Steps for First-Time Buyers- A new year and a new home


  If you looking to buy a home for the new year, here is your check list.  Prepair your self with step by step guide to buying a home.  Meyerland and Westbury have some great homes available and with prices expected to continue to increase, makes these very established neighborhoods a great investment.  Here are you steps.

  Step 1: Make sure you’re (really) ready Homeownership is a big commitment. Before you leap, make sure you can answer “yes” to the following questions: Is your job stable? Do you see yourself living in this town for the next five to 10 years? Are you prepared for all the extra work that comes with homeownership, such as repairs and maintenance, yard work, pest control, and attending HOA meetings?

  Step 2: Create a list of “musts” Home buying is like dating: If you’re expecting absolute perfection, you’ll be disappointed. Few people find a home that’s 100 percent ideal. It’s important to know which issues you’re willing to compromise on and which are deal breakers. Maybe you’re willing to buy a fixer-upper if it’s in a great location. Maybe square footage matters most to you, and location is secondary. Maybe you’re willing to get a home that requires a major makeover as long as the “bones” underneath are solid. Check out different neighborhoods, home styles, and listings online to get a feel for what’s most important to you.

  Step 3: Figure out what you can afford Your mortgage payments aren’t the only cost you’ll need to consider. First, you’ll need a down payment. Ideally, you’ll want to put down at least 20 percent of a home’s purchase price to avoid paying private mortgage insurance (PMI), an additional charge tacked onto your mortgage payment. You’ll also want to make sure you’re financially secure enough to handle any maintenance or repair costs that can (and will) crop up. If the plumbing bursts or the roof needs replacing in a few years, do you have enough of an emergency fund on hand to cover it? As a rule of thumb, you should set aside 1 percent of the purchase price of the home, each year, in your “house emergency fund.” That’s $83 per month for every $100,000 of home value.

  Step 4: Gather documents The loan approval process is a test of how much paperwork you’re willing to endure. It’s time to spend a weekend organizing your files. Collect your proof of employment, such as pay stubs and copies of the past two years of W2 forms (or 1040 tax returns if you’re self-employed). Print out bank and investment account statements from the past 30 days, canceled checks from the past 12 months showing that you’ve paid rent on time, and contact information for your landlords for the past two years.

  Step 5: Get prequalified or preapproved You don’t want to lose out on your dream home because you haven’t gotten pre-approved for a mortgage. (It’s happened.) Before you visit a single house, gather that documentation from Step 3 and get prequalified for a loan. The prequalification process is relatively quick and easy — you’ll simply provide information about your income and debts. Many sellers won’t even consider a bid unless you’re prequalified for a loan. For extra credit, take the next step and obtain a preapproval letter. This step is more time-intensive and requires a through credit and background check, but it can make you a stronger candidate in a seller’s eyes.

  Step 6: Assemble your support team You’re new to the home buying game, so you’ll need the right people on your side to help you navigate it. Find a real estate agent you trust and communicate well with, and don’t hesitate to enlist a friend or family member for a second opinion. -

  If you have any questions or comments please post or contact me, I would love to help you with buying or selling your next home. Email me at or check out my website and search for homes at

Alex Correa




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