Plano Homes First Time Home Buer’s Guide

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Plano Homes First Time Home Buyer's Guide

Plano Homes First Time Home Buyer's Guide

This information comes from the book “Your First Home…. The Proven Path to Home Ownership” by Gary Keller with Dave Jenks and Jay Papasan….. A Keller Williams Realty Guide


We can accurately say that closing day is a life-changing event: you will walk in a renter and walk out a home owner. Whatever you feel the morning you wake up to close, there’s one thing you can count on: you are prepared.

On closing day, you can expect to sit at a table with a bunch of pens and sign your name so many times you start to feel like Captain Kirk at a Star Trek convention. Other than that, the procedures vary dramatically from state to state and even city to city. The settlement agent, who runs the show, may be an attorney, a representative of a title company, or someone else entirely. You may be sitting across the table from the seller, or you may be all the way across town. Your agent or a member of the agent’s team may attend to explain any last-minute questions. In any case, the settlement agent can usually explain everything as you sign documents that do the following.

  1. Finalize your mortgage
  2. Pay the seller
  3. Pay your closing costs
  4. Transfer the title from the seller to you
  5. Make arrangements to legally record the transaction as public record.
You might get the keys immediately, or it might take place only after the funds clear and the transaction is legally recorded. And, it is possible there may be a hiccup or two- for example, say you forgot to sign your middle name on one of the forms. The lender will have to correct the error before you will get the keys. But as long as you have clear expectations and follow directions, closing should be a momentous conclusion to your home-searching process and commencement of your home-owning experience.
Plano Homes First Time Home Buyer's Guide

Plano Homes First Time Home Buyer's Guide

And then, suddenly, it’s all over. You are no longer a renter. You are no longer a home seeker or a home buyer. You are a home owner building up equity, enjoying tax benefits, and reveling in the freedom to paint your dining room any old color you please.
Home ownership is a source of pride, contentment, and security. It does, however, come with responsibilities. Some of them are fun responsibilities, such as sprucing up the yard. Others, we must admit, can be a hassle, such as dealing with the first maintenance emergency. Fortunately, the relationship you’ve built with your agent doesn’t end the day the deal closes. Full-service agents pride themselves in being there to answer your questions, look out for your needs, and provide service for a lifetime.
After closing on your loan, your lender will almost certainly sell it to another company for servicing. This shouldn’t worry you- it won’t affect your loan or interest rate. At most, it might mean you send your payments to a different address.
However, at some point you may also decide to swap out your mortgage for a new one through refinancing, a great way to get a better interest rate, either because interest rates have fallen or because your credit score has improved.
Just remember , refinancing means you restart the clock toward payoff-although a lender can set you up with a shorter payment schedule- with a new loan and incur a new set of closing costs. If you’re considering refinancing after only a couple of years, remember there are costs involved. Be sure to calculate these costs and weigh them against your anticipated savings.

You may speak to a REALTOR by emailing or calling 469-951-2299.

You can also speak directly with a REALTOR by going to our ASK A REALTOR page

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About hunterwebb

I am a 26 year old real estate agent in The Dallas Fort Worth Metroplex. In my downtime I enjoy watching sports, reading a goodbook, and grilling up a good meal.

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