To buy a new home you will most likely need a home loan, which means you need to start preparing before you start house hunting. What are the steps you need to take to ensure that you have everything ready once you find the home of your dreams? Here’s a comprehensive guide to help you prepare:
Evaluate Your Finances
Take a close look at your income, expenses and savings. Determine how much you can realistically afford to spend on a mortgage payment each month. Lenders typically use the 28/36 rule, where your mortgage payment shouldn’t exceed 28 percent of your gross monthly income and your total debt payments (including the mortgage) shouldn’t exceed 36 percent.
Stay Financially Stable
Avoid making any major financial moves — such as changing jobs or making large purchases — while you’re in the process of applying for a home loan. Lenders want to see stability and consistency in your financial situation.
Check Your Credit Score
Any lender will tell you that your credit score plays a crucial role in determining your eligibility and the interest rate you’ll receive. Before you talk to a lender, request a free copy of your credit report from Equifax, Experian and TransUnion. Review them for any errors. If your score is low, take steps to improve it, such as paying down debt and making payments on time.
Save for a Down Payment and Closing Costs
Start saving for a down payment, which is typically 3 percent to 20 percent of the home’s purchase price. The type of loan you are eligible for will determine how much of a down payment you will need, as not all loans require a 20 percent down payment. Additionally, you’ll need to cover closing costs, which can range from 2 percent to 6 percent of the loan amount. Having these funds saved up demonstrates financial responsibility to lenders.
Understand Additional Costs
In addition to your monthly mortgage payment, homeownership comes with other expenses, such as property taxes, homeowners insurance, private mortgage insurance (if your down payment is less than 20 percent) and maintenance costs. Make sure to factor these into your budget.
Gather Necessary Documents
Lenders will require various documents to process your loan application, including proof of income (pay stubs, W-2 forms, tax returns), proof of assets (bank statements, investment account statements), employment verification, identification (driver’s license, passport) and documentation of any additional debts or obligations.
Get Pre-approved
It’s a good idea to get pre-approved for a mortgage. This involves submitting a mortgage application and providing the necessary documentation to a lender, who will then assess your financial situation and determine the amount they’re willing to lend you. Pre-approval gives you a clear understanding of your budget and makes you a more attractive buyer to sellers.
Research Mortgage Options
A lender can help steer you in the direction of the right loan for you, but it’s still a good idea to do your own research. There are various types of mortgages available, each with its own terms and conditions including fixed-rate mortgages, adjustable-rate mortgages (ARMs), FHA loans, VA loans and USDA loans.
Compare Lenders
Don’t just settle for the first lender you come across. Shop around and compare rates, fees and customer service from multiple lenders to ensure you’re getting the best deal possible.
Prepare and Then Visit Balmoral
Once you’re prepared, visit Balmoral. Our community offers a range of home choices and builders. Many of our builders can even help you secure a home loan. Stop by and let us show you how amazing lagoon life can be.
Wondering how to create a sense of harmony in your new Balmoral home? We have two words for you, “repeating color.” Choosing a color scheme that repeats throughout your home can create a harmonious look that ties your home together while still allowing each room to have its own unique flair. Here are some tips for connecting with color.
Consider Your Preferences
Start by thinking about colors you naturally gravitate toward. Do you prefer warm tones like reds, oranges and yellows, or cooler tones like blues, greens and purples? Don’t just think in terms of paint. Carpet, countertops, tile and cabinets should all nod to your preferred color scheme.
Analyze Your Space
Take note of the elements in your home, such as furniture, flooring and architectural features. Choose a color that complements these elements rather than clashes with them.
Set the Mood
Different colors evoke different moods. For example, blues and greens are calming, while yellows and oranges are energizing. Consider the atmosphere you want to create in each room.
It Should Flow
Select a main color that will be the primary focus throughout your home. This doesn’t mean every room has to be the exact same color, but there should be a consistent thread tying them together.
Time for Accents
Once you have your main color, you can incorporate accent colors to add visual interest. These could be complementary or contrasting shades that appear in smaller doses throughout your home.
Don’t Commit Until You Test
Before committing to a color scheme, test paint samples or fabric swatches in different rooms and lighting conditions to see how they look throughout the day.
Start in Neutral
If you’re unsure where to start, consider using a neutral color as your base and then adding pops of color through accessories like pillows, rugs, and artwork.
You Be You
Ultimately, your home should reflect your personality and style. Don’t be afraid to choose colors that you love, even if they’re unconventional.
Visit Our Model Homes for Inspiration
Not sure what colors to use or how best to use them? Stop by Balmoral and tour our professionally decorated model homes. Once you’ve had a look, visit your builder’s design center, talk to a representative and get started coloring your world.
Spring break is nearly here (March 11-15 for Balmoral students). What are your plans? We’re thinking of going camping. Where? There are plenty of gorgeous state and national parks within three hours of Balmoral. Before you go, remember to check for any reservation requirements or park regulations before planning your trip, and don’t forget the s’mores!
Located about an hour and a half from Humble, Lake Livingston is one of the largest lakes in the state, noted for its white bass population. After setting up your tent, you can enjoy fishing, boating and hiking opportunities. Scenic views of the lake and surrounding piney woods are good for the soul.
Just over an hour’s drive away, this national forest offers multiple campgrounds and miles of trails for hiking, biking and horseback riding. You can also enjoy fishing and wildlife viewing in the area.
Situated around two and a half hours from Humble, this park features both tent and RV camping options. You can explore the park’s creeks, swamps and forests through hiking and paddling trails.
