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Frequently Asked Questions

Should I speak with a bank BEFORE looking at homes?

Absolutely. Speaking with a bank prior to looking at homes is one of the best first steps you can take. Getting a pre-approval for a mortgage will let you know how much you’re able to borrow, how much you can afford, and how much you can expect to put forward for a down payment. Pre-approval is also an important step in real estate because it shows you are ready to buy a home.

Can I buy a home before selling my current one?

The short answer is yes. The long answer is you should do so with caution. Real estate can be tricky especially when you own two homes and are struggling to sell your current one. It’s important to consider things like where you’ll live until your new home closes, do you have the budget for the transition, and can you fully commit to the down payment and closing costs for your new home. We suggest speaking with a mortgage lender such as our preferred lender Rocky Mountain Mortgage Company, who will be able to access your situation and provide advice based on your finances.

Do I NEED to work with a Realtor?

You are not obligated to work with a Realtor, however, there are major benefits to working with one. These benefits include their vast knowledge of the real estate market, helping you find the perfect home, getting the home buying process started sooner, and most importantly, tackling the lengthy paperwork. He or she will also be able to make sure that once you’ve fallen in love with a home, you have a smooth buying process.

How long does it take to close on a move-in ready home?

Typically, closing on a home takes anywhere from 30 to 45 days. Delays to this timeline include approval for a loan, trouble receiving funds, and any missing information for closing documents.

Is there an incentive to having a home built?

There are benefits to having a home built. For one, you’ll be able to decide on location and customizations. If you haven’t found a move-in-ready home that meets your needs, you should consider working with us. We’ll help you build the home of your dreams — everything from the cabinets, sinks, flooring, paint, doorknobs, and layout! The downside will be time and price. New homes take at least six months to construct and you’ll find yourself spending more money on fixtures, appliances, and materials. If money and time are not a concern, then the biggest incentive for having a home built will be your personal touch throughout the entire home.

Can I put less than 20% down?

Yes, depending on the terms of your loan, you can put down anywhere between three to 20% down. The goal is to keep your loan-to-value (LTV) below 80%, if not, you may be required to obtain mortgage insurance. It’s important to explore your mortgage options early on so you can have a good estimate of how much money you need to have saved.

Is it better to rent or buy a home in El Paso?

The benefit of living in El Paso is that the real estate market can be pretty even when it comes to renting and buying, depending on the property and location. Compared to other U.S. cities, El Paso’s market is the best place to buy a home. Since the median price of a home in El Paso is $154,000 compared to the national median of $312,400, you can expect to comfortably build equity with a home as opposed to forking out nearly the same amount in monthly rent.

I’m looking for a new home, how do I get started?

We suggest finding a Realtor with experience and a proven track record as he or she will be your eyes and ears during the search process. A good realtor will sit down with you to explore your needs in a home, timeline, budget, location preferences, and other important factors. Additionally, before settling on a home, your realtor will ensure you’re 100 percent satisfied with the terms of your home.

or More Answers to Your Questions, Contact Zia Homes

Need assistance getting started or have questions about El Paso’s real estate market? Contact us today! At Zia Homes, we work with first-time home buyers, experienced buyers, and anyone who is looking to become the owner of an affordable, luxury home in El Paso.