About Hidalgo County, TX

If you know McAllen Texas and have some insight into the growth there - potential or real - send this author a note. She has put out a request for help. The magazine she is writing for appears to be new. You can probably get quoted if you provide good information.

Her name is Tonya Whitaker and the Magazine is Capiqua. I have no idea where the magazine name came from or what it means. Her request was "I am writing a story about McAllen, Texas, making a few lists as the place of steady job growth in 2010. I need to speak with someone familiar with job market issues." Those things include real estate, too.

So if you're an expert in McAllenese, send her a note! query-1at@helpareporter.com Tonya Whitaker

Have access to search foreclosure homes for sale in the Rio Grande Valley.

Hidalgo County Foreclosures includes McAllen, Mission, Edinburg, Pharr, Weslaco, San Juan, Alamo, and the Sharyland school district.

Cameron County Foreclosures includes Brownsville, South Padre Island, Los Fresnos, Laguna Vista, Harlingen, and the Rancho Viejo golf community.

Be sure to have a pre-qualification letter before submitting an offer on a bank-owned property.

Contact Kenneth Hammonds at 956.358.5088 to prequalify.

Rene Galvan, TX Broker
RGV Realty

It's gonna be short and sweet today guys. It has been a long week and unusually busy for a Friday. Remember, don't hesitate to contact me with any questions. Also, you can cheat and get a copy of our Home Financing checklist, so you don't have to wait for future BLOGS. :)

Ok so you met with your Home Mortgage Consultant Step #1, you Applied for your Pre-Approval Letter Step #2 You Shopped for and found a home steps #3 and #4.

Now you are ready to make an offer. You will work with your Real Estate Agent. Your pre-approval letter will help your agent negotiate on your behalf. You are pre-approved and the seller and agent both know that you are ready to buy a home and get a home loan to do so.

Good Morning!

Time to follow up on yesterdays post. Okay so you found a Fabulous Home Mortgage Consultant. She has explained everything to you. Encouraged you to take notes and ask questions. She even gave you her cell phone so you could call her while shopping for a home. You know questions come up all the time and you do not always remember at that first application. Anyway, she is AWESOME....(hee hee), and you are ready to take the next step because that house that you saw the other day is still available and you want to put a bid on it.

Step #2 Apply for a Home Loan- (Pre-Approval Letter) You will discuss with your Mortgage Consultant all of the items you will need in order to recieve this letter. You will probably need the usual suspects:

I will explain them here and then list them again at the end of the blog for quick reference.

1 month pay stubs- (if you are paid 2 times in a month you will need two pay stubs)

2 months bank statements (the one that is mailed to you, or if you go to the bank to pick it up ask for a 60 day history signed and stamped. This is necessary because the statements from the bank are not official statements they are just printed out forms. Usually don't have bank name and address printed on them.

2 years W-2's- for all jobs worked in previous two years. it is January 2010 so we are asking for 2007 and 2008 W-2's in about February we will begin asking for the 2009 W-2. Your employer has till 1/31/2010 to mail it to you.

2 years tax returns.

If you rent- landlord name and number

if you own-property information, like taxes, insurance, etc.

The more information you give your Mortgage Consultant up front. The fewer problems you will have later. Believe me, if you forget something, it will come out later and you do not want it to come out 2 days before closing.

If you give all of this information to your Mortgage Consultant, you run your credit and credit scores are sufficient, your Mortgage Consultant will run your information through an automated underwriting system and you will be issued a Pre-Approval Letter right there on the spot.

Step #3 -Find your Home

Step #4- Make an Offer

You can take your Pre-Approval Letter to the realtor you have been working with and make an offer on that house. If that one does not work out or you just wish to keep shopping, the letter is good for 90 days. Stay in touch with your Mortgage Consultant. (if she texts or emails that would be awesome, that way you can send her a text message with a quick update.) However, if you have more detailed questions, give her a call. THAT IS WHAT SHE IS THERE FOR!

okay so to recap as promised:

1 month pay stubs

2 months bank statements

2 years W-2's

2 years Tax Returns

If you rent- Land lord name and number

If you own- Taxes and Insurance

If your Mortgage Consultant needs additional information, she will let you know right away. HAPPY SHOPPING!

Okay, so you are all excited about the new tax credit and you want to start looking at houses......You find a house that you REALLY like and you call the number on the sign out front. The person on the other line says okay we can make an appointment to show you the house. First, do you have your pre-approval letter?......hello? What? What is that and where do I get one?

You have fallen victim to what every first time homebuyer does.....putting the cart before the horse. No worries, back up and start over.

When you are looking to buy your house for the first time, you should ALWAYS find a lender that you trust. Call for an appointment and find out what you qualify for. I will be updating this blog daily with the steps for home ownership. Adapted from our home financing process checklist (something I give to all my borrowers at application).

Today we start with STEP #1 initial Consultation- Speak with a home mortgage consultant. You will go over your intent to purchase a home, how many years you intend to occupy the home, how much buying power you have. Is your income sufficient to make payments? do you have enough money in the bank to pay closing costs and down payment? will you have reserves? (money left over after closing) Questions like can I pay the loan off early? Is the interest rate Fixed? (rate does not go up or down during the loan). Where do I make my payments? (with Wells Fargo you can make your payments in any branch) What is my credit score? When do I get my pre-approval letter?- We will talk about that tomorrow

OH and tip of the day......take a notebook with you, you will need it to write notes (you are going to hear a lot of new words) also, you can write down questions you think of later and you can write down addresses to properties you may have seen so that you can discuss with your realtor.