REASONS TO BUY

The American Dream … a New Home.

Decades ago, the American Dream meant a nice home with a big picture window and a white picket fence out front. It was the embodiment of lifes ultimate achievement – a place a couple could call their own, raise their children and live out their successes. While their vision of home has dramatically changed over the years, for most families the dream is still the same. Home ownership remains at the very core of a familys hopes and aspirations.

A home is the ultimate personal statement. Whether its a single-family detached home in the suburbs or an urban townhouse in the center of the city, our lifestyle choice speaks volumes about who we are, what we like, how we think and how we want to be perceived by others.

While finance standards have tightened in recent months, the American finance system allows Americans to purchase homes with just a fraction of the amount of the house for a down payment. Join the millions of americans who live the American dream through home ownership.

  1. Get more house for your money
    Your dollar goes further in D/FW when you choose a new home ready for move-in or to build from the ground up. Exceptional pricing on completed new homes will provide almost immediate appreciation.
  2. Low Interest Rates
    Todays extremely low interest rates allow you to buy more home than ever before with a 30-year fixed rate mortgage.
  3. Location. Location. Location
    No matter where you work or want to live, you’ll find brand new homes in great locations across the Dallas/Fort Worth metroplex. Near lakes, near the airport, near work centers and schools…just minutes from everything you need.
  4. Tax Benefits
    Home ownership is a solid investment in the DFW area and provides you with tax advantages through deductions for mortgage interest and taxes.
  5. Great Selection
    Right now, you’ll find the best selection of new completed homes in many years.
  6. Strong local economy and good job growth
    You can feel confident that the Dallas/Fort Worth area will continue to grow. Its location in the center of the country along with Texas pro-business, entrepreneurial attitude will keep Dallas/Fort Worth as the one of the top growth markets in the country.
  7. Stable Home Prices
    Home prices in the Dallas/Fort Worth area have maintained slow, steady growth so values should continue to increase.
  8. Quality Construction & the latest design in NEW homes
    Dallas/Fort Worth builders are at the forefront of new home design trends and feature exceptional quality finishes and construction compared to many parts of the country. New homes also offer warranties and require less maintenance than pre-owned homes.
  9. Technology, energy and resource efficiency
    New homes offer the latest energy efficient construction methods, materials, appliances and heating and cooling systems to provide you better, more comfortable living…and save you money
  10. Equity
    Your home is your largest investment and in most cases you can build equity faster in a new home than a pre-owned home.

Why Buy a New Home vs. a Pre-Owned Home?

  1. A new home offers the latest in architectural design, including media rooms, outdoor living spaces, open floor plans, flex rooms and specialty rooms.
  2. New homes are more energy efficient due to high performance materials and high efficiency heating and cooling systems.
  3. New Homes have the latest appliances with time saving features and technology.
  4. A new home won't require any repairs or updating - it's all NEW.
  5. In a new home, all major appliances are covered by warranties.
  6. New homes are wired for the latest high speed internet and home entertainment systems.
  7. New homes are often found in highly amenitized master-planned communities offering a great lifestyle for your family.
  8. New homes are designed to provide a more comfortable and healthy environment.
  9. When you a buy a new home, you don't have to worry about replacing the carpet, painting or remodeling before you move in.
  10. No one has ever lived in "your" home.

Helpful Moving Hints:

Courtesy of MoversDirectory.com

  1. Notify your telephone, electric, gas, water, and credit card companies.
  2. Forward necessary mail to your new address. Discontinue service on a specific date.
  3. Notify former employers. This will make tax time less taxing.
  4. Be there and give direction. Let them know what you want loaded first and loaded last.
  5. Get a copy of your inventory sheet from the foreman. Double check his notations about existing damage to your goods.
  6. Have your insurance plan readily available. Hopefully you will have no use of this tip.
  7. Devise a system. You should label your boxes with their destination in your new home. Hang numbered signs on the doorposts of each room and write the same numbers on the appropriate boxes. (Example: 2nd Fl./Room 4) If you're handy with a pencil, sketch a sample layout of your house, number the rooms on it, and post the layout on the truck for reference.
  8. Load the rooms to be unloaded first—last. Whatever room is furthest from the entrance in your new home should be that room. In other words, unload back to front. The kitchen should be done at the very end though, because heavy appliances should go in the truck first.
  9. Don't forget to have your tools ready when you start unloading. You should put your tool box in when everything else is loaded in the truck.
  10. Take all your valuable documents and jewelry with you! Don't forget about your plants either. Most are too sensitive to make a long journey in a hot, dark truck. If you can take them with you too.

Home Buyers Guide to Terms

Buying a home can be a confusing process, but when you know what your lender or builder is talking about, the process can be much easier. Here are some of the most common terms used during the home purchase process:

A –
Adjustable Rate Mortgage (ARM) - A loan whose interest rate is adjusted according to movements in the financial market.
Amortization - A payment plan by which a loan is reduced through monthly payments of principal and interest.
Annual Percentage Rate (APR) - The annual cost of credit over the life of a loan, including interest, service charges, points, loan fees, mortgage insurance and other items.
Appraisal - An evaluation to determine what a piece of property would sell for in the current marketplace.
Assessment - A tax levied on a property or a value placed on the worth of a property by a taxing authority.
Assumption - A transaction allowing the buyer to assume responsibility for an existing loan instead of getting a new loan.

B –
Balloon - A loan that has a series of monthly payments with the remaining balance due in a large lump sum payment at the end.
Binder - A receipt for a deposit paid to secure the right to purchase a home at terms agreed upon by the buyer and seller.
Buydown - A subsidy (usually paid by a builder or developer) to reduce the monthly payments on a mortgage loan.

