Frequently Asked Questions

You've come to the right place! It's absolutely the best idea to start off your home buying process with consulting a local real estate expert. They will give you a step by step process so you can start gaining an understanding of what's ahead. Remember - these consultations are free and you should interview realtors who are ready to earn your business.  Keep an eye out for scammers. 

Before you start your home tours you will want to really understand your target areas and sales price. You may not know exactly what you want yet but these two things will likely not change. At RRP we provide you with a list of excellent local lenders who will send you a pre approval letter within hours. This will be the ticket to start your home tours.

When you see a property with a yellow status stating "Pending" or "Option Pending" it's likely because the home is under contract with another buyer. However, if this is your dream home do not be discouraged, at RRP we will let you know if there have been any changes that have not yet been reflected on the MLS. If you still have a shot, we will get in touch with you right away!

Title Companies protect both Buyers And Sellers. Your title shows who's owned the property in the past, contains a description of the property and shows if there are any liens on it. Your title company is a neutral third party hired by you to research and insure the title of the home you're buying. At RRP we have relationships with the top title companies in the GHA (Greater Houston Area) with agents who work tirelessly to ensure our clients have the best experience.

FHA loans require just a 3.5% down payment for borrowers with a 580 credit score or higher. For homebuyers with less-than-perfect credit, FHA loans offer additional significant benefits. The government backing means average FHA interest rates are typically lower than average rates for conventional mortgages. We are happy to connect you with a local lender to chat about your added incentives as a First Time Homebuyer.

If buyers are few and far between when you list your home, there's a chance the market value will be lower than the appraised value. On the other hand, if you're seeing a ton of interest in your home from multiple buyers, you may find that the market value is higher than the appraisal value. The important thing to understand is that oftentimes these numbers do not align. Get in touch with us for a market analysis of your preferred areas.

You can qualify for a home loan backed by the Federal Housing Administration (FHA) with a 10% down payment and a credit score of 500 minimum. Now that being said, you'll end up paying a much higher interest rate than someone with good credit. If you are looking at doing a conventional loan, typically lenders require a minimum credit score of 620. Let us know if you want to get connected to some great local lenders. One thing to keep in mind is lenders have different requirements so it's a good idea to check out at least three to compare.

Home equity is the difference between your loan balance and the value of your home.  Let's say you buy a home with little to no down payment, at first you will not have any equity in the home. A sudden job loss or transfer might force you to sell your home quickly, and you may not have enough equity to cover the 6% you’ll typically pay real estate agents to sell your home. Let us know if you'd like to chat this through and collaborate on your real estate goals. 

The acronym stands for Private Mortgage Insurance.  It's a type of mortgage insurance you might be required to pay for if your down payment is less than 20 percent of your home's purchase price. Because that would make it a riskier loan for the lender, PMI will act as protection for them if you stop making payments.