Introduction to First Time Home Buying

Transcript

Hello, this is Scott from Texas Home Loans, and this is intro to First Time Home Buying. When you’re a first time home buyer, can be a scary endeavor. You can hear all of these different stories and all these different, everybody has their opinions. There’s a lot of financial folklore floating around. It’s pretty simple and straightforward, and we can break that down for you.

You wanna make sure that that payment associated with the purchas. Fits your budget. That’s the first thing. Then there is your credit and your down payment and your debt income ratio, which will determine the size of the loan that you can get. But the first thing I would establish is find out what fits your budget.

Realistically, some people have give big eyes when it comes to a house. They, ooh, I really want that house. I’m somehow gonna make it happen. But money doesn’t fall out of trees. And if you’re not saving money and your current payment and your payment’s going up, You’re gonna have to address this.

That means you have to change your lifestyle, change your spending habits. It’s very hard to do, trust me, I know this personally. But it would need to happen to make sure that you don’t get yourself into a situation where that payment is. Causing you to be what they call house poor. So as a first time home buyer, you can give us a call, we can walk you through all of the steps and make sure that you know what’s going on with your purchase.

We go over the insurance, how taxes are paid in arrears in Texas, how your all of your other house payments. Maybe there’s an hoa, maybe there’s some covenants with this. Those are very important things to know, and we can go over that to make sure that this is a purchase that you want to do that fits what you can do and it’s beneficial for you.

Short term and long term. Hopefully this is helpful, and as always, we appreciate your help. Visit us  at texashomeloans.com. Thanks.