Tuesday September 26, 2017
Purchasing a new home in the Rio Grande Valley area can be a time-consuming process for first-time home buyers.
There are so many factors to consider and so many options to weigh when finding your dream home. Use these tips for first-time homebuyers to help make buying your new home in the Rio Grande Valley go smoothly.
Think about what you want. It is important to think about the type of home you would like as well as the type of area or neighborhood you want to live in. Create a list of your must-haves, wants, and needs. What are some things that you absolutely need? For example, if you want to be within proximity to shopping and schools, you may want to consider living in a master-planned community in Mission, TX or Mcallen, TX.
Think about your future and what your future requirements might be. Are you planning to grow your family in the near future? Will your parents be moving in with you? Knowing answers to these types of questions will help avoid having to make any renovations or buy a new home later on.
Check your credit score. Your credit score is imperative in qualifying for a home loan. Creditors look at your length of credit history, payment history, and debt to income ratio. Use tools like Equifax, Experian, and TransUnion to see your credit report.
If you are financing your home, we have an in-house mortgage coordinator who works closely with many financial institutions and can recommend a mortgage company that offers innovative and competitive financing. He will also coordinate with your bank or mortgage lender and help to make your financing experience as smooth as possible by working closely with the Title Company, Surveyors, and Appraisers.
Please note your mortgage applications needs to be completed within seven days of contract signing (or seven days after a contract is obtained on current property) and that Esperanza Homes must receive an acceptable commitment prior to starting your home. If paying cash, we simply need a “Proof of Funds” letter from your bank before starting your new home. You may email, mail, or deliver your commitment/financial verification letter to Jaime Gonzales at Jaime@MLRhodes.com or 200 N. 10th St. Suite 1400, McAllen, TX 78501
Anyone that is purchasing a new home needs to have clear proof that they can afford the mortgage payments for the loan they are applying for. Simple things like bank statements, tax returns from the past few years, recent pay stubs and the last few w-2 forms are part of this process.
We're Here to Help
Esperanza Homes has a strong understanding of the local market and can assist you with your search for new homes in the Rio Grande Valley area. The quality of our homes, the services we provide, and energy efficiency initiatives are what makes our homes stand out. So, when it comes to buying a new Esperanza home, we're here to help every step of the way!