C –
Cap - A limit to the amount an interest rate or a monthly payment can increase for an adjustable rate loan either during an adjustment period or over the life of the loan.
Certificate of Occupancy - A document from an official agency stating that the property meets the requirements of local codes, ordinances and regulations. Closing - A meeting to sign documents that transfer property from a seller to a buyer (also referred to as settlement).
Closing Costs - Charges paid at settlement for obtaining a mortgage loan and transferring a real estate title.
Conditions, Covenants, and Restrictions (CC and Rs) - The standards that define how a property may be used and the protections the developer makes for the benefit of all owners in a subdivision.
Conventional Loan - A mortgage loan not insured by a government agency (such as FHA or VA).
Convertibility - The ability to change a loan from an adjustable rate schedule to a fixed rate schedule.
Credit Rating - A report ordered by a lender from a credit bureau to determine if the borrower is a good credit risk.

D –
Default - Breach of a mortgage contract (i.e., not making the required payments).
Downpayment - The difference between the sales price and the mortgage amount. A downpayment is usually paid at closing.
Due-on-Sale - A clause in a mortgage contract requiring the borrower to pay the entire outstanding balance upon sale or transfer of the property.

E-
Earnest Money - A sum paid to the seller to show that a potential purchaser is serious about buying.
Easement - The right-of-way granted to a person or company authorizing access to the owners land; for example, a utility company may be granted an easement to install pipes or wires. An owner may voluntarily grant an easement or can be ordered to grant one by a local jurisdiction.
Equity - The difference between the value of a home and what is owed on it.
Escrow - The handling of funds or documents by a third party on behalf of the buyer and/or seller.

F –
Federal Housing Administration (FHA) - A federal agency that insures mortgages with lower down payment requirements than conventional loans.
Fixed Rate Mortgage - A mortgage with an interest rate that remains constant over the life of the loan.
Fixed Schedule Mortgage - A mortgage with a payment schedule that is established at closing for the life of the loan. The payment and interest rate are not necessarily level.

G –
Good Funds - Any amount necessary to close a transaction that is greater than $1,500.00 must be in the form of:
   a. Wire transfers,
   b. Cashiers Check
   c. Certified Check
   d. Tellers Check
Graduated Payment Mortgage (GPM) - A fixed-rate, fixed-schedule loan that starts with lower payments than a level payment loan; the payments rise annually over the first 5 to 10 years and then remain constant for the remainder of the loan. GPMs involve negative amortization.

H –
Hazard Insurance - Protection against damage caused by fire, wind, storm or other common hazards. Many lenders require borrowers to carry it in an amount at least equal to the mortgage.
Housing Finance Agency - A state agency that offers below-market-rate home financing for low- and moderate-income households.

I –
Index - The interest rate or adjustment standard that determines the changes in monthly payments for an adjustable rate loan.
Infrastructure - The public facilities and services needed to support the residential development including highways, bridges, schools, and sewer and water systems.
Interest - The cost paid to a lender for borrowed money.
Interest Only Mortgage – A type of mortgage in which the payment only covers the interest with no reduction to principal balance.

L –
Level Payment Mortgage - A mortgage with identical monthly payments over the life of the loan.

M –
Mortgage Broker - A broker who represents numerous lenders and helps consumers find affordable mortgages. The broker charges a fee only if the consumer finds a loan.
Mortgage Commitment - A formal written communication by a lender agreeing to make a mortgage loan on a specific property that specifies the loan amount, length and conditions.
Mortgage Company - A company that borrows money from a bank, lends it to consumers to buy homes, then sells the loans to investors.
Mortgage Loan - A contract in which the borrowers property is pledged as collateral. It is repaid in installments. The mortgagor (buyer) promises to repay principal and interest, keep the home insured, pay all taxes and keep the property in good condition.
Mortgage Origination Fee - A charge for the work involved in preparing and servicing a mortgage application (usually one percent of the loan amount).

N –
Negative Amortization - An increase in the outstanding amount when a monthly payment does not cover the monthly interest due.
Note - A formal document showing the existence of a debt and stating the terms of repayment.

P –
PITI - The four major components of monthly housing payments -- principal, interest, taxes and insurance.
Point - A one-time charge assessed by the lender at closing to increase the interest yield on a mortgage loan. Generally, it is one percent of the mortgage amount.
Prepayment - Payment of a debt prior to maturity.
Principal - The amount borrowed, excluding interest and other charges.

R –
Recording Fee - A charge paid to a city, county or other appropriate branch of government for recording the transfer of a property.
Real Estate Settlement Procedures Act (RESPA) - A federal law requiring lenders to provide home buyers with information about known or estimated settlement costs.
R-Value - The resistance of insulation materials (including windows) to heat passing through them. The higher the number, the greater the insulating value.

S –
Sales Contract - A contract between a buyer and seller which should explain, in detail, exactly what the purchase includes, what guarantees there are, when the buyer can move in, what the closing costs are, and what recourse the parties have if the contract is not fulfilled or if the buyer cannot get a mortgage commitment at the agreed-upon terms.

T –
Title - Evidence (usually in the form of a certificate or deed) of a persons legal right to ownership of a property.
Transfer Taxes - Taxes levied on the transfer of property or on real estate loans by state and/or local jurisdictions.

V –
Veterans Administration (VA) - A federal agency that insures mortgage loans with very liberal down payment requirements for honorably discharged veterans and their surviving spouses.

W –
Walk-Through - A final inspection of a home before settlement to search for problems that need to be corrected before ownership changes hands.
Warranty - A promise, either written or implied, that material and workmanship of a product is defect-free or will meet a specified level of performance over a specified period of time. Written warranties on new homes are either backed by insurance companies or by the builders themselves.

Z –
Zoning - Regulations established by local governments regarding the location, height and use for any given piece of property within a specific area.