Clear Lake City,  Houston, Texas · (281) 486-9770 · (800) 638-9770

Here are ten steps that can help you make home buying a more rewarding and less stressful experience:

Get Pre-Qualified

1.   Get a Pre-Qualified Loan Commitment: Even before the house hunting begins, homebuyers need to determine how much they can afford. Mortgage companies or other lending institutions provide pre-qualified loan commitments. Sellers often don't take an offer seriously unless the prospective first-time buyer has some assurance of creditworthiness from a mortgage company. Shopping for a home with a pre-approved mortgage enables a customer to negotiate as a cash buyer and submit an offer on a home with confidence that the mortgage will be issued and the sale will be completed. For more information, visit our page: How Much House Can You Afford?

2.   Ask Your Lender About Available Mortgage Programs: An experienced mortgage company should be able to work with you one-on-one to determine exactly which mortgage programs will meet your individual needs and what you can qualify for based on your personal information.

3.   Research the Terms of the Mortgage: Different mortgage lenders have varying price structures that can affect the amount that you pay for your home. An annual percentage rate (APR) includes the actual interest rate on the loan, as well as certain fees and costs associated with the loan. Because a customer may be paying points and other closing costs, the APR disclosed may appear to be higher than the actual interest rate quoted on the loan. Not all lenders calculate it identically, but the APR does give customers a relatively fair method of comparing price on their potential loans. Check the average APR and calculate your payment.

Do Your Home Work

4.   Make a Checklist: To help make the home buying process a little easier, homebuyers should create a checklist of the important features they want in a home. Define your wants versus your needs. Location and the number of bedrooms and bathrooms are usually important. Other important questions to answer: What will the commute to work be like? Do you prefer shopping centers, parks and schools located near the home? What are the schools like?

5.   Research the Local Market: Use online sites such as penningtonchen.com and coldwellbanker.com to research current homes for sale, school and neighborhood information, current mortgage information, and home ownership services. The right amount of research will help you to better understand the marketplace and homes available in your price range when you're ready to work with a real estate professional.

6.   Find a Buyer's Agent: A buyer's agent represents the buyer's interests and helps identify homes that are for sale and in the right price range. The buyer's agent can also assist with such tasks as writing contracts, negotiating the asking price and closing details of the sale. Selecting a Quality Service Certified® real estate professional will give you confidence in your choice of a service provider. Your Coldwell Banker Pennington-Chen Sales Associate can provide detailed information on any property currently listed for sale, whether it is listed by Coldwell Banker Pennington-Chen or another real estate company, and it won't cost you a penny more! If you are already working with another real estate broker, it is not our intention to solicit the clients of other brokers. We are happy to work with them and cooperate fully. Call or email us for details!

Buy Wisely

7.   Make an Offer: Once you find the right house, make an offer. Your buyer's agent will assist you in this process.

8.   Hire a Home Inspector: Having a home inspection can save thousands of dollars by avoiding unseen problems. Inspectors will check the house for any structural damage. In the contract with the seller, it should state that any necessary repairs be completed prior to closing on the house. You should attend the inspection and bring up any questions or concerns. Then, prior to closing, walk through the house and check that repairs have been completed. A small investment of time and money at this point can save buyers a lot of trouble later. For more information, visit our page: Why Do I Need a Home Inspector?

9.   Buy Homeowner's Insurance: Lenders require homeowner's insurance to protect the new homebuyer's interests as well as their own. There are many providers, shop around for the best rates. For more information, visit our page: Why Buy a Home Warranty?

10.   Closing: This is where the seller and buyer sign settlement-closing documents to transfer the ownership of the home and all transactions are finalized.