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Property Virgins

Austin first-time home buyers (we like to call you Property Virgins), this page has been designed specifically for you. You will find links to relevant blog articles, an overview of the home-buying process, a Virgin Distinctionary (with key real estate terms explained in clear and concise terms, often with a little humor as well). Remember, this is your first-time. It may be a little scary, but it should also be fun. And we are here to help. Feel free to peruse this page and the rest of our website, including our free Austin home search tools. When you are ready to speak with someone, give us a call or request a home buyer consultation using the form to your right.

Calling All Property Virgins Who Want to Be Famous…

First Time Homebuyers My First Place HGTVThe GoodLife Team has been asked again to participate in HGTV’s hunt for first-time home-buyers, this time for their hit show ‘My First Place’. They are looking for buyers who are:
  • Just beginning the search for their FIRST place
  • Fun, interesting people who are excited to be part of their show
  • People willing to share their home buying experience with viewers
  • Buyers that are looking to close by the Fall, 2010
  • Buyers looking within 60-90 minutes of Downtown Austin
In addition to sharing their home-buying experience with america, Austin home buyers chosen for the show will receive a house-warming gift from HGTV. If you would like to learn more, complete the form below:

The Home Buying Process

Virgin Distinctionary

Buying your first home can be a scary process. We’ve taken a little liberty to interject some fun after each true definition. Enjoy. Amortization Schedule: A schedule showing the principal and interest payments throughout the life of a loan. Sadly, Property Virgins, it’s not all fun and romance…snooze. Appraised Value: An opinion of the value of a property at a given time, based on facts regarding the location, improvements, etc., of the property and surroundings. Your opinion about your first love home isn’t the only one that counts. In case you are blinded by your first love home, seek professional help. Credit Report/Credit Score: A report on the past ability of a loan applicant to pay installment payments. We are in Texas, you know – bigger is better! Document Preparation: A fee charged by an attorney for preparation of legal documents for the transaction. You pay for a marriage license…it’s no different here. Make it official. Escrow Fee: A fee charged by the title company to service the transaction, to escrow monies, and to cover documents. The amount varies by company; usually split between buyer and seller. Think of the title company as your marriage counselor. They keep things fair, don’t take sides and do their best to ensure things go smoothly. Homeowner’s Insurance: Protects the property and contents in case of loss; must be for at least the loan amount or 80% of the value of the improvements, whichever is greater. Always have protection!! Inspections: An examination of property for various reasons such as termite inspections, inspection determines if repairs are required. Does your first love home have any skeletons in the closet? Loan Application Fee: Paid to the lender at time of application; varies by lender. Once again, it’s not all fun and romance. Loan Discount: The points a lender charges; may be paid by either the buyer or the seller on conventional loans; number of points fluctuates with the mortgage money market. Maintenance Fee/Homeowner Dues: Charged by the homeowner’s association as set out in subdivision restrictions. Mortgagee’s Title Policy: Required by the lender to insure that the lender has a valid lien; does not protect the buyer. Origination Fee: A fee the buyer pays the lender to originate a new loan. Owner’s Title Policy: Insurances that the buyer has title to the property. Point: 1% of loan amount. Prepayment Penalty: Charged by the lender on some loans for premature payment of a loan balance. Private Mortgage Insurance: Insurance against a loss by a lender (mortgagee) in the event of default by a borrower (mortgagor). Required on FHA loans or conventional loans with less than 20% down payment. Realtor Fees: An amount paid to the Realtor as compensation for his or her services. Recording Fees: Charged by the County Clerk to record documents in the public records. Restrictions: Certified copy of deed restrictions required by lender. Survey: Confirms lot’s size and any encroachments or restriction violations. Make sure you know what your boundaries are. Tax Prorations: Taxes are charged to the Seller and credited to the Buyer from January 1 to date of Closing. Tax Certificates: Certificates issued by taxing authorities showing the current year’s taxes, the last year the taxes were paid, and any delinquencies to be collected from seller at closing.

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