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The Karr Team
RMLO NMLS 230983
NMLS #: 1200324
Terri Karr: (972) 989-4329
Sidney Karr: (817) 917-2266
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25 Noble Court,
Rockwall, TX 75032
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Homebuyer’s Guide

Be Prepared When Buying a Home

It’s important to be prepared when buying a home. To help you in doing so, we have assembled information to guide you through the home buying process. If you have any questions concerning the home loan process, please contact your Premier Home Mortgage Loan Expert who is on standby ready to assist you with your home mortgage needs.

Download the Homebuyer’s Guide

Step 1: Planning For Success

Before you start searching for a home, it makes sense to have a solid home buying plan in place. It’s important that you know certain things, like why you want to own a home, what price can you afford, your home buying options, who will you work with, etc.

Step 2: Understanding Mortgage Rates

  • What should I do first? First, consider whether you want to buy a home based on your personal situation. Understanding the benefits of owning, including the potential tax adjustments, is a good place to start.
  • How much can you afford? If you decide to buy a home, the next question would be to find out how much house you can afford. Creating a home buying budget can help you set realistic goals.
  • What type of house? Once you have a budget in place, consider the different types of housing options.
  • Who can help? Premier Nationwide Lending will be here for you every step of the way.

Once you have the home buying plan in place, you’ll need to spend some time in understanding mortgage rates, discount points, and annual percentage rates (APR), among other things. Mortgage interest rates may vary widely depending on a number of factors and your choices can help you get the lowest rate possible. Loans for Low-Income Homebuyers -

  • Choosing between a fixed or adjustable rate is an important decision that you’ll need to make when you select a mortgage.
  • Shorter terms tend to produce lower interest rates.
  • Paying discount points upfront can help lower your interest rate over time.

Depending on your personal situation, there may be a number of additional ways to lower your interest rate. If your state or local government considers you to be a low-income homebuyer, you may be eligible for the special low-rate loan programs. Your Premier representative will be happy to assist you in one of our Down Payment Assistance programs.

Step 3: Getting Organized

Get organized by knowing your credit history, gathering together your personal financial information, and learning more about the different types of mortgages and rates that are available. Getting ready ahead of time will help the process move quickly and smoothly. Take the following steps before you begin the prequalification process.

Step 4: Contact Us

  • Review your history: It’s a good idea to understand your credit score and review your credit history at the beginning of the process. Even if you have less-than-perfect credit, you may still qualify for a mortgage.
  • Gather your financial records: Premier will require specific financial records to approve and process your loan.

Before you start shopping for a house, talk to a Premier Nationwide Lending loan officer. They can provide you with valuable advice about the home buying and mortgage processes, and can help you get qualified for a loan. They can explain all of the rate and discount points, and help you consider all of your financing options.

Step 5: Find a Home

  • Advice you can count on. Your Premier Nationwide Lending loan officer has experience in working with all types of homebuyers needs. They can help you find the right loan to fit the needs of you and your family.
  • The importance of prequalification. When you get prequalified, you aren’t actually applying for a mortgage, but asking a lender to help you create a reasonable home-shopping budget.

Now that you’ve established a home-buying budget, the next step is to find a house. Premier can give you advice on making an offer and when to apply for your mortgage. To make your search easier, Premier can provide you with a Homebuyer Checklist to help you keep track of the properties you visit. By checking off the specific features of each home you visit, you’ll find it easier to compare your choices when it’s time to make your final decision. But before you begin your search, you’ll need to make a few key decisions.

  • What do you want in a home?
  • How many bedrooms do you need?
  • Do you require a garage or a basement?
  • What kind of schools are in the area?

