NOW is the best time

to buy your new

home in El Paso!
Ahora es el
tiempo para
comprar
una casa nueva
en El Paso!
www.elpasobuilders.com
New Home BuyersGuide in English & Spanish
Your New Home
Su Casa Nueva
El Paso Association of Builders
Su gua completa
para construir y
comprar una casa
nueva en El Paso
I ExEcutivE OFFicERS
Greg Bowling, President
Tropicana Homes
Del Huit, vice President
Cardel Design Group
Frank Arroyos, Secretary/treasurer
Cisco Homes
Eric Lowenberg, Associates council
Emser Tile & Stone
Kelly Sorenson, immediate Past President
Vision Consultants
Ray Adauto, Executive vice President
El Paso Association of Builders
I cOunciL/cOmmittEE cHAiRS
Affordable Builders council
Bobby Bowling IV
Build PAc El Paso
Randy Bowling
Desert Green Building council
Javier Ruiz
Government Affairs council
Pat Woods
industry Promotions
Kelly Sorenson
Land use council
Linda Troncoso
Sal Masoud
Adams Pro Am committee
David Bogas
Young Designer Award
John Chaney
code committee
Kelly OLeary
Home Show
Sam Shallenberger
Remodelors
Miguel Herrera
membership Drive
Mike Santamaria
Finance committee
Kathy Carillo
Education committee
Frank Spencer
I ADviSORY tO tHE BOARD
J. Crawford Kerr, Attorney, Firth, Johnson
& Martinez
I BOARD OF DiREctORS
Danny Andrus, Trinity Homes
John Arranda, Southwest Securities Bank, FSB
Joe Bernal, Joe Bernal Insurance
David Bogas, EPT Land Communities
Doug Borrett, Karam Co.
Sergio Cuartas, BIC Homes
Edmundo Dena, Accent Homes
Ted Escobedo, Snappy Publishing
Art Garcia, El Paso Door
Juanita Garcia, ICON Custom Home Builder,LLC
Danny Gerard, Desert Agave Builders, LLC
Miguel Herrera,Simply the Best Custom Homes
Lorraine Huit, Cardel Design Group
Walter Lujan, Dawco Home Builders
Bruce Meyer, JDW Insurance
Robert Najera, Joseph Homes
Jose Ortiz, Foxworth-Galbraith Lumber
Kathy Parry, Hunt Communities
Bob Paschich, Oeste Homes
Kathy Rose, Builders Source
Regina Sanchez, Compass Bank
Sam Shallenberger, Western Wholesale
Frank Torres, GMF Homes
Javier Veloz, Zia Homes
Paul Zacour, Zacour & Associates
I tAB StAtE DiREctORS ALtERnAtES
Doug Borrett, Karam Co.
Randy Bowling, Tropicana Homes
I nAtiOnAL DiREctORS
Bobby Bowling IV.
Demetrio Jimenez
Your New Home/Su Casa Nueva is published annually for the El Paso Association of Builders by Snappy Publishing. All real estate advertising herein is
subject to the Federal Fair Housing Act, which makes it illegal to advertise any preference, limitation or discrimination based on race, color, religion, sex,
handicap, familial status, or national origin, or intention to make any such preference, limitation or discrimination. Snappy Publishing assumes no respon-
sibility and shall have no liability whatsoever for errors, including without limitation, typographical errors or omissions in Your New Home/Su Casa Nueva.
Publisher reserves the right to edit or refuse any advertising submitted.
2011 Snappy Publishing. All rights reserved. No part of any article or photograph contained in this magazine may be reproduced in any way without the written consent of Publisher.
Publisher assumes no responsibility whatsoever for errors, including without limitation, typographical errors or omissions. Editorial or advertising content in Your New Home/Su Casa
Nuevadoes not necessarily reflect the opinions of publisher or the El Paso Association of Builders and should not be considered an endorsement. Publisher assumes no responsibility for
the products or services advertised in this magazine. Publisher reserves the right to edit or refuse any advertising or editorial submitted.
2011 Volume 6
in this issue:
Why now is the time to buy a new house in El Paso
Applying for a mortgage
Mortgage Glossary
Home buying terms
En esta edicin:
Ahora es el tiempo para comprar una casa nueva en El Paso
Solicitando una hipoteca
Glosario de hipotecas
Trminos de Bienes Races
Su Casa Nueva
Your New Home
by Ray Adauto
translation by
Ivan Torres
While the traditional reason to buy a
home is to start creating long term wealth
there are some factors that make buying a
home in El Paso an even better decision.
First and foremost is the affordability
factor. El Paso offers new homes from the
$80s to the $million or more. While that
seems to contradict affordability when you
look closer you understand it better.
Traditional El Paso homes have offered
more for less according to home buyers,
especially those coming from other parts
of the country.
The median new home price in El Paso
is around $130,000 for a home
approximately 1600 square feet. That
means that many of our homes are priced
below $100 per square foot, something
that is unheard of in many other
communities. Why is this so and what
benefits does that offer you? First and
foremost is the willingness of the home
builder industry to provide affordable
housing. That means that your new home
will have features that make it energy
efficient, comfortable and affordable.
Secondly the area has not seen the
spike of speculation that has haunted
many other locations, meaning that most
of our homeowners actually live in them.
This brings stability to the neighborhoods
and communities around them. Its not
unusual to see homeowners staying in
their homes longer than the national
average of 5-7 years. When a
homeowner decides to move it opens up
additional opportunities for those buyers
looking for a more established
neighborhood or an older home. Its this
flexibility in housing that makes El Paso
unique among other cities.
El Pasos standing as one of the
nations safest cities also has some great
points. This attracts many people to live
here from areas that perhaps are a
challenge to safety including people
deciding to move here from south of the
border. Larger metropolitan areas are
also generally much more densely
populated. El Pasos wide open spaces
means that you have much more room to
live in, plan activities to and enjoy.
El Paso is also the home to Fort Bliss,
Texas, the premiere military post in the
free world. Fort Bliss adds tens of
thousands of people to the population of
El Paso. It also employs many of our
citizens in the private as well as public
sector. Fort Bliss will continue to grow
