More than seven million homes are sold in America every year. If you want to become a homeowner and purchase Austin Owner Financed homes, there are 10 tips you should know:
1. Pay your bills on time. This makes you a lower credit risk and, therefore, a better candidate for Owner Financing in the eyes of the Seller. Also, paying your bills now can make it easier for you to refinance your Owner Financed home later.
2. Check and update your credit report before starting to look for a home. Some Sellers will require a copy of your credit report. Although Owner Financing homes for sale requires no bank approvals, ensure all of your current debt is being paid on time. Your credit report is used by the Seller to determine whether you qualify in their eyes for the Owner Financed mortgage you seek and for the interest rate you pay, so make sure your report is accurate.
3. Determine what monthly mortgage payment you realistically can afford. Calculators to determine this can be found here: Forte Properties Mortgage Calculator. There is also a link to our mortgage calculator on each property detail page. Be sure to also include your monthly homeowners insurance payment and monthly tax payment with your principle and interest payment. If you need assistance in figuring out the amount of monthly mortgage payment you can afford, Forte Properties will work with you and help with this part of the home buying process as part of our FREE Home Buyer Representation service.
4. Take time to learn important terms and understand their meaning. Become familiar with words used in the home-buying and Owner Finance process. Don’t worry about learning them on your own, Forte Properties will guide you every step of the way from contract to closing to ensure you fully understand each element of the home buying process.
About Your Owner Financed Mortgage Loan
5. See Forte Properties first. Find out what you can afford before you look at houses. Although there are no banks involved with Owner Finance mortgages, there are some basic qualification criteria that must be met. Most important being your down payment. (See typical Owner Financed home qualifications.)
6. Shop around. Compare the different areas of Austin with Sellers offering Owner Financed homes. Take a look at the schools, area amenities, popular areas for Owner Financing and the location in general. Just because you require Owner Financing, does not mean you need to sacrifice your needs vs. finding the perfect home in the perfect area for you and your family.
7. Understand the deal. Ask about closing costs and other fees that are typical with purchasing Owner Financed properties before you sign the documents. Forte Properties can provide a detailed breakdown of all closing fees, help with setting up your insurance, assist with loan servicing if needed and also ensure you are on the right path to repairing your credit in order to refinance when the time comes.
8. Work interactively with Forte Properties. Our team of Austin real estate and Owner Finance experts will likely need to talk with you from time to time and may need additional information. Make sure you get back to us quickly so the process can be completed as soon and as smooth as possible.
About Your Owner Financed Home
9. Avoid emotional buying. Before you look at any house, determine what features you really need in a home and then try to stick to the list you made. No matter what your needs or preferences may be, Forte Properties will work with you for as long as it takes and do whatever it takes until we find your perfect home.
10. Visit as many homes with Forte Properties possible. If you are unsure about what you see in the online photos, let’s schedule a showing. A lot of times real estate agents take pictures that don’t do the home any justice. In some cases, home buyers who thought the house wasn’t anything they would be interested in, ended up being their first choice after seeing it in person. (View ALL Owner Financed homes in Austin and surrounding areas for sale here!)
These are just the basic 10 steps that any home buyer looking for Owner Financed homes in Central Texas should take. Purchasing a home is one of the biggest financial decisions most families make in their life. Get the service you deserve from the Austin Owner Finance and real estate experts with Forte Properties.