FAQ: Frequently Asked Questions

Mortgage rates are remarkably low right now, but many people wanting to buy a house are faced with the new challenges of obtaining a mortgage loan. The requirements have increased and money seems scarce. So, here are a few tips to help ease the process and help you obtain home ownership.

First thing to do is start early. Get in touch with two or three loan officers, see what they have to offer and begin the approval process. Different lenders will have different loan products available, so it is good to compare and make sure you get the loan that best suits your needs. After choosing a lender it is imperative to obtain a pre-qualification letter or a pre-approval letter. You will need the letter to submit with the purchase offer when you decide on a…

When home values are going up, taxes are probably going up too. But luckily that number is capped. The State of Texas has a 10% cap policy and under this policy if your home value goes up more than 10% the homeowner will not have to pay taxes exceeding a 10% increase.

- Tim Kress, Owner RE/MAX 1

Buying a house can cause a complexity of questions and issues but using a realtor should make your home purchase a fun and pleasant experience. Once you have decided that you would like to buy a home the first step in the process is to secure your financing and choose your mortgage banker. I usually refer different bankers that I have worked with in the past to help my clients decide who they would like to use. Sometimes they have their own bankers that they want to compare along with my recommendations. With my experience I can help my clients analyze and review the GFE (good faith estimate) statements. This can sometimes be very confusing for a new home buyer to understand what everything means. There are loan origination fees, miscellaneous loan fees,…

If you are in the process or even thinking about buying a new home we would highly recommend that you get the home inspected by a professional licensed inspector. Many people have a false sense of needing an inspection on a brand new home because they think if it is brand new then why should there be any problems. We have helped hundreds of clients throughout the home buying process and through the home inspection is where we help to identify with the client any deficiencies that need to be addressed with the builder or the seller. Some inspectors will even go back to the home after repairs have been made to make sure they are done correctly and they do this as part of the fee you have paid for the inspection. On a recent home inspection we had with a…

There is so much information out right now about credit it's mind boggling. What is your credit score and how does it affect your buying power? What do all of these numbers mean and how important are they really?

Your credit or FICO score is a number that creditors and bank use to determine credit worthiness. If you have perfect credit your score will be in the 800's. If you have good to fair credit your score will be in the 700's to middle 600's. If you have poor credit your score will be in the low 600's or below. When you are ready to buy a house, car, get new insurance or even find a job your credit score is pulled and that gives whoever is looking at it a quick snapshot into your financial history.

Well - we are all human and sometimes we…

Current estimates say that less than 20% of buyers who inquire about buying a foreclosure listing actually purchase one.

Why? It is a long and winding road with not much favoring the buyer. If you haven€™t purchased one before you should talk with a professional REALTOR to explain the entire process.

Do your homework on the property. It may have a sorted past that no one will disclose to you. Banks are not obligated to disclose anything about a property they foreclosed on.

Be prepared for a long transaction. More paperwork is required by banks than in a traditional resale transaction. And, the banks are rarely on time with meeting any of their obligations in the transaction.

Foreclosures are sold in €œas-is€ condition. So, give yourself…

The option period for a buyer when entering into a contract to purchase a home from a seller usually lasts from 7 to 10 days. During this time frame the buyer has the option for the unrestricted right to cancel the contract for any reason and receive any earnest money back that was deposited with the title company as escrow. Additionally, the buyer should have the house inspected by a licensed inspector which will give the buyer a written report of the overall condition of the home. After reviewing the inspection report with the buyer€™s realtor the buyer can use this time to further negotiate the contract with the seller to repair or replace any items of concern about the home. An option period is really just a great way for a buyer to make sure they…

Are you searching for a home in Austin, Round Rock, Pflugerville, Cedar Park, or anywhere in Central Texas? As you are perusing the internet and the thousands of homes for sale in our area do you ever wonder why so many of the listings only have one picture, no room dimensions, no floorplans, and some really bad pictures?? This is the question from a woman trying to find a house in the Austin area from outside ofTexas€¦€¦.

€œWhy do agents bother to list a home if they are only going to show a single image of a front or a duo front and back is beyond me. Don€™t they use the internet and realize it is all about the images? We live inside and need to see images of the interiors. Images with sensible captions and at appropriate angles and…