Renee BuckhoffBroker/owner, RE/MAX Elite Properties[/caption]
Renee Buckhoff
Broker/owner, RE/MAX Elite Properties
What are the first steps to take in considering homeownership?
The first step is finding an agent who [the buyer] feel[s] comfortable with to guide [the buyer] through the process. The agent is definitely going to provide a good groundwork and a framework of counsel to help the buyer through the whole thing. [Buyers have to] narrow down the must-haves and the nice-to-haves [to figure out the price of a home]. At that point, I think it’s good to start talking to a lender. Sometimes what [buyers] want, they truly can’t afford.
What are mortgage lenders looking at when they approve a loan?
How much income [a buyer] make[s] is a big piece of [approving a loan], but in addition to that, how much debt a buyer has. You can have a buyer who has substantial income, but if [the buyer has] substantial debt, the lender does not look at them as a good risk. The lender is more or less looking for how long [a buyer has] been working in that field, what is [a buyer’s] income and what is [a buyer’s] debt. [Lenders] also consider credit.
Financially, how should a prospective homeowner prepare?
Your down payment is just one piece of the money you need to come to the table with. You also need to have money to pay an inspector to do an inspection on the property. You also need to pay [the lender] for closing costs [of the loan]. Lenders also want to make sure you have [some level] of savings that you could pay your mortgage [with] if something happened with your job. What you have in the bank definitely impacts your ability to get a loan. Don’t go into credit card debt; don’t go into the no-interest, no-payment debt. Don’t make any employment changes while you’re in the process of looking for a home.
What features of a home do Tomball and Magnolia residents desire?
It’s kind of the two-car garage, fenced backyard [and] a covered back porch or patio. Some people want an updated property if they’re looking in an older neighborhood. The condition of the roof [and] the condition of the [A/C system], those are really important [features], and especially so for first-time homebuyers, because they don’t necessarily have the funds to go in and replace all of that after they purchase [the home]. Sometimes the must-haves are, “I have to live within 20 miles of my office,” or “I have to live within 10 miles of the Grand Parkway,” so that [buyers] know they can get to and from wherever they need to go quickly.
