Buying a House in The Woodlands | Financing Options
Many families looking for their next home in Texas consider the master-planned community of The Woodlands, and it’s no wonder. It’s conveniently located about a half hour north of Houston, which is close enough for an easy commute and far enough for a serene atmosphere in which to raise a family. The Woodlands is made up of several villages of homes, and Alden Bridge is among the largest. Before you start looking for a house in The Woodlands, learn a little more about the area and your financing options for your new house.
Located on the northern edge of The Woodlands, the Village of Alden Bridge is one of the largest of the 8 villages. Not only are there plenty of houses for sale to check out, but there are also community pools and parks for local families to enjoy. Alden Bridge Sports Park is where local sports leagues practice and play their games, and of course, there are a few elementary schools, preschools, and day cares located in this area.
Another reason Alden Bridge is so sought after is that there are two shopping centers within the area, which locals find to be convenient. Windvale Village Center and Alden Bridge Village Center feature grocery stores, pharmacies, banks, restaurants, and more. So if you move here, you will rarely need to leave your neighborhood!
Alden Bridge Woodlands Homes for Sale
No matter what size or style of home you are looking for, you can likely find it here. If you want a cozy home for your small family, check out the townhouses and condos, many of which feature two or three bedrooms. They tend to have attached garages, and you can choose from units on the ground level and units on the second floor. Clearly, you’ll have no problem finding a comfortable, affordable condo or townhouse within Alden Bridge.
Of course, there are plenty of detached houses here, too. Many Alden Bridge Woodlands homes for sale have four or five bedrooms, perfect for many families in Texas. They often feature two to four bathrooms and garages with enough space for two or three cars. The styles of these homes for sale range from traditional to contemporary, so you should be able to find your dream home within Alden Bridge!
Purchasing Your Home
Once you see a few homes for sale that you would consider buying, it’s time to look into your purchasing options. One of your choices is to buy the home outright with cash. If you can afford to do this, the home buying process should be straightforward for you since most sellers are more than happy to accept cash for a home. Another benefit of buying a home with cash is that you will not have to pay interest on a loan or have monthly payments. Just keep in mind you will still have some recurring costs, like property taxes, insurance, and homeowner’s association fees.
However, most home buyers cannot buy a home with cash and need to finance this purchase. If you decide on this popular option, keep in mind that you will still need to spend some money upfront. In most cases, you will need a down payment of 20% of the home’s value. The plus side of this common requirement is that you can avoid paying for mortgage insurance every month, making your payments a little lower than if you didn’t put any money down.
There are many types of mortgage loans to choose from. The most traditional choice is the fixed-rate loan, which means the interest rate stays the same throughout the life of the loan. This is in contrast to an adjustable rate mortgage, or ARM, in which the interest rate can increase or decrease throughout the life of the loan. In addition, there are interest-only loans, in which you pay just the interest on the loan for the first few years, meaning your payment is low. Of course, it will eventually increase, which is why this type of loan is often best for people who know their income will improve a few years after they buy a home.
If you are not sure which loan is right for you, don’t worry. Your real estate agent will guide you through the process of finding your dream home and applying for financing. If you plan to buy one of the many homes for sale, choose an agent who is familiar with the area. The Rock Star Group fits that description and will be glad to help you on your way to finding your next home.
If you are interested in Alden Bridge Woodlands homes for sale, contact The Rock Star Group at (281) 960-1900.
Buying a new home can be a daunting experience. First-time home buyers are often overwhelmed with new concepts such as financing, credit requirements, fees and costs. Home ownership requires a financial investment as well as a time investment. With these tips, we can help ease your home buying frustrations.
Contact The Rock Star Group at (281) 960-1900 to learn more about financing Alden Bridge Woodlands homes for sale.
Build a strong credit history
The most important step in the home purchasing process is building a strong credit history. Knowing your credit background is such as important as finding the perfect home. The strength of your credit history allows you to secure favorable financing rates or qualify for incentives, terms or better financing rates. Credit can also determine the amount of money lenders will make available for your new home.
If you’ve been turned for credit in the past, you’re entitled to a free copy of your report. All three reporting agencies-Experian, Equifax, and Transunion- are required to provide a free copy of your report once every 12 months. To obtain your report, go to annualcreditreport.com, or call 1-877-322-8228.
Once you receive your reports, carefully look over the information. If you find incorrect data, you may dispute the information with the credit bureau. Do this by sending a letter to the agency. Submit copies of proof material if you have it. If the bureau determines the information is inaccurate, they have 30 days to remove the item(s) and send you a free updated copy of your report.
The Federal Trade Commission recommends that you send the agency a copy if your report with inaccurate items highlighted. Send it to the credit reporting agency via certified mail “return receipt requested”.
After disputed items are removed, make sure that you pay bills on time. The FTC also recommends having a mix of installment loans and credit cards to improve your score. Keep in mind, payment history and amount of debt are critical factors in determining creditworthiness.
To see Alden Bridge Woodlands homes for sale, click here.
Pre-qualifying for a loan
Knowing how much house you can afford is an important step in the process. You can learn this information by pre-qualifying. Your realtor can put you in contact with preferred lenders who can provide invaluable information on interest rates and hidden costs such as closing fees, agent fees, home inspection and warranty charges.
Armed with your credit info, employment and salary history, the lender can prequalify you for a loan. This simply provides you with an estimated interest rate, and closing costs, lender requirements, and dollar amount maximum that you may qualify for. During this important step, the lender will also discuss any incentives offered by federal or state agencies. First-time buyers qualify for special financing or incentives in many areas.
Hire a Rock Star real estate agent
Real estate professionals are knowledgeable about housing trends in your local area. They are an invaluable tool to have when purchasing a home. A Realtor with experience in The Woodlands can guide you through the home buying process by showing you houses that fit your criteria; negotiating with sellers on your behalf; arranging viewings of potential homes; and educating you on your new neighborhood.
Agents are most often paid a percentage of the home’s closing sale price. Depending on the cost of the home, this fee amounts to a nominal fee when compared to the time savings you reap. When selling your home, a good Realtor markets the home and assists you in getting your home sold.
The benefits of owning a home
Besides the security of owning a home, your house is also a good investment. Homeowners enjoy tax benefits beyond what is offered to non-homeowners. Tax credits can reduce your total tax bill or increase your refund according to the IRS. These tax benefits can be in the form of deductions on points paid at loan origination, mortgage interest paid at closing, property taxes or selling costs. All of these deductions can help you reduce your total tax bill. This can be seen in the lowering of taxes owed or a larger refund.
Homeowners may also be able to deduct home improvement loan interest or mortgage insurance premiums. Homeowners may also deduct a portion of their real estate taxes. Information about these valuable deductions and credits can be easily obtained from the IRS website or by contacting a tax professional.
Depending on economic conditions, your home may increase in value over time. This makes home ownership an important investment tool. In addition to the comfort and security of having a place to live, your home can become your largest financial asset.
The Rock Star Group is ready to guide you through the home buying process. Our team of professional Realtors and agents can educate you on obtaining financing, improving credit, and purchasing your new home. Contact The Rock Star Group at (281) 960-1900 to learn more about financing your next home in The Woodlands