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Frisco TX First Time Home Buyer Series - Your First Steps (Part 1)

Homeownership is on your horizon. You decided and prepared to go for it. This series of First Time Home Buying articles will help you walk through the home buying process  even before you decide to work with a Realtor®. This set of articles are intended to assist you in your real estate success whether or not you choose 3:16 team REALTY as your real estate partner.

Your first step is the most important: Evaluate how much financing you qualify for. Most buyers in America purchase their homes via financing. Hence it is important to know the maximum amount you qualify for. It does not necessarily mean you need to spend all you qualify for. Knowing itself may change the course of your home purchase.

A $150,000 first time buyer home in Frisco Texas is different from a $180,000, just as the same with a $200,000 first time home is different from a $250,000. The features may be different in terms of quality and of course, the land/ lot value itself may be different. So knowing how much you could qualify for sets your expectations as to what you could possibly ultimately purchase.

After knowing how much you can qualify for, it is time to check your credit report. It is known for many errors. Hence, correct it when you have time. You do not want to wait 30 days before you close on your house. Many home buyers are unaware about their credit situation. For better or for worse, knowing gives you the power to make necessary changes - whether it might be an error correction in your credit, or it may mean cleaning up your credit and buying 6 months later.

Check your free credit report at AnnualCreditReport.com - the only authorized source to receive your free annual credit report under the Federal Trade Commission once every 12 months. Be sure not to fall into a variety of traps that offer you "free" reports.

Knowing your credit score can make a huge difference in your mortgage. Excellent credit in today's mortgage is considered 740 points. Anything less than that, it would have some impact on your interest rates and/or terms.

Next, read more about the Difference Pre-Approval and Pre-Qualification and how one can put you in a better negotiation position.

Articles in the Frisco Texas First Time Home Buyer series:

• Part 1 - Your First Steps to Homeownership
• Part 2 - Difference between Pre-Qualification and Pre-Approval and how to strategize a better negotiation
• Part 3 - What makes up a house payment in Frisco TX
• Part 4 - How much funds are needed to buy a house in Frisco TX
  Part 5 - Setting yourself for real estate success with tools you need
  Part 6 - Should you use a real estate agent?
  Part 7 - A Real Estate Contract is a legal binding contract
  Part 8 - Home Inspections and what to expect from it
  Part 9 - Going through with your home loan process
  Part 10 - What to expect at the closing table

** Read more about the Benefits to setting Property Watch alerts

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