Why It’s Important to Get Pre-Qualified Through a Lender

It’s important to talk to a lender before even considering a home purchase.

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One of the first things we ask homebuyers is where they’re looking to buy a home. Next, we ask what their price point is. The best way to figure out your price point is to talk to a lender first; they’ll figure out if you’ll be paying cash or financing. Most people choose the financing route.

Even if you’ve already spoken with your lender, you should always get a second opinion. I’ve brought in Ricardo Torres of Willow Bend Mortgage to explain more about why it’s important to talk to lenders.

You won’t know if you can buy your dream home until you get pre-qualified. A lender makes sure you’re pre-qualified so when you’re ready to buy your home, it’ll happen without a hitch. Willow Bend Mortgage has an app where buyers can check price points, get ideas on pricing, and apply for a mortgage loan. This application takes around five to 10 minutes and allows you to upload paycheck stubs, W-2s, and bank statements: the meat and potatoes of applying for a loan. It also integrates your real estate agent’s information throughout the process.

Even if you’ve already spoken with your lender, you should always get a second opinion.

If you’d like to contact Ricardo, you can reach him at 956-739-5440. If you’re looking to buy or sell a home, have any questions, or are looking for more information, feel free to reach out to me. I look forward to hearing from you.

What Needs to Align for a Successful Home Purchase?

Are you ready to buy a home? If so, here are three steps that will get you closer to your goal.

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We’re reaching out to you today since you’ve kept in touch with us because you were looking to buy property and we want to know where you’re at. In order to make your move, there are three things that need to align:

1. Desire. You have to want to move. Maybe you’re sick of paying rent or you're crammed in with family or roommates. If your desire is high enough to take the next steps, it’s time to look at the second thing.

2. Income and credit. For this step, you’ll need to talk to a financial professional like Ricardo Torres with Willow Bend Mortgage. He can help you find out whether your credit is good enough and what kind of home you can afford right now. You can start the process right here, and he can help you get a pre-qualification. He will take a look at your credit, employment history, and income to let you know exactly what you can afford.

A pre-qualification will let you know what you can afford.

3. The house. This is the fun part. When you have the desire and you’re pre-qualified, that’s where our team steps in to help guide you through the process and find the perfect house.

If you have any questions for us, please feel free to reach out and give us a call or send us an email. We look forward to hearing from you soon.

5 Habits of a Successful Home Buyer

If you’re looking to buy a home this year, you need to start these five habits right now. 

Buying a home? Search all Greater McAllen Area homes for sale

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If you vowed to buy a home this year, it’s time to get moving. Even if you’re months away from hiring an agent and looking at houses, there are things you need to do right now to make your dream of homeownership come true. In fact, there are five habits you need to start now to ensure a smooth transition from renting to owning a home.

Always be ready when you have the opportunity to lock down that perfect home.

     1. Automate your down payment savings.

     2. Build your credit and keep it clear.

     3. Practice living on a budget.

     4. Get your tools and make repairs.

     5. Prepare to pounce on a great deal.

As always, if you’re looking to buy, sell, or invest in real estate, please feel free to give me a call or send me an email. I look forward to hearing from you! 

The 5 Steps to Buying a Home in Your 20s

Are you a part of the millennial generation who’s ready to buy their first home? Here are the five steps you need to take.

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We have to hand it to the millennial generation—they’re an educated, tech-savvy bunch who typically know what they want. Lately, we’ve found that many twenty-somethings in this group have decided that what they want is to buy their first home.

If you count yourself as one among these twenty-somethings, there are the five steps you need to take to make sure you find the right home.

First, decide that you’re ready to commit. Buying a home may be the largest purchase you’ll make in your entire life, so you have to know you’re ready for that type of commitment. Millennials have been deemed a nomadic bunch, so it’s important to note that most homebuyers stay in their homes for at least three to five years, and that’s just so they can recoup the cost of their purchase.

Buying a home also means you’re ready to get your hands dirty, both literally and figuratively. In order to maintain your home, there’s handiwork that needs to be done that’s typically your responsibility.

Second, understand your finances. When the time comes for you to buy a home, your lender will consider every part of your financial picture, from your current job salary to your bills and spending habits. Since the bank will review your financial information, you’d better do the same. Find out how much money you’ve got coming in and going out and calculate how much you’ll be able to devote to your monthly mortgage payment.

When considering your finances and budget, also consider the fact that homeownership fees don’t end with your monthly mortgage payment. You’re also responsible for insurance, property taxes, and any money that’s needed to cover routine maintenance and unexpected home repairs. After gathering all of this information, ask yourself once more if buying a home is in your future.

Work with an agent you trust.

