Frequently Asked Questions

Should I hire a realtor?

Purchasing a home may be one of the largest purchases a person makes in their lifetime.  We at South Texas Home Loans, recommend hiring a professional that can help guide you through the Rio Grande Valley home buying process.  Should you need assistance in finding the right realtor for you, we can help point you in the right direction. 

What is a home inspection and do I really need one?

A home inspection is a thorough evaluation of a home completed by a professional.  The inspector will meticulously  investigate the home from top to bottom, ensuring that any problems with the home are brought to light.  This inspection will provide the buyer with valuable and possibly, money saving information.  Although a home inspection is not required in Texas, we highly recommend having a professional inspect your prospective home.   

What is an appraisal?

An appraisal is used to determine the fair market value of a home.  In other words, it is a realistic view of what the home is worth according to a professional appraiser. 

What is included in my monthly mortgage payment?

Lenders generally include the following: principal and interest payment, local property taxes, home owners insurance, and private mortgage insurance (if needed).  

What is the difference between pre-qualifying and pre-approval?

Pre-qualifying is a ball park figure that we offer clients based on the financial information they provide.  It is the unofficial amount you may borrow.  

Pre-approval offers a more definitive number on the amount we can loan you.  It is based on the financial records you provide South Texas Home Loans with.   

How large of a down-payment do I need to put down?

This number will be determined based on the type of loan you apply for.  There are programs that require 0% down and some that require up to 20% down. South Texas Home Loans can help guide you toward a loan that suits your current needs.