Get a fair mortgage rate for new home

Having just gone through this exercise with a client,  I can truthfully say shop around for a mortgage.

Big Bank Mortgage Loans

Big banks advertise competitive rates and  may offer more favorable rates or incentives if you to bank or invest with them.  We have our mortgage thru our local bank since they waived some of our fees when we opened an account with them. This can be a great option for some, but maybe not everyone.

Mortgage Broker Benefits

A mortgage broker may have access to programs with lower down payments, lower credit scores or rebate part of the origination fees.  Brokers have a way of suggesting lenders to be more competitive to earn your business. Not too long ago I had a client who needed credit repair before they could qualify for a mortgage. After working with a mortgage broker, they were able to purchase a home.

“The average home buyer can save nearly $90 a month—or more than $31,000 over the life of a loan—simply by comparing interest rates offered by different companies, according to a Lending-Tree report.”

– says Clare Trapasso


Online mortgage loan brokers / companies like Rocket Mortgage by Quicken Loans also offer very competitive rates.

Always read the fine print when looking at rate quotes-  A higher credit score may be required to get the advertised rate.

Bottom line – You should get on the phone or internet and do your research. Want to learn more about how to become financially ready to buy a home? – keep reading below.

More Home Buyer Advice

First Time Home Buyer Guide

View Homes for Sale Nearby

Related Article from Realtor

Michelle Hoover

Hoover Area Pro Group Realty

(925) 785-6598

Getting ready to buy your first home?

Weve received numerous calls from new home buyers who are eager to get started with owning a new home. After asking a few questions, it becomes clear they might be leasing for a bit longer. Why is that? It is because they had basically no savings.

What most first time home buyers dont realize is the amount of money needed to get into a home. Even if you can get a home loan with no or a low down payment, there are still some costs associated with the purchase.

Read our Home Buyers Guide

how to save for your first new home purchase

Home buying costs many don’t think about

The down payment can vary from 0 down to 20%. Hiring a home inspector, possibly paying for a survey and POA transfer fees. Finally, there are prepaid items that can not be paid by the seller like home owners insurance and property taxes.

Saving for a new home purchase

Best way to save for a down payment on a new home is to make a savings plan and force yourself to follow the plan.

“Savings, however, are incredibly important, especially if you are looking to someday buy a house or get an investment property loan.Real EstateTrac recently reportedthat the average American down payment was around 15% in 2015. With the median sales price for a househovering around $250,000, house buyersmay need to save $40,000 or moreto buy a house. Even low down mortgageslike anFHA loan can cost you 3.5% plus closing costs, requiring $10,000 or more.” ~ Brandon Turner

Read Details of Purchasing a New Home

Here are a few more tips to get you on your way to home ownership.

from, By Cathie Ericson | Jan 3, 2018

The house-buying process can seem endless: Attending open houses. Separating your must-haves from nice-to-haves. Identifying your (sort of) dream home. Making an offer. Negotiating the final price. So when you get to inspection day, its tempting to heave a huge sigh of relief now that your work is basically done.

But not so fast. The home inspection is one of the most crucial stepsfor buying a home, and it shouldn’t be overlooked or rushed. In fact, the inspection processhas the potential to bejust as nerve-racking for the buyer as it is for the seller. What if you’ve fallen in love with a beautiful home that has major problems lurking beneath the surface?

That’s why it’s extremely important to pay attention during this (sometimes confusing) process, and take steps toavoid common pitfalls.How can you possibly screw it up? We’re here to tell you. Avoid these mistakes when you get an inspection on your dream home.

To read more…visit HERE

What Kind of Questions Should I Ask Before Buying a Home?


A reader asks: “We are very new to the homebuying process and have been going to open houses on the weekends. When the agents ask if we have questions, we figure we’re supposed to ask something, but what? What kind of questions should we ask before buying a home? What do we need to know before we buy a house?”

10 Steps to getting ready for new home purchase


Click here for the answer to this question.


10 Steps to Buying a Home

The home buying process can seem like a long race with a lot of hurdles. Like any race it is important to train before the event and get in the best shape possible to go the distance.

This article is part one of multipart series that will enable the first time home buyer or experienced home owner to strategize the race to be in the best condition when they start the race and finish strong. Each topic will be covered in detail in later posts, but like any race you have to strategize your race in stages.

Here is how to start your home purchase

1 – Buy vs. Rent You need to decide whether home ownership is for you. It is not for everyones lifestyle nor does it make financial sense for everyone. There is a variety of online information to help you understand if it financially makes sense for you from places like the Houston Association or Realtors, The Texas Association of Realtors, the National Association of Realtors, mortgage companies and other sources. Keep in mind it is a race with both financial and lifestyle elements.


2 – Build Your Credit Score– Contrary to popular belief, there are a lot of mortgage options in todays market from first time buyers to investment properties. The key to getting the best rate and terms is having a good credit score. There is a lot of information from mortgage companies and credit bureaus to help you. It is not as hard as you think and can happen very quickly.

3 – Start Saving Down payments vary based on the mortgage program, your credit score and your overall financial picture. Veterans programs currently require no down payment while other programs may require 3.5% to 20% or more of the value of the home.

4 – Research a Location or Two Understand where you want to live and why whether it is a neighborhood, a subdivision or a city. Understand what the lifestyle is like, the quality of schools, the tax levels, transportation and all the other lifestyle elements that effect how you will feel about your new address.

5 – Find a Local Realtor Find a Realtor you are comfortable with and can trust. The Realtors job is to represent their clients best interests in the real estate transaction. A Realtor is subject to a strong code of ethics, higher education requirements and is licensed to provide real estate services. A local Realtor with a strong knowledge of the marketplace is essential to avoiding many potential issues in the transaction.

6 – Learn the Process – The home buying process can be confusing and different states may have different rules. Your Realtor will explain and guide you through this process.

7 – Develop a Realistic Wish List Decide what you want and need in your future home. How many bedrooms, how many baths, desired school district, yard size and other amenities. Divide the list into three categories-1.) Must Have-those things you will not compromise on, 2.) Good to Have-those things you would like to have, but are not deal breakers and 3.) Not Important those things you have thought about and have found not to matter in the end. Keep it realistic for your market and price range to avoid disappointment later.

8 – Find a Mortgage Company and Get Pre-Qualified – Most mortgage companies will prequalify applicants for mortgages free of charge. This is a quick interview or on-line application that involves minimal documentation, a credit report and a series of questions. A Pre-qualification letter will tell you what level of mortgage you theoretically should qualify for. Many home sellers today require a minimum of a pre-qualification as part of the initial offer. This amount with your down payment becomes your maximum home buying budget. You Realtor can suggest several loan companies if you ask.

9 – Get a Pre-Approved Loan Pre-approval is a much stronger position for all involved than pre-qualified. Pre-approval means that the mortgage company has verified all the information in your credit history, salaries, employment, savings, etc. and will approve a mortgage up to specific limit provided your financial situation has not significantly changed at closing. This is a very strong position for a home buyer to be in when buying a home.

10 – Decide on a Time Frame The average home search takes from three to six months from the first conversation with a Realtor until purchase closing. You will need to talk to your Realtor to understand what to expect in your market place.

Get in the starting blocks, the race is about to begin


Tips for Purchase Home & Land in Montgomery County Texas