Third, consider credit and savings. Your first brush with credit may have been when you were inundated with credit card offers on your first day of college. By the latter part of your 20s, hopefully you’ve established some type of credit. Lenders will closely consider your credit score when deciding on approving your mortgage, so remember—the better your credit score, the better the interest rate you’ll be offered.

As far as savings go, you’ll need to have money in-hand up front to cover fees like your down payment and closing costs. Have you saved the money you’ll need to buy a home?

Fourth, find a lender and get pre-approved. Buying a home is largely a financial process, so it makes sense that the mortgage process is a long one. Seek out several lending institutions before you settle on the one you’d like to use. Just like every buyer is different, every lender is different too. Some may be more lenient when it comes to your credit history. Some credit unions or banks you’ve used for years may offer lower rates than other lenders. The federal government also offers FHA and VA loan options that may be perfect for first-time homebuyers such as yourself.

Lastly, work with an agent you trust. This is an area where we would not advise a “do-it-yourself” mentality. Professional agents have the training and know-how to lead any first-time homebuyer to a home that’s right for them. Your agent will make your “needs” and “wants” lists and help you consider your long-term goals for a new home. They’ll also help you search for homes, negotiate for you, and walk you through the entire offer and closing process, right down to the point where the keys are finally in your hands.

So if you’re a twenty-something who’s decided that now’s the right time to buy, give us a call and we’d be glad to represent you and help you through the entire process.

As always, if you have any other questions or real estate needs, feel free to reach out to us any way you can. We look forward to speaking with you.

How to Determine Your Wants and Your Needs When Buying

When looking for your next home, it's important to be able to separate your wants from your needs. 

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When you're looking for a home to buy, it's important to determine both what you need and what you want. Oftentimes, we see homebuyers confuse the two.

One of the first things you need to do is get pre-qualified for a mortgage because most sellers won't even entertain an offer if you don't have a letter of pre-qualification. It also helps narrow your search by keeping you from wasting time looking at homes you can't afford. 

Once you've been pre-qualified, you want to sit down and write out your wants and needs. Your needs list might include a two-car garage, a large yard, a nice school district, and three bedrooms. These items should be non-negotiable, meaning you won't even look at homes that don't fulfill your needs.

Most of your wants will be cosmetic things that can be added later.

Most of your wants are cosmetic. You might want granite or quartz countertops, but a home not having them shouldn't be a deal-breaker. They can always be added later. That's why you need to determine which items you can and can't live without. Examine homes that fill all your needs before you start considering your wants.

If you have any questions about this step or you're thinking about selling or investing in real estate, give us a call or send us an email. We'd love to hear from you!

5 Habits for a Successful Home Purchase

If you’re looking to buy a home this year, you need to start these five habits right now. 

Buying a home? Search all Greater McAllen Area homes for sale

Selling your Greater McAllen Area home? Get a free home value report

If you vowed to buy a home this year, it’s time to get moving. Even if you’re months away from hiring an agent and looking at houses, there are things you need to do right now to make your dream of homeownership come true. In fact, there are five habits you need to start now to ensure a smooth transition from renting to owning a home.

Always be ready when you have the opportunity to lock down that perfect home.

     1. Automate your down payment savings.

     2. Build your credit and keep it clear.

     3. Practice living on a budget.

     4. Get your tools and make repairs.

     5. Prepare to pounce on a great deal.

As always, if you’re looking to buy, sell, or invest in real estate, please feel free to give me a call or send me an email. I look forward to hearing from you! 

Why Should You Buy a Home During the Holidays?

Here are five reasons you should buy your new home during the holidays.

Buying a home? Search all Greater McAllen Area homes for sale

Selling your Greater McAllen Area home? Get a free home value report

If you are in the market for a new home, you may be wondering when the best time to buy is. Here are five reasons you should purchase your new home during the holidays.

1. There is less market activity. All of the family, school, and work activities happening at this time combined with the colder weather lead to fewer real estate transactions over the holidays. This means there will be less competition to face. 

2. Sellers are motivated. People who have their homes on the market at this time often have a great incentive to sell. If their home has been on the market for awhile or they are looking to relocate for a job, they want to get their home sold as soon as possible.

They want to get their home sold as soon as possible.

3. There are potential tax benefits. If you itemize your taxes, you can deduct any points you paid upon closing, as well as property taxes and mortgage interest. This will depend on how many other deductions you have this year, but there’s a chance you’ll have a real advantage.

4. You’ll get a better interest rate. Due to limited demand, there will be more competition among lenders during the holidays. 

5. Homes close faster. Lenders want to close their books, agents want to get their commission, and sellers want to move into their new home before the end of the year. You might even get settled into your new home before the holidays! 

If you have any questions feel free to give me a call or send me an email. Happy holidays!