What should first-time home buyers know about buying in Texas?

Are you looking to buy your first home in the Lone Star State? You’ve come to the right place.

At Reliance Financial Group of Texas, we help first-time homebuyers navigate the home-buying process for a stress-free experience.

With soaring interest rates, you may wonder if now is a good time to buy. The good news is that many markets are experiencing price drops and fewer offers, meaning buyers can negotiate for the best price.

We share essential steps you should follow with tips on finding the perfect home.

  1. Know your budget.

Before you browse homes online or go to open houses, it’s vital to know how much home you can afford.

Review your finances and determine what you can comfortably spend monthly for mortgage payments.

Note that there are added costs to homeownership, like property taxes, homeowner’s insurance, and maintenance expenses.

  1. Get pre-approved for a loan.

Once you’ve figured out your budget, it’s time to get pre-approved for a loan. This involves giving your lender your financial information, like income, debts, and credit scores.

After review, your lender will give you a pre-approval letter which shows how much money you can borrow.

This letter can be used as leverage when making offers, as it shows sellers that you’re a serious buyer.

For the best Texas home loans, you can contact our loan officers for the latest deals in town.

  1. Work with a real estate agent.

Working with a real estate agent will make the home-buying process easier. They can help you find the best homes, negotiate with sellers, and guide you through closing.

Look for an agent who is experienced with first-time home buyers and knowledgeable about the location where you want to buy.

Don’t rush into finding an agent. Research and interview multiple agents to see who you can work with.

Ask them how many years they have been working in the neighborhood you are buying in and how many deals they closed in the past year.

  1. Begin house hunting.

Now the fun begins! With your pre-approval letter ready, you can now start browsing homes online or going on on-site visits with your agent.

Keep an eye out for red flags like major repairs that need to be made or viewing a home in a less desirable location.

  1. Make an Offer.

Once you’ve found your dream home, it’s time to make an offer. Your real estate agent can help you determine a fair price to offer, given comparable homes in the area.

Here in Texas, sellers provide a disclosure form that includes any known defects or issues with the property. Review this form carefully before making any offer.

  1. Get a home inspection.

Before closing on a home, you should get a home inspection first. Many home buyers forego this process and spend tons of money on repairs.

A home inspection will help identify major issues that may have yet to be included in the disclosure form.

Given the updated information, you can decide whether to push through with the deal or negotiate for a lower price with the seller.

  1. Close the deal.

Once all issues are settled, it’s time to close on the deal. Set aside time for this since you must sign a lot of paperwork.

Also, don’t forget to bring a check for your down payment and closing costs.

  1. Move-in.

Congratulations! You are now a homeowner in Texas!

It’s time to move in and enjoy your new home with your family.

Ensure you update your address with the post office, set up utilities, and update your driver’s license and other important documents.

Are you ready to buy your first Texas home?

Buying a home can be stressful, especially if it’s your first time and you don’t know how to begin.

Now that you are familiar with the home-buying process, it’s time to put those tips into practice.

The process can seem daunting, especially if it’s your first time but don’t worry. Our loan officers are here to make your dream of homeownership a reality.

Rest assured that you’ll get the best first-time home loans in Texas. We’ll help you find a loan that fits your unique financial situation.

You’ll also know the added costs you must prepare for, like closing costs, property taxes, and maintenance costs. We’ll structure a loan that allows you to afford these costs without hurting your overall budget.

Call or message us so we can help you get started. Our loan experts would be glad to take your call.


* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.