Smart Buyers use Penny Pearson
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Penny Pearson, Realtor
Texomaland Real Estate, LLC
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Featured Listings
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$190,000.00 listing calculator
3 Beds/ 2 Baths
404 S Cedar Street
Leonard, TX 75452
Community: Maxwell Addition

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$419,000.00 listing calculator
3 Beds/ 2 Baths
2237 County Road 1135
Ravenna, TX 75476
Community: no

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$69,000.00 listing calculator
2 Beds/ 1 Baths
1002 S 4th Street
Bonham, TX 75418
Community: Stone Add

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$664,900.00 listing calculator
2 Beds/ 2 Baths
4882 County Road 3735
Wolfe City, TX 75496
Community: A0471 C HABERMACKER, ACRES 66.319

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$150,000.00 listing calculator
2 Beds/ 1 Baths
307 County Road 2870
Honey Grove, TX 75446
Community: T HOBBS

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$359,900.00 listing calculator
3 Beds/ 2 Baths
234 County Road 4833
Leonard, TX 75452
Community: Bar D Ranch Estates

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$185,000.00 listing calculator
3 Beds/ 2 Baths
1718 Recreation Road 3
Bonham, TX 75418
Community: William Cox Jr Surv Abs 218

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$165,000.00 listing calculator
3 Beds/ 2 Baths
711 E 6th Street
Bonham, TX 75418

Mortgage Rates


Average Rate*
30-Year Fixed Rate 2.25%
20-Year Fixed Rate 2.96%
15-Year Fixed Rate 2.35%
10/1 ARM Rate 3.46%
* Conforming FNMA Loan Amount. Rates may include points.

Information updated: 6/11/2021

"You don't wait to buy real estate, you buy real estate and wait " - Will Rogers

Smart Buyers learn more than they ever thought they would need to know when they enter the process of buying real estate.  Learning the the lingo of real estate terms will help you with the buying process.

Here is a very useful Glossary of Real Estate Terms

Another thing that will help you beyond measure is an expert Realtor® who helps you navigate the process from the beginning to the handing you the keys. 

Are you already working with a great real estate agent? If so, then stick with them.*

If you do not have an expert Realtor® helping you find the right place then...

Please ask yourself "Would it be to my advantage to have Penny Pearson, Realtor on my side as my buyer's agent"?

Penny Pearson  Real Estate Buying Process

It’s Simple. Yes!  I will  be there in your corner helping you find the right place and then navigate through the  real estate buying process. Without a doubt I can help you make your real estate transaction go smoothly with professionalism and a can do attitude. 

I have absolute confidence that I am an invaluable asset to buyers or sellers who choose me as their Realtor to represent them. I bring my experience to the table and provide over a decade of knowledge of the real estate contracts and the local real estate market. 

I can make the process much easier for you and save you valuable time by finding the properties that best suit your requirements. 

I work to get you the most favorable terms in your offer once you've found a place that catches your eye. The purchase offer will be a contract if accepted and it's important that it is written right for your specific needs and interests This will include the offer price, option times, inspections, survey, title policy, closing dates, and other small but important details to make sure you get the most favorable terms.

My clients appreciates my straight forward attitude and the way I can clear the path during negotiations with the end goal of buyer satisfaction of owning their new home or property.

Everyone likes it when a contracted sale goes easy with no issues and buyers and sellers create no friction during negotiations, inspections, appraisals, etcetera, but I also know what can go wrong, and what needs to happen to make it go right.

Did I mention that I am priceless in value and absolutely 100% FREE to my buyers?

Penny Pearson, Realtor®

P.S.  If you are not working with an agent then by all means call, text or use the contact form to reach out to me and lets talk about what you are looking for in the Fannin, Grayson, Hunt and north Collin County

* If you're already working with another brokerage, please disregard this message. If your agent is too far away to take care of showing you properties in my local area of expertise, then I suggest you have your real estate agent call me and we can work out a possible referral agreement between your agent and myself. 

Buyer's Resources

Homeownership has many advantages - both financial and personal. But buying a home is an important decision. Look at the benefits and the differences between homeownership and renting to better understand if owning a home is right for you.

What are the benefits of homeownership?

  • Tax savings.
    You may earn significant tax savings because you can deduct mortgage interest and property taxes from your federal income tax and many states' income tax if you itemize your deductions.
  • A more stable monthly housing expense.
    Your monthly housing loan or mortgage expense can remain the same for the life of your mortgage, depending on the type of loan you choose.
  • Equity.
    You may build equity in your home over the life of your loan, which allows you to plan for future goals like your child's education or your retirement.

Homeownership is not right for everyone. It may not be the right time in your life or you may not like the commitment associated with owning a home. Here are some differences between renting and homeownership:

  • Renters are typically free from maintenance obligations such as repairs or lawn care.
  • Homeowners often have more freedom in decorating, landscaping, etc.
  • Renters can move more easily and more quickly than homeowners and there are higher costs associated with buying and selling a home.
  • Homeowners have a financial investment and may build equity in their home.

