Congratulations you just made an important  decision!. It will be bringing you lots of beautiful moments such as pictures of your family activities in your back yard or the first steps of your baby in your living room, etc. Also, it will allow you the posibility of tax savings. You will be able to deduct your expenses such as property taxes,interest paid to your mortgage company, and some closing costs too among others by April 15th. Finally, your family will able to obtain a better quality of life by not having to move often such as in renting properties and get to know your community members such as friends better.

For your home purchase you need to do the following:

1) Improve your credit score to be able to obtain a better fixed interest rate and Apply for a home mortgage by using your current bank or by shopping online using secure lines(Avoid using public places such as libraries etc.)

2) For your first home the issue is to obtain a home you will be comfortable in, a home you like  and your costs associated for owning this home are at 28% or less than gross income for principal and interest. Do not go to extremes such as lived in 1 bedroom 1 bath  paying rent at $700/ mo and move to 5 bed 4 baths paying $5,000/ mo unless you got a winner lottery ticket cashed.

3) Down Payment.  Your lender will tell you the down payment size needed for you to obtain a loan, but it will depend on the size of the home you want. A larger home/ pricier home will require more down payment than a smaller one/ less pricier. Common down payments for a $100,000 home  vary from 3.5%($3,500) up  to 20 %($20,000) depending from your lender program. Note: At 20 % you are not required to pay for PMI loan insurance.

4) The costs to obtain a loan and the cost to transfer the property from the previous owner to yours are known as the closing costs and these are payable at closing time. Sometimes when asked seller for contribution towards closing costs it will save buyer a portion of them. Note:  Some restrictions from your loan program can exist.

5) Contact your Realtor to help you find, negotiate and advise during your home search experience.

6)The following table shows for a common $1,200 rental payment per month how much your total payment was...

Time                 Paid amount              You Keep

1 year                 $14,400                        0

5 years                $72,000                       0

10 years              $ 144,000                    0

7) Call Ed Polack your Realtor from Elite Texas Properties at (832)-403-0150 to guide you through out the process.