First-time Homebuyer Guide - Part 3

Owning a home is possible,¹ and Texell’s Home Loan Heroes are here to help. Trust our team of experts to guide you through the homebuying process from start to finish. Review Part 1 and Part 2 from the First-time Homebuyer Guide, then follow the last steps below.

Step 5 — Homeownership day arrives.

It’s time to seal the deal on your new house. On closing day, you will finalize the purchase contract and officially become a homeowner. Right before closing time, Texell’s Closing Team issues the final closing disclosure, which includes:

• Final transaction fees and terms.

• Your Closer contacts you to review the document and respond to questions you may have.

The Closing Team also confirms how you will provide closing funds to the title company. Options include:

Your Closer confirms the closing location. Be sure to bring your ID to closing and you’re your first payment document. Options include:

• Realtor’s office
• A Texell branch

• Title company

Step 6 — Welcome home.

You did it! Congratulations on your new home. Just a few more items to be aware of as a new homeowner:

Loan payments

• You will receive information on when and how to make your monthly mortgage payments.
• You also want to consider strategies to pay your mortgage off early:
  • Use unexpected income to make principal only payments.
  • Make one extra mortgage payment each year. A budget-friendly way to do this is to pay 1/12 of an extra payment each month.
  • Round up your mortgage payments. When budgeting, round up to the next highest $100 amount.

Property tax exemptions

• As a property owner, you may qualify for property tax exemptions, including a homestead exemption. Homestead exemptions have the potential to lower your taxes by removing a part of your home’s value from taxation. Visit Comptroller.Texas.gov for additional exemption details. Read more about property taxes in our blog article, Property Tax with a New Home Purchase.

Your New Home To-do List

1. Change the locks
2. Deep clean
3. Set up safety precautions for kids and pets
4. Consider a security system
5. Test your smoke detectors
6. Update your address
7. Transfer utilities

And don’t forget some of the fun parts of being a homeowner, start decorating and meet your neighbors!

Texell’s Home Loan Heroes are Ready to Help

Did you know that Texell Home Loans also offers land loans, refinancing, and home equity loans? Whatever questions you have about home loans, we check all the boxes. Visit TexellHomeLoans.com or call 254.774.5104 to get started on your home loan today.

¹ With approved credit. NMLS #460152

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