Approximately two hours away, this park is known for its wildlife, especially alligators. You can camp, hike, bike and fish while enjoying the natural beauty of the Brazos River.
Located about two hours away, this park offers camping, fishing, and hiking opportunities along the Brazos River. You can also explore historical sites like the San Felipe de Austin State Historic Site nearby.
What’s cooking in kitchen appliances this year? Color, luxury and multi-functionality with a little smart home tech thrown in for good measure. If you’re planning a trip to your Balmoral builder’s design center or just want to spice up your kitchen, here are our top 2024 kitchen appliance design trends:
Pops of Color
No, the avocado green appliances of your youth are not coming back, but the sleek appeal of stainless steel is giving way to bright, bold pops of color. Stoves, dishwashers and microwaves come in a range of colors that add a touch of whimsy and style to any kitchen.
Mixed Metals
Tired of stainless steel but not ready to jump aboard the color train? Just change up your metals. Appliances are starting to display brass, bronze and gold accents and finishes.
They Can Do It All
Home design celebrates the open kitchen which is all well and good until you start putting every small appliance you own on the counter. Appliances that can do double or triple duty will cut down on countertop clutter. Think ranges with built-in air fryers or the Thermomix® TM6®, an appliance that can chop, blend, steam, knead, sauté, grind, whisk, sous-vide, slow cook and more.
Step Right In
Kitchens in luxury homes are starting to sport walk-in refrigerators. The restaurant-quality appliances can easily store all your Costco shopping trip finds. As these refrigerators become more affordable, you will start seeing them everywhere.
You Can Always Go Bigger
Forget Farmhouse, sinks are set to get much bigger. These new “megasinks” will have two faucets. Sinks will also be smarter with motion control technology that allows you to turn the water on and off without touching the faucet.
Seeing Double
Another trend we are seeing in luxury homes is the rise of dual appliances. Look for double ovens, two refrigerators, two wine refrigerators and more. You will also see more and more homes with two kitchens. Sometimes known as sculleries or catering kitchens, these are smaller, secondary kitchen spaces housing everything from an extra dishwasher to an entire suite of appliances, including the stove.
Would You Like a Beverage?
Beverage centers are going to be the next big thing. These dedicated spaces for coffee, tea, soda and snacks will migrate away from the kitchen and toward the breakfast nook and family room. Many built-in centers will sport water dispensers, under-counter refrigeration and frozen goods storage.
Quiet Luxury
Sound-minimizing features on dishwashers, garbage disposals, washers, dryers and more are a game changer. Now no one will have to change the volume when the dishwasher is operating.
Smarter Appliances
The trend toward including smart home technology continues with appliances that can detect and automatically sound an alarm if a child gets too close, automatically add items to your grocery list and suggest the correct temperature for whatever you are cooking.
Keep it Covered
Concealed appliances will become more prevalent with homeowners able to hide refrigerators and dishwashers behind panels that blend in with cabinetry. Stoves will become more decorative giving the appearance of sculptures and “appliance garages” will conceal small appliances while keeping them close at hand.
Talk Trends with Our Builders Today
Want to know more about the latest in home design? Visit Balmoral and talk to our builders today.
The next generation of smart home technology is on the horizon. Trending this year will be devices that can learn from our lifestyle patterns and deliver a more customized experience. Ready to add something new to your Balmoral home? Here’s what’s in store for 2024.
Artificial Intelligence (AI)
Artificial intelligence is poised to be the buzzword for 2024, and it will soon be running your home. Voice assistants like Siri, Alexa and Google Assistance already use AI but they will soon be able to detect context, intent and the nuances of word choice and phrasing so interacting with them feels more natural. Smart thermostats will be able to do more than turn up or down the heat. They will be able to check the weather and change the temperature based on the forecast, learn our preferences and take into account your usual energy consumption.
More Robots
Get set for more of your household tasks to be taken over by robots. Today there are robot vacuums and lawnmowers, but manufacturers are raising the bar on them. The Willow X by EEVE can mow, weed and sweep your patio. New vacuums will come equipped with LiDAR that can create detailed, accurate maps that tell the robot how best to clean your home. Loona is a robot that can be programmed to play games with your child. Most robots can be connected Amazon Alexa, Google Home and Apple Siri.
Smarter Appliances
Smart appliances already exist, but in 2024 they will become even smarter. The GE Profile dishwasher has built-in Wi-FI that allows you to check the status of a wash cycle and reorder detergent from the app. Smart stoves will be able to detect the size of your pan and adapt the cooking area for the best heat distribution. AI technology and cameras on a range hood can adjust fan settings or issue an alarm if a child is too close to a hot burner.
Health and Wellness
Can a smart home help you live a healthier lifestyle? Manufacturers are banking on it. Smart refrigerators can prolong the quality of your food by maintaining temperature and humidity levels, keeping food fresh longer. One manufacturer is working on an air-purifying robot that can move to different rooms and double as a portable audio speaker. Hands-free faucets will continue in popularity but will be voice-activated.
Effortless Connectivity
Many consumers are frustrated by the inability of devices created by different manufacturers to work together. That’s about to change. Matter is an industry-unifying connectivity standard that will allow all Matter-certified devices to work together. That means an iPhone can control a Google Nest Thermostat.
Home Security
Home security will start to include medical alert systems to detect when you fall and call for an ambulance. Leak detectors can send you notifications as soon as a leak is detected, allowing for a quick response. It will also be easier than ever to integrate smart door locks with video doorbells so you can see who is at the door and let them in.