REAL TipS: BUYING

Finding the right loan product

Buying a house? It could be the largest purchase you will ever make. Therefore, it’s important that you take time to consider your financing options before jumping in. If you are a first-time homebuyer, finding the right mortgage loan is key to a successful transaction. Not only will you feel more comfortable in your ability to repay the loan, but it will give you peace of mind knowing that you have chosen a product that meets your needs. The best way to figure out what type of loan is right for you is to sit down with your Texas REALTOR® and answer some questions. Your personal situation is central to choosing a good loan product. So figure out what that is. Consider the following questions:

• Do you think you will stay in this home for many years or do you plan on “moving up” in the near future?
• Would you prefer to pay the same mortgage amount each month or are you comfortable with one that fluctuates?
• Would you prefer a lower monthly payment or a more rapid accumulation of equity?
• Do you expect your income to change over the next several years?

Talk your answers over with your Texas REALTOR®. It’s important that your REALTOR® knows where you stand and what your future intentions are. By equipping your REALTOR® with this valuable information, he or she can help you make a decision on the best mortgage option for you.

Texas Association of Realtors®