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The Help Center
COMMON QUESTIONS
WHAT IS AN OPTION PERIOD?
An option period allows a buyer to terminate a real estate contract for ANY reason within a specified period of time. In order for this to take place, an option fee must be paid to the seller within three days of the effective date of a contract. It is critical for a buyer to negotiate an option period, because this is when you can have the home inspected, negotiate repairs, and shop for home insurance. This protects you from being handcuffed to a bad purchase.
WHY SHOULD I BUY, INSTEAD OF RENT?
A home is an investment. When you rent, you write your monthly check and that money is gone forever. But when you own your home, you can deduct the cost of your mortgage loan interest from your federal income taxes, and usually from your state taxes (we don't have those in Texas). This will save you a lot each year, because the interest you pay will make up most of your monthly payment for most of the years of your mortgage. You can also deduct the property taxes you pay as a homeowner. In addition, the value of your home may go up over the years, especially in this hot market. Most important, you'll enjoy having something that's all yours - a home where your own personal style will tell the world who you are.
WHAT DO I NEED TO APPLY FOR A MORTGAGE?
If you have everything lined up before you contact a lender, you'll save a good deal of time. You should have:
Social security numbers for both you and your spouse (if both of you are applying for the loan)
Copies of your checking and savings account statements for the past 6 months
Evidence of any other assets like bonds or stocks
A recent paycheck stub detailing your earnings
A list of all credit card accounts and the approximate monthly amounts owed on each
A list of account numbers and balances due on outstanding loans (ex. car loans)
Copies of your last 2 years' income tax statements
The name and address of someone who can verify your employment.
Depending on your situation, your lender may ask for other information. To get started with one of my preferred lenders message me today!