FAQ's

You can review the Agents we have online to determine the best fit. Of course, Donna Elena would be happy to discuss your needs and help you find the perfect fit.

Pre-qualified means a lender has asked the borrower preliminary questions related to income and debt ratios. Based on the answers, a lender can estimate what the borrower may be able to afford. It is in no way a guarantee that a loan will be granted to the borrower. A pre-qualification is just an estimate.

Pre-approved means a lender has asked the questions, and has gotten a credit report verifying the income and debt ratios of the borrower. They give a pre-approval based on the credit reports. This is a much more realistic idea of what a borrower can afford. As long as their financial or income situation doesn't change between the time of the pre-approval and the funding of the loan, the lender will grant a loan for the pre-approved amount. As expected, pre-approval is much more preferable over pre-qualification, because the information is verified and the lender is able to give more of a guarantee to the borrower that the funds will be available.

The first and often most important step is to let us listen to you. We will look for key information in our interview process that will help us focus on the correct homes for you to view. Additionally, our agents are constantly previewing property in the area and can quickly identify options for you.

If you are already living in the area, we can narrow the search down to specific neighborhoods and prescreen the choices available to minimize your time. If the right match is not available, we become your early warning system as new properties become available.

If you are new to the area and want an understanding of potential neighborhoods, we can guide you through the possibilities.

Part of our service includes evaluating the available homes in your preferred neighborhoods and presenting you with choices that meet your needs. By pre-qualifying (Mortgage Calculator) we can help insure that the home you fall in love with is within the price range.

As your Buyers Representative we stand with you throughout the purchasing phase, sharing with you knowledge of current market value and helping with the best negotiating strategies.

It is always recommended that you seek good legal advice whenever you are unsure. Our agents can offer their experience and assistance in helping you understand the content and then suggest experts to further clarify any issues if needed. Title companies are great resources to clarify the process.

Sellers are required to provide a disclosure regarding the condition of the home. In addition, there are a number of qualified inspectors in our area, who can do an onsite inspection and provide you with a comprehensive report. If the property is ideal for you, but raises some concerns, we work with you to seek remedies through the seller or from our knowledge of contractors and repair specialists in the area

We expect to view your property with you as our first step. It allows us to use our experience in valuing its special features. Then, we will prepare a competitive market analysis comparing your home with other similar properties. This helps us determine together the proper asking price.

Next step, and perhaps the most important, is for us to lend our experience in balancing your expectations on value and timing to the market. We don’t believe in making the list price decision for you, but we always try to recommend strategies that will help you find a willing buyer in a reasonable time frame. As your listing agent, we work with you as buyers seek to acquire your home, lending guidance during any negotiations.

Your home will be listed in Santa Fe Association of Realtors Multiple Listing Service. It will be held open for the Donna Elena Saiz Real Estate Group Realtors and discussed at our meetings to identify buyers. It will also be held open on a Multiple Listing Services tour for agents in the area.

Listings will be advertised in both in the newspaper and on web sites. Virtual tours can be arranged, and open houses may be considered as part of the strategy.

Your home will be listed in Santa Fe Association of Realtors Multiple Listing Service. It will be held open for the Donna Elena Saiz Real Estate Group Realtors and discussed at our meetings to identify buyers. It will also be held open on a Multiple Listing Services tour for agents in the area.

Listings will be advertised in both in the newspaper and on web sites. Virtual tours can be arranged, and open houses may be considered as part of the strategy.

Title insurance in New Mexico is a cost and coverage regulated insurance industry that insures the validity of the title to real property. In exchange for a one-time premium, coverage protects the policy holder in perpetuity against losses such as unknown title defects, fraud by the seller, and liens and judgments of prior owners.

Most lenders require title insurance to insure the lender for financed transactions. When purchased in conjunction with a lender’s policy, the additional coverage for an owner’s policy to insure the buyer is a nominal amount and strongly encouraged. Almost all buyers purchase title insurance since it is a cost effective way to protect the real estate investment from title defects. Title companies also coordinate the sales transaction and the closing as well as act as an independent escrow agent.

Survey deletion, which is commonly referred to as “survey coverage,” is an optional title insurance protection that insures against errors committed by the surveyor. The insured may make a claim against the title insurance underwriter regardless of whether the surveyor is still in existence or if the survey was performed for a previous owner. This coverage is highly recommended because it is cost effective, and in transactions when the buyer is using an existing survey, the new owner will not have any privity to sue a surveyor who made errors in a survey performed for a previous owner.

Generally speaking, you can purchase a home with a value of two or three times your annual household income. However, the amount that you can borrow will also depend upon your employment history, credit history, current savings and debts, and the amount of down payment you are willing to make. You may also be able to take advantage of special loan programs for first time buyers to purchase a home with a higher value. Contact your mortgage specialist or AmericaHomeKey, Inc. and they can help you determine exactly how much you can afford.

With a fixed-rate mortgage, the interest rate stays the same during the life of the loan. With an adjustable-rate mortgage (ARM), the interest changes periodically, typically in relation to an index. While the monthly payments that you make with a fixed-rate mortgage are relatively stable, payments on an ARM loan will likely change. There are advantages and disadvantages to each type of mortgage, and the best way to select a loan product is by talking to your mortgage specialist.

An index is an economic indicator that lenders use to set the interest rate for an ARM. Generally the interest rate that you pay is a combination of the index rate and a pre-specified margin. Three commonly used indices are the One-Year Treasury Bill, the Cost of Funds of the 11th District Federal Home Loan Bank (COFI), and the London InterBank Offering Rate (LIBOR).

There is no simple formula to determine the type of mortgage that is best for you. This choice depends on a number of factors, including your current financial picture and how long you intend to keep your house. A mortgage broker or loan officer can help you evaluate your choices and help you make the most appropriate decision.

For most homeowners, the monthly mortgage payments include three separate parts:

Principal: Repayment on the amount borrowed

Interest: Payment to the lender for the amount borrowed

Taxes & Insurance: Monthly payments are normally made into a special escrow account for items like hazard insurance and property taxes. This feature is sometimes optional, in which case the fees will be paid by you directly to the County Tax Assessor and property insurance company.

It depends on a number of items. Generally speaking, though, you will need to supply:

Earnest Money: The deposit that is supplied when you make an offer on the house.

Down Payment: A percentage of the cost of the home that is due at settlement

Interest: Payment to the lender for the amount borrowed

Closing Costs: Costs associated with processing paperwork to purchase or refinance a house.