 How Much Can You Afford?

To get a quick idea of what you can afford to spend, multiply your annual gross income (before taxes) by 2.5. For example, if your annual household income is $50,000, you might be able to qualify for a $125,000 home. This is just a rough estimate - the actual number will vary based on factors such as your debt and credit history.

Mortgage lenders typically use the housing expense and debt-to-income ratios to more accurately determine how much you can afford to spend on your mortgage.

  • Housing Expense Ratio
    Mortgage lenders recommend that your monthly mortgage payment should be less than or equal to a quarter of your monthly gross income. This percentage can change based on the type of mortgage you choose and sometimes the area in which you're looking to buy.
  • Debt-to-Income Ratio
    You need to factor your other debts into determining an affordable monthly mortgage payment. Mortgage lenders look at whether your total debt is larger than 30-40% of your monthly gross income. Remember, debt is not just credit cards and student loans. It can also include alimony, child support, car loans, and housing expenses.

A mortgage lender, a housing counselor, or consumer credit counselor can help you better understand these guidelines. Before you talk to a financial professional, you can organize your financial picture by creating a budget. Don't forget that you also have to save for the down payment, closing costs, inspections costs, moving, and other related expenses.


Myths About Homeownership

Lenders evaluate mortgage applications a lot differently today than they did even 10 years ago. And even more has changed in the last 20 years. What used to close the door to homeownership may not be a factor today.

Here are some common homeownership myths:

Myth: You need great credit to become a homeowner.
Fact: You may still be able to buy a home with less-than-perfect credit. And remember, you can improve your credit over time.

Myth: You need to put 20% down to buy a home.
Fact: There are many types of mortgage products and programs that allow low and no down payments. But remember to factor in other costs such as closing costs, property taxes, moving expenses, and repairs.

Myth: You can't buy a home in the U.S. if you're not a citizen.
Fact: If you're a legal resident, you can purchase a home in the U.S.

Myth: If you don't have a bank account or credit cards, you can't qualify for a mortgage.
Fact: Having a bank account is always a good idea and helps you establish credit. However, lenders can approve you for a mortgage even if you don't have a bank account or credit cards. You'll likely need to keep records showing a history of payments you've made for items such as rent, utilities, and car payments.

Myth: Lenders share your personal financial information with other companies.
Fact: By law, banks and other financial institutions are restricted in their uses and disclosures of information about you. In some situations, you may choose to restrict the disclosure of your information if you don't want it to be shared.

Myth: If you're late on your monthly mortgage payments, you'll lose your house.
Fact: If you have a financial hardship, like the death of your spouse or a medical emergency and fall behind, it's possible to keep your home and get back on track if you contact your lender early.

Myth: You can't get a mortgage if you've changed jobs several times in the last few years.
Fact: Not true. You can change jobs several times and still get a loan to buy a home. Lenders understand that people change jobs. The important thing is to show that you've had a stable income.

Featured Listings
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$150,000.00 listing calculator
512 E 7TH Street
Bonham, TX 75418
Community: INGLISH
Transaction: For Sale
Status: Active
Type: Residential
Size: 1,356 Sq. Ft.
Year Built: 2019
Bedrooms: 3
Bathrooms: 2
MLS ID: 14120099
New Built home with the trim. Ceramic tile, laminate and carpet flooring. Granite countertops. Beautiful finish out. Come by today and find your new home. Stanford Luxury Homes Read more »

Courtesy Of: Action Realty Group

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$340,000.00 listing calculator
801 Cedar Creek Circle
Bonham, TX 75418
Community: Cedar Creek Add 2
Transaction: For Sale
Status: Pending
Type: Residential
Size: 2,146 Sq. Ft.
Lot Size: 0.61 Acres
Year Built: 1999
Bedrooms: 3
Bathrooms: 3
MLS ID: 14560006
Beautiful builder's custom home on 0.61 Acres in a great subdivision. This 3 bedroom, 3 bath home features a gas fireplace, an eat in kitchen with quartz countertops and loads of cabinet... Read more »

Courtesy Of: Sudderth Real Estate, Inc.

Texas Real Estate Commission Information About Brokerage Service

Texas Real Estate Commission Consumer Protection Notice

Real Estate Property For Sale in the greater Texoma area including Homes, Land, Recreational Properties, Acreage, Farm and Ranch, Recreational Land For Sale in Grayson, Fannin, Cooke, County including Denison, Pottsborro, Sherman, Bonham, Bailey, Dodd City, Ector, Honey Grove, Ivanhoe, Ladonia, Leonard, Ravenna, Savoy, Telephone, Trenton, Windom, and the surrounding areas in the Fannin County, Texas region.

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