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Kathy Allen
Mortgage Loan Officer
Direct: (512) 997-4605
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Home Purchase Basics

Involve the family

Long before you start driving neighborhoods and touring model homes, you should get input from everyone affected by the move. Begin with a family meeting to talk about everyone’s wants and needs. Discuss things like schools, neighborhood amenities, desired commute time, and proximity to shopping and doctors. What does each person like and dislike in the current residence? And, if you have to choose some things over others, what are the most important criteria to each person?

Prioritize

It’s the rare family that finds a home that fulfills every item on every family member’s wish list. It’s important to understand the difference between:

 

  • Needs: What are the non-negotiable items? The things we must have or we will not buy the house.
  • Wants: What are the things that would be nice to have, but we could live without them?

This list will help you evaluate one home over another. If both have all of your needs, but one has more of the things you want, the choice is easier.

Know What You Can Afford

Before you spend a lot of time shopping, it makes sense to find out how much home you can afford. By getting pre-approved for a loan, you know your budget and can make the most of your shopping time. In addition, sellers tend to take pre-approved buyers more seriously when it’s time to make an offer. They don’t have to worry that, if they accept your offer, you won’t be able to qualify for a loan. Start Shopping!

Driving around neighborhoods that appear to match your needs is the next step. Take a look at the condition of the homes and yards. Check out the area amenities. Playgrounds, pools, biking trails, traffic patterns and lot sizes should be discussed. The commute to work in both time and hassle should be considered. Talk next about the social aspects of the area. Are you interested in a close knit neighborhood with lots of interaction? Or do you hope to come home to quiet and solitude? What about children in the area: would you like to see playmates for your children, or are you at a point in life where you really don't want to see bicycles on the sidewalks? Does a new community with newer homes appeal to you, or do you want the settled feel of a more mature neighborhood? At this stage, the specifics of the home are not as important as determining the overall lifestyle you want to create.

Get Professional Advice

Buying a home without a real estate agent can be completely overwhelming. A real estate agent’s job is to help you find the home that best meets your needs, wants and budget. They guide you through the process, from comparing prospective properties, to negotiating the offer on your behalf, to making sure all the necessary paperwork is ready for loan closing.

Kathy Allen, Mortgage Loan Officer NMLS #509715
University Federal Credit Union NMLS #441215
8303 N MoPac Expressway Ste A105, Austin, TX  78759
Direct:  (512) 997-4605
kallen@ufcu.org
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