Ready to be a Homeowner?
Though it can be stressful and confusing, getting your dream home does not have to be difficult for you.
We know you have a choice in your representation and if you choose us, you will not be disappointed! Sellers pay commissions – so our services are completely free to you!
Getting Started
1
Get pre-approved
- Check your credit and prepare financial documents.
- Find a lender.
2
Save for a downpayment and closing costs
- Map out your budget.
- Consider other home related expenses too.
3
Find an awesome Real Estate Agent
- Ask for references & test their market knowledge.
- Make sure they truly listen to you.
4
House Hunting!
- Find a neighborhood you like that fits in your budget.
- Create a list of needs, must-haves and wants.
5
Negotiating the offer!
- Negotiate with respect.
- Negotiate other costs/terms.
6
Escrow process
- Get the house inspected by a licensed Home Inspector.
- Prepare any additional documents needed by
the lender.
7
Closing & After-closing
- Perform a final walk-through.
- Turn your new house into a home 🙂
How much do I need for a downpayment?
It’s a common belief that homebuyers should have 20% of the purchase price saved as a downpayment. However, this can be difficult for most first-time homebuyers.
Below is a list of the most common home loans and associated required downpayments:
| Conventional mortgage | 5% |
| FHA Mortgage | 3% |
| Special Mortgage | 3% |
| VA & USDA | 4% |
*When your downpayment is less than 20%. you will have to pay for Private Mortgage Insurance (PMI). It protects the lender if you are unable to pay your mortgage.
Private Mortgage Insurace (PMI):
PMI is typically an annual premium of .05 percent to 1 percent of the original loan amount per year, depending on the size of the down payment and your credit score.
| Home Price | $200,000 |
| PMI | 1% |
| Annual Premium | $2,000 |
| or, Monthly | $166 |
Other costs to consider:
Property Taxes
Homeowner's Insurance
HOA Fees
Home Repairs
Potential Utility Increases
Home Inspections
Closing Costs
Mortgage Calculator
Our Preferred Lenders
Michelle Castle
(Guild Mortgage)
Since 1996, Michelle has helped thousands of folks live their dream of homeownership and build wealth portfolios with investment property.
Michelle Castle
Branch Manager NMLS ID# 231122
714 N. Travis St.
Sherman, TX 75090
O: 903-957-3100 | M: 903-815-3277
mcastle@guildmortgage.net
Stephanie Johnston
(Service First Mortgage)
Social Survey placed Stephanie and The Johnson Team in the Top 100 of Loan Officers nationwide for their outstanding customer service ratings.
Stephanie Johnston
Senior Loan Officer NMLS ID# 621637
8600 Weiskopf Avenue, Suite 200
McKinney, TX 75070
M: 214-576-2934
johnstonteam@servicefirstmtg.com
Chase Harmon
(Harmon Home Lending)
Chase is part of a top-producing team with a proven process catering to all types of buyers, from first-timers to seasoned investors.
Chase Harmon
Loan Originator NMLS ID# 2266074
2626 Cole Ave #300
Dallas, TX 75204
M: 949-922-3879
chase@harmonhomelending.com
Why Choose MPP?
Knowledge of our local market.
Professional in every aspect of working with you.
We go above & beyond for our clients.
Physical office to meet, or come-to-you mentality. We make it easy for you!
Frequently Asked Questions
Do I need good credit to buy a home?
If you have a poor credit score, you will be unable to secure a low-interest rate on your mortgage. A score above 720 is generally considered good, while 750 to 850 is considered excellent.
What documents do I need to prepare?
- Proof of income
- W-2s from the last 2 years
- Last 2 Federal Income Tax Returns
- Bank statements (your name)
- Credit report
- Driver’s license or passport
Are there any other home-related costs to consider?
- Property taxes
- Homeowner’s Insurance
- HOA fees
- Home repairs
- Potential utility increases
- Home inspections
- Closing costs
What are closing costs?
Also called, “settlement fees”. These are fees charged by people representing your purchase, including your lender, title fees, and other third parties involved in the transaction.
They are typically between 2-5% of your purchase price and need to be paid when you obtain a mortgage.
These include:
- Closing Costs
- Recording costs
- Appraisal fees
- Credit report fees
- Loan origination fees
- Title services
- Tax service fees
- Survey fees
- Attorney fees
- Underwriting fees
Why do I need an agent?
- Acts as your adviser during the home buying process.
- Helps you understand the current market conditions so you
are always paying the right price! - Handles the ins and outs of your full negotiation.
- Helps you find the perfect home before it goes under
contract. Gets to show you homes around your schedule. - Connects you with the right third party sources, i.e. lenders,
inspectors, appraisers, etc. - Is paid the commission from seller, so you’re being
represented without cost to you!