The home-buying process often feels like it’s filled with an endless number of steps, which can be equally exciting and intimidating. Although identifying your must-have features in potential homes and neighborhoods can be fun, other aspects—such as putting your finances in order—might be less so. Luckily, you don’t have to go through this process alone.
Although partnerships with realtors, inspectors, and lenders offer immense help throughout this process, it’s good to know what to expect on your end. To help you out, this article walks through the home-buying process in Texas from start to finish, highlighting key moments, potential challenges, and tips for a successful path.
According to the 2021 Texas Relocation Report, Texas is seeing significant changes to its population:
What’s causing this migration? If you’re native to Texas, you’re already aware of the many benefits the state has to offer, from the growing job markets to the cheaper housing costs to the tax incentives. Plus, Texas provides an option period on home purchases. This is an agreed-upon period after the contract is signed in which the buyer can terminate the contract for any reason, without risking monetary loss.
According to a recent article from the Texas Real Estate Research Center, the state has seen an increase in construction permits, housing sales, and housing prices, which is favorable for those hoping to see a return on investment further down the line.
Based on the state’s expanding economy, favorable business policies, and consistent population growth, now is a great time to invest in the Texas housing market.
Now that you know the benefits of living in the Lone Star State, let’s go over some tips for navigating the home-buying process in Texas.
It is highly recommended that all future homebuyers take a homebuyer education course to become more informed. In these courses, students are given information on a variety of topics related to the home-buying process, including:
You can also utilize other local resources—such as the Texas Financial Toolbox—to learn more about the basic requirements of homeownership in Texas.
Perhaps the most crucial element of the process is understanding the quality of your financial situation. Be sure to know the answers to the following questions:
Once you have your finances in order, get in touch with a Loan Officer from an independent mortgage bank (IMB) to understand how much you can afford and which loans you qualify for. An IMB is an excellent option because they provide hundreds of loans, lower interest rates, and faster closings.
It’s important to establish a professional relationship with a well-informed real estate agent. Not only will they help you find the right home and neighborhood based on your must-haves and lifestyle, but they will also help create and submit proposals to the seller specifying the purchase price, terms, and conditions.
Once you have had your home inspected to ensure there are no significant issues, you can reconnect with a Loan Officer who will provide conventional loans, federal loans, or other loans depending on your financial situation. After the seller receives the funds, you will receive the deed and keys. Congrats! It’s time to start making your house your home.
As you navigate through the home-buying process in Texas, one of your most important partnerships will be the one between you and your mortgage lender.
At radius financial group, our customer-obsessed Loan Officers are committed to finding the right loan for your financial situation, so you can live in your dream home.
Want to learn more about home buying in Texas? Check out this first-time homebuyer guide.