4 Things You NEED To Do To Prepare To Buy Your First Home In Dallas

TV house hunting shows make it look easy. You just find homes for sale in Dallas and pick the one you like, right? We wish it were that simple. Regardless of how good the deal is or how you fell in love with that 1920s bungalow at first sight, a home should never be an impulsive or emotional buy. You’ll make a good decision and find the ideal place to fit your budget with these home buying tips.

Four Tips for Buying a Home in Dallas

1. Get your credit in shape.

You can get one free copy of your credit report every 12 months from each of the three national credit agencies: Experian, Equifax, and TransUnion. The higher your credit score, the more money you’ll be able to borrow.

Your score will tell the mortgage company how reliable you are, but it will also determine how much interest you pay. Find out what you can do to fix blemishes in your record, and dispute any errors. If you can, pay down your balance, but DON’T apply for a new credit card or car loan.

2. Prepare for a mortgage.

Figure out how much you can afford to pay for a home, and know what you’re committing to do. You’ll find online calculators to determine your monthly mortgage payment and show how different factors, such as the size of the down payment, current interest rates, and different kinds of mortgages, will affect your loan.

Talk to a mortgage lender to confirm how much money you qualify for. Different programs have different kinds of loans and different rates. Shop around for the best one. Then, get pre-approved for a mortgage, and save up at least 20% of the loan amount for a down payment.

3. Check out the real estate market.

Ask friends and family for referrals to real estate agents. Your agent can help you understand your loan, figure out what you can afford, show you homes in your price range, and guide you through the entire process. Meanwhile, get informed by looking at online listings, scouting out neighborhoods in your price range, and visiting open houses.

4. Stay out of trouble.

Seriously, don’t make any big changes while you’re in the process of qualifying for and buying a home. Now is not the time to quit your job or buy a new car. There will be time for that after you sign the contract and get accustomed to your new obligations.

The Takeaway

When you make an offer on a home in Dallas, you’ll be signing contracts, and contracts can always be negotiated. If you want a radon test, ask for it. If you need to delay the closing for a few days, try to work out a deal with the seller. Don’t get in a hurry. Home buying tips only work if you put them to the test.

There are lots of homes for sale in Dallas, and one is waiting for you.