Buying your own home first is one of the happiest times of your life! However, a lot of paperwork and time goes into it and finding a lender with great reviews will ease much of the stress. But, the satisfaction you get from your first home closing is something you will never forget!
Being a First Time Home Buyer in El Paso Texas makes you have to consider your options before you buy. The first thing you will need to consider is what your long-term goals are with being a home owner and how your goals fit in with that plan. One goal could be to stop paying rent that just increases after every lease you renew. The benefits of being a First Time Home Buyer in El Paso Texas greatly outweighs renting for the following reasons:
- Greater privacy.
- Homes typically increase in value the older they are.
- You build equity for the future.
- Your costs are predictable and more stable than renting because homes are based on a fixed-rate mortgage (Also known as FRM, which is a mortgage loan where the interest rate on the note remains the same throughout the term of the loan, as opposed to loans where the interest rate may adjust or “float”).
- Good for building equity and making an investment.
When you are determining what type of home you want to buy, you must first see what type of loan you qualify for and for what price. Before you shop, it’s VERY important to get an idea of how much a lender will actually be willing to loan to you.
When you are determining if you are qualified for a certain loan to be a First Time Home Buyer in El Paso Texas, a lender will determine this:
- What your current debt is (how much you owe in car payments, credit cards, student loans
- What your credit score is. Generally, lenders want you to have a credit score of about 640 or higher to get pre-qualified for a home loan.
- What your down payment on the loan will be and what you can afford to pay each month.
Use the HUD site below to learn more about being a First Time Home Buyer :
To get pre-qualified to purchase your home, you will need to give the lender the following documents:
- Most recent one month of pay stubs
- Most recent two months of bank statements for all checking and savings accounts , all pages even if they are blank
- Most recent retirement statements
- Full copies of last 2 years tax returns, all pages and schedules
- Last 2 years W-2’s and 1099’s
- Copy of DL and SS card
Here are some do’s and don’ts during the process when purchasing a home:
Pay all debts on time.
Maintain the status quo.
Save as much as possible, if needed.
Deposit pay checks into your bank account .
Take on new debt .
Let anyone pull your credit.
Deposit cash into your bank account.
Get married or divorced.
Open new accounts.
Move money around.
Close credit accounts.
Change your work position or the way that you are paid.
As an added benefit to our clients, we have recently gotten into the market of mobile apps and have come across this great app called Home Scouting. This app is a free home finding service provided directly to consumers by Home Buyers Marketing II, a licensed brokerage services company.
I know what you may be thinking, “How is this any different from Zillow, Trulia, or Realtor.com?” Easy answer, the most important thing I can tell you is that this app provides you with 100% active MLS listings that are ALWAYS updated. Did you know that the other 3 sites provided above are only about 60% accurate and they sell your information to lenders and Realtors?
With the Home Scouting app you can:
- View every MLS listing
- Schedule a home showing
- View sold home information
- See detailed school district boundaries and information
- Never have your information sold
- Direct turn by turn navigation to and from any listing
- Search on a free, private, password-protected, mobile app
To get the app is simple, all you have to do is:
- Go to the Apple Store for iPhone or Google play store for Android
- Search for “Home Scouting”
- Downloand“Home Scouting” App
- Enter VIP code 817 913 5556
- Finish Signing Up
- Start searching!!!!
You can also use this direct link to the app store on your phone to go right to it: https://itunes.apple.com/us/app/home-scouting/id643321575?mt=8%20)
The Home Scouting Report ® (HSR) is a free home finding service provided directly to you as a homebuyer by HBM2, a licensed real estate brokerage services company. The Loan Officer’s role is to assist in determining a comfortable home price range for HBM2 to use when it is searching for property listings within your search criteria. The Loan Officer is neither an employee of HBM2, nor the provider of the HSR. ©2015 Home Buyers Marketing II, Inc. (HBM2)
To get started , please call Joy Bates with the Legacy Group of LeaderOne Financial at 817-860-3232, email Joy: joybates@leader1com, or visit our website; http://legacyfinancial.com or text at 817-913-5556.