FAQ
How much house can I afford?
Lenders typically look at your income, debt-to-income ratio (DTI), credit score, and down payment. Getting pre-approved for a mortgage is the best way to determine your buying power in North Texas’s competitive market.
What is the first step in buying a home?
The first step is to get pre-approved for a mortgage. This will help you understand your budget and show sellers you’re a serious buyer in North Texas’s fast-paced environment.
How much is the down payment?
Down payment amounts vary depending on the loan type and your financial situation. Conventional loans often require 20%, but FHA and VA loans can have lower requirements. A strong down payment can make your offer more attractive.
What are closing costs?
Closing costs include fees for the lender, title company, appraisal, inspections, and taxes. In Texas, buyers typically pay for their own title policy. Budgeting 2-5% of the purchase price for closing costs is a good starting point.
What is earnest money?
Earnest money is a good-faith deposit you make when submitting an offer. It shows the seller you’re serious. The amount can vary but is typically 1-3% of the purchase price
Do I need a real estate agent?
While you can buy a home without an agent, a good local Frisco agent provides invaluable expertise in navigating the market, negotiating offers, and handling paperwork. They represent your best interests.
What are the key factors to consider when investing in Frisco commercial real estate?
Location (proximity to major thoroughfares, amenities, demographics), zoning regulations, property condition, tenant mix (if applicable), lease terms, market trends (growth projections, vacancy rates), and potential for appreciation.
How do I determine the value of a commercial property
Common valuation methods include the Income Capitalization Approach (NOI/Cap Rate), Sales Comparison Approach (comparing recent sales of similar properties), and the Cost Approach (cost to rebuild).
What is a Cap Rate (Capitalization Rate)?
The Cap Rate is the ratio of a property’s Net Operating Income (NOI) to its market value. It’s a key metric for evaluating investment returns.
What is due diligence in commercial real estate?
Due diligence is the investigation period after an offer is accepted where the buyer verifies all aspects of the property (financials, legal, physical condition).