Spring in Texas means warmer weather, blooming bluebonnets, and the sweet smell of backyard barbecues. It’s also one of the busiest homebuying seasons of the year. Let’s take a look at why spring is such a good time to buy, how to get ready, and how to choose a mortgage that fits your needs and goals.

WHY SPRING IS PRIME TIME FOR HOMEBUYING

It isn't your imagination if you've noticed more "For Sale" signs popping up in March and April. Many sellers hold off on selling during the winter so they don't have to deal with the hassle of moving in colder weather. They also tend to list in the spring because they know there will be more buyers then.

Many buyers pause their searches during the winter to wait for tax refunds, and the longer springtime days make it easier to tour homes, attend open houses, and arrange inspections. For families with children, closing in the spring or early summer gives them time to get settled before the next school year begins. When more homes hit the market in the spring, you can benefit from a wider selection, making it easier to find a home that fits your needs.

BEFORE YOU START HOUSE HUNTING

Before you start touring homes or making offers, take some time to review your finances. Making sure you have everything in order could lead to a smoother loan approval process.

Here are a few steps that can help you get ready:

CHECK YOUR CREDIT SCORE

Your credit score doesn’t just help determine whether you qualify for a mortgage. It also influences the interest rate you’re offered. Be sure to review your credit reports and credit score before applying for a mortgage. If you spot any errors or missed payments, open a dispute with the credit bureau right away. 

PAY DOWN REVOLVING DEBT

How much of your available credit you’re currently using is an important factor that influences your credit score. Ideally, you don’t want to use more than 30% of your available credit. If you’re using more than that, consider paying down some of your credit card balance. 

AVOID APPLYING FOR NEW CREDIT

A lender will perform a hard credit check when you apply for a new credit account, which temporarily lowers your credit score by a small amount. It’s best to avoid applying for new credit several months before you apply for a mortgage to keep your credit score as strong as possible.

ESTIMATE YOUR FULL MONTHLY HOUSING COST

Homeownership costs go beyond your monthly mortgage payments. Before you make any offers, determine the full cost of ownership to make sure it fits your budget. Additional expenses may include:

• Property taxes
• Homeowners insurance
• Mortgage insurance 
• HOA dues 
• Utilities and routine maintenance

FIND THE RIGHT FINANCIAL PARTNER

Credit unions are often better than banks for home financing because they are nonprofit organizations. They don’t have to earn profits for investors, which allows them to pass the savings on to their members through lower fees and better rates. Loan decisions are also made locally, which often results in a smoother experience.

At Texans Credit Union, we offer a more personal, relationship-focused approach throughout the mortgage process. We offer a complete suite of mortgage programs, including conventional and government loan options, as well as refinancing solutions to help you adjust your loan as your needs change. Our friendly, local team is here to support you every step of the way.

CHOOSING THE RIGHT HOME LOAN

The home loan you choose affects your down payment, monthly payments, and whether mortgage insurance is required.

CONVENTIONAL LOANS

Conventional loans are the most common type of mortgage. Your interest rate is locked in when the loan is created and won’t change, which means your monthly payment stays the same for the life of the loan. That consistency can make budgeting and long-term financial planning easier. 

The down payment requirements for these loans vary by lender. Also, private mortgage insurance (PMI) is typically required when the down payment is less than 20%. 

USING YOUR HOME EQUITY FOR IMPROVEMENTS

After closing on a home, you may want to make some improvements to personalize your new space. With a home equity loan or home equity line of credit (HELOC), you can tap into the equity in your home to cover renovations, repairs, upgrades, and other expenses.

HOME EQUITY LOAN

A home equity loan allows you to borrow a lump sum and repay it with fixed monthly payments over a set term. This option often makes sense when you know how much you need upfront and prefer predictable payments with a fixed interest rate. It might be a good choice for a roof replacement, new kitchen appliances, HVAC upgrade, or another one-time expense.

HELOC

A HELOC works like a credit card. Instead of receiving a lump sum upfront, you have a line of credit that you can draw from as needed, up to your approved limit. As you repay what you borrow, your available credit is replenished. A HELOC often makes sense when you don’t know exactly how much you need or when projects are completed in stages. 

The HELOC draw period typically lasts 10 years, followed by a 10-year repayment period, where you repay both the principal and interest with fixed monthly payments. HELOCs usually have variable interest rates during the draw period, and many offer the option to make interest-only payments during that time, which can help with budgeting and cash flow.

HOW TO NAVIGATE A COMPETITIVE HOUSING MARKET

There may be more homes for sale in the spring, but there are also more buyers. That means the competition can be strong in many Texas communities.

Buying in a competitive market can feel overwhelming, but preparation makes all the difference. For a more in-depth look at the entire homebuying process, watch our TexTalk: Homebuyer Journey webinar below.

Here are some practical steps you can take to navigate buying a home in a fast-moving market:

GET PRE-QUALIFIED EARLY

Getting pre-approved for a mortgage before you start viewing homes gives you a clear picture of what you can afford. It also shows sellers you’re a serious buyer, which may give you an edge when a home receives multiple offers from buyers who aren’t pre-approved.

KNOW YOUR MUST-HAVES

In a competitive market, you may not get everything on your list. Decide ahead of time which features are must-haves and which ones you’re willing to compromise on. This can help you move faster when you find the right home.

WORK WITH EXPERIENCED PROFESSIONALS

A knowledgeable real estate agent and a trusted lender can make a big difference. They can help you understand the local market, make a strong offer, and guide you through the homebuying process.

MAKING YOUR MOVE THIS SPRING

Spring is one of the best seasons to buy a home. You’ll have more homes to choose from, which gives you more opportunities to find a property that fits your needs. Preparation is key, and taking the time to review your finances and get pre-qualified for a mortgage can help you stay competitive in a fast-moving market.

Ready to take the next step? Explore our mortgage options today and see how our team can help you get the keys to your new home.

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