MY HOME: READY TO BUY
Once you’ve reviewed your credit, know your price range and have saved for your down payment, you’re ready to start the purchasing process. Start with TCU Mortgage Center to get pre-approved for your mortgage. A TCU Mortgage Professional will be able to answer your questions throughout the home buying process.
A house may be the most expensive purchase you’ll make and you can’t return it for a full refund after a week if you decide it doesn’t suit you. A home purchase requires a great deal of thought and research. When setting your priorities, consider what’s most important to you in a home; what’s flexible and what is not before you start shopping. Decide on your list of “need to have”, and then work on your “nice to have” options. Usually a home is a long term purchase so you may want to consider future needs also.
Style of home; Ranch, Cape Cod, Colonial, Condo
Number of Bedrooms
Number of Bathrooms
Eat in Kitchen/Formal dining
Age of the home (remodeling/maintenance)
Location - The location is very important for many reasons; first and foremost it meets your needs and that location can also determine resale value.
- Convenience - work, shopping, schools, child care, recreation/parks, banking, traffic volume, sidewalks, restaurants, hospitals, doctors, airport, highways, public transportation, etc.
- Neighborhoods - well maintained any safety concerns, home owner association dues.
- Property Taxes - can vary greatly between cities and counties. Consider that sometimes paying higher taxes may have the benefits of newer schools and well-maintained roads.
Access our Location List to find the nearest TCU Service Center, Surcharge Free ATM and Shared Service Centers.
Applying for a mortgage loan before you find a home may be the best thing you could do. Apply now and the mortgage approval will be subject to you finding the perfect home. By getting a pre-approval, this shows you are a serious shopper when looking for a home. Having a pre-qualification letter for a mortgage may give more weight to any offer that you make.
TCU’s Mortgage Center offers a full line of mortgage products including conventional mortgages, First Time Buyers Program, and government loans from FHA and VA.
Visit TCU Mortgage Center Resources to help find the answers to all your questions.
Apply now at TCU Mortgage Center, complete an application and a Mortgage Professional will follow up with you to answer your questions and determine the best mortgage product for you.
It’s a good idea to have a Home Inspector selected before you start viewing homes. The home inspector needs to be ASHI (American Society of Home Inspectors) certified and a member of NACHI (National Association of Certified Home inspectors). It’s well worth the money to know the true condition of the home before you buy instead of after. The inspector should have Errors and Omissions Insurance which gives you some protection should the inspector miss something.
Once you’re pre-approved through TCU Mortgage, you are ready to start looking at homes. It’s a good idea to have a home comparison chart when you start looking, since it can be confusing viewing several houses at a time.
THE OFFER & CLOSING
Making an Offer –Keep in mind you may be in a strong bargaining position; when you’re already pre-approved for a mortgage and if you don’t have a present house that has to be sold before you can buy.
Know the local selling price for homes comparable to the one to you’re looking to buy. This will give you an idea of the fair market price so you can offer a fair price. Also know the seller’s situation, why is it being sold, is the owner under pressure to sell? Remember your agent should also be able to assist you with obtaining this information.
Once you have chosen a home, your agent will assist you with completing a written offer and presenting it to the owner. The offer usually contains the purchase amount, description of the property, terms, closing details and contingencies which states, you will only purchase the home if certain events occur; obtaining financing, a satisfactory inspection report, etc.
Once an offer is accepted, your TCU Mortgage Professional will assist you in finalizing the mortgage application process and closing on your new home.
Closing will take place at the office of a title company or attorney in your area who will act as our agent. A few days before closing your TCU Mortgage Professional will contact you to review final fees, loan amount, first payment and answer any questions you may have. During the closing you will be reviewing and signing several loan documents: HUD-1 Settlement Statement, Note and the Mortgage/Deed of Trust.
Ask your TCU Mortgage Professional about setting up your mortgage payment to automatically come out of your account each month so you have peace of mind knowing it’s taken care of.
The single biggest investment you may make in life is your home. To protect your investment, contact TCU Insurance Agency for a homeowner’s policy quote. Important protection available:
- Property Damage Coverage
- Personal Property Replacement
- Personal Liability
- Medical Payments Coverage
- Additional Living Expenses
TCU Agency, LLC is a subsidiary of TCU. Insurance products are offered through various approved carriers.