Will You Work With a Real Estate Agent? Many homebuyers choose to work with a real estate agent to find a home. Since finding a home, negotiating the contract and closing the deal is such an important process, an experienced agent can provide guidance to help you avoid potential pitfalls. A reputable buyer’s agent should have vast knowledge of the real estate, price trends and neighborhood conditions. The agent will help you shop for your home, tour properties and be your negotiator, if bargaining over price is necessary. Who Is a Buyer’s Agent? A buyer’s agent is a real estate agent who represents only you and the purchase of your home. Be sure that you understand whom the agent is representing in a transaction. Remember that a seller’s agent is working for the seller - not you. Buyers are interested in getting the lowest price possible. If you decide to use a real estate agent, you should take great care in selecting one who meets your needs.

  • As a buyer, there’s typically no cost to you in working with a buyer’s agent.
  • Typically, the buyer’s agent receives part of the commission paid by the seller upon the sale of the home.

Step 6: The Road to Closing

You’ll need to make a number of important decisions between applying for a mortgage and closing the sale. Premier can help you prepare. The “closing” occurs when the finalized loan documents are signed and the mortgage funds are disbursed. At this time, you will officially own your home! It is important to understand what happens in the closing process before you get to it. This ensures everything is in place for a smooth closing.

Step 7: Service Continues

Once your home purchase is complete, our Premier Nationwide Lending mortgage representatives will be available to answer all of your questions during the life of your mortgage. Premier Nationwide Lending will be your Lender for Life.

Residential Mortgage Loan Originators

TERRI KARR AND SIDNEY KARR - a dynamic mother/daughter duo-bring their clients the perfect mix of education, product knowledge, and generations of mortgage expertise. Their seamless process will make the home buying experience less complicated and overwhelming; Delivering their clients a “World Class” mortgage experience on time and on budget EVERY TIME!

Terri, a graduate of Baylor University with a BBA in accounting, has been in the real estate and the real estate lending business for over a quarter of a century. To date, Terri has helped nearly 2000 clients with their mortgage on personal homes, vacation homes and investment properties. When not working on the perfect mortgage experience for their clients, Terri enjoys decorating her home, yoga, and being an active member and foster for Lone Star Bulldog Club Rescue. In addition, She serves on the executive board of the Disciples Women of First Christian Church Rockwall where she also participates in the hand bell choir. Terri is recognized as a member of The Producer’s Council at Premier Nationwide Lending. She was honored as one of the company’s Top Producing Loan Officers for 2013, 2014 and 2015. Terri was also recently featured in Texas Monthly Magazine as one of the 2013, 2014, and 2015 Five Star Mortgage Professionals in the state of Texas.

Sidney graduated from Hardin-Simmons University in May of 2014. She decided to follow in her Mother’s footsteps and pursue a career in the mortgage industry. She received her NMLS license shortly after graduating and has become quite a powerful part of the team with an in depth knowledge of specialty programs and credit restoration. As an accomplished equestrian with over 14 World Championship titles, Sidney has a true passion for animals. When she is not helping the team provide an exceptional mortgage experience to their clients, she likes to spend her time with her pets which include several English Bulldogs, Dachshunds, and kitties. She also enjoys spending time cooking for her friends and family and kickboxing to stay in shape. Sidney is a deacon of the First Christian Church in Rockwall where she also participates in the Hand Bell Choir. In Addition, she is a very active volunteer and foster for the Lone Star Bulldog Club Rescue.


Loan Center

Checklist

What you will need to ensure a smooth home mortgage process.

Loan Options

There are several loan options available when purchasing a home.

Down Payment Assistance

Find out more about special programs and who qualifies.

Calculator

Wondering how much you can finance?

Testimonials

Wow! Terri and her outstanding team were extremely helpful and professional. I am an independent business owner which makes home purchasing a bit difficult; however, every part of the transaction ran smoothly thanks to Terri and her team. Every time there was a snag (not due to Terri's team), they all jumped in to solve the problem. The knowledge base they all prescribe to provided me with a sense of security because I trusted they knew what they were doing and provided me with excellent advice. We also were working in a very short time line and they made sure we met it. I cannot recommend me them enough. They absolutely know their stuff. Thanks Terri and your excellent team!

Deborah B.

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