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Helpful tips for first-time home buyers in Dallas

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Planning to buy a home in Dallas? You’ve come to the right place. In this article, we give you some helpful tips to keep in mind when looking for a new home in the Dallas area.

Work with a local lender

Before looking for a home, it’s always a good idea to make sure your finances are in order first. Look for at least three lenders and compare their mortgage rates.

Working with a local lender instead of a national bank can give you several advantages during the buying process. During the heavy buying season, national banks deal with numerous loan requests, which often results to delays for home buyers. Local, independent mortgage bankers typically have a staff working in the same office, making communication more efficient and streamlined.

Evaluate your credit score

One of the key factors that will affect your interest rate and the type of loan terms you can get is your credit. Be sure to check your credit score and take a look at anything that could be affecting it negatively. If possible, pay down debts to improve your score.

Work with an experienced agent

Your decision to buy a home is likely the biggest financial decision in your life at this point. It’s something you want to take seriously, so you want to work with only the best, most experienced agents.

A good agent will fill you in on the home buying process before taking you to visit homes for sale. He or she will help you understand what type of homes you can afford and which neighborhoods can best accommodate your requirements and preferences.

Do research on different neighborhoods around the Dallas area

When looking for a home in Dallas, it’s very important to consider the location, as there are many different areas to choose from. Think about the distance from your home to your workplace, and figure out what type of amenities you’d like to have nearby.

Get more information on some of the most sought-after communities in the Dallas area here.

Act quickly once you’re under contract

Remember to contact your lender to notify them once you place a bid. Buyers can face a significant financial risk in case their lender discovers an unexpected issue during closing. Should you fail to meet the financing deadline, the seller might accept a backup offer and keep your earnest money, which amounts to around 1% of the total sales price.

Work with your agent during the option period

The option period (also known as the inspection period outside Texas) lasts from about five to ten days. During this time, a general inspector should provide information on the home’s current condition, including its foundation, plumbing, electrical, and even small details like whether or not the refrigerator is operational.

Remember to thoroughly analyze everything with your agent, as once you get out of the option period, your earnest money will be on the line.

Looking for the perfect home in Dallas and its surrounding areas? Get in touch with The Wanda Charles Group today at 317.674.6949. You can also send an email to wandacharles(at)ebby(dotted)com or leave a message here.