Photo Courtesy of Canyon Falls
homestead exemption as a way to lower their taxes. To qualify for homestead exemption, the owner must be living in the property by January 1 of that year. If a homeowner moves into the property on January 2, he or she cannot apply for homestead exemption until the following year. Once the homeowner files for a homestead exemption, it is good for as long as the owner lives there and is using the property as his or her homestead. If a homeowner moves out of the property and rents it, the homestead exemption is dismissed. Another interesting thing about the Texas homestead law is that if a property is purchased that has already has a homestead exemption, the homestead exemption transfers to the new owner.
GET EXPERT HELP Find a realtor through our resource partners at www.destinationdfw.com, recommendations from friends and family, or through your local board of realtors in the area. With expert help, you’ll be able to make a smart and informed decision about buying a home – one of the most important investments you’ll ever make. Be sure to choose a realtor who knows the neighborhoods, the schools, the extracurricular activities, and the tax bases of different school districts. A realtor will also be able to explain whether a home may be subject to
Photo Courtesy of Hollyhock
certain legal rules and restrictions regarding the physical specifications of the home, including later housing alterations you might make. Find a realtor through recommendations from friends, co-workers, family, or by contacting your local board of realtors to find a real estate professional in the area. With expert help, you’ll be able to make a smart and informed decision about buying a home – one of the most important investments you’ll ever make.
The Fair Credit Reporting Act (FCRA) requires each of the three nationwide consumer reporting companies (Equifax, Experian, and TransUnion) to provide consumers with a free copy of their credit report once every 12 months. Call 877-322-8228, or go to www.annualcreditreport.com to order.
NEIGHBORHOODS: FINDING THE RIGHT PLACE FOR YOU
BE PREPARED
Deciding where to live is ultimately a very personal decision. With the right relocation professionals, a little imagination and a lot of legwork, those new to the area will be able to find the neighborhood that suits them best.
Whatever housing option you choose, it’s critical to be prepared. If you’re buying, double-check check your credit with credit reporting companies, and correct any inconsistencies or errors before applying for a loan. All financing institutions use a scoring system derived from a combination file made up of reports provided by several credit reporting agencies. This gives a beacon score that determines your rate.
The metroplex has 10 major metro areas and 12 counties. Counties include Collin, Dallas, Delta, Denton, Ellis, Hunt, Johnson, Kaufman, Parker, Rockwall, Tarrant, and Wise, and major metro areas include Dallas, Fort Worth, Arlington, Plano, Irving, Garland, Carrollton, Denton, McKinney, and Richardson, with many smaller communities in between.
The typical entry for fairly good credit would be a score above 650, with 700 as an automatic approval. Mortgage brokers may work with borrowers and assist in correcting costly errors on their credit reports that could affect the final interest on the loan, or even the loan approval.
While by no means comprehensive, we’ve included sample neighborhoods in the largest counties to give you an overview of the area and an idea of what you might find in each area – like a neighborhood or a city’s personality and area amenities. For more detailed information, check with your realtor.
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