check will be cashed, but credited back to you at closing - the earnest money is needed within 3 days of being in contract.

TEXT

An option fee is generally $100-$200. The option period is typically 7-10 days and you are purchasing the right to do inspections and negotiate repairs. This check will also be cashed and credited back to you at closing; if you decide to terminate the contract during the option period you will lose the option fee you wrote a check for ($100-$200), but the 1% (your earnest money) will be returned. Remember the earnest money is needed within 3 days of being under contract.

An inspection is $350-$450. We will send you a list of inspectors we trust and have done business with before. You are welcome to choose an inspector from our list or use your own licensed inspector. This is generally performed at the beginning of the option period and takes 2-4 days to get done. VA loans require a termite inspection.

An appraisal is $450-$550. This will be ordered by your lender as soon as we are out of the option period. This is also an amount that is credited towards your loan. This is generally ordered 7-10 days into the contract.

A survey is $450+. This will only come into play if they survey the current owner has is not acceptable by the title company, or if per the contract, the buyer is responsible for a new survey if the old isn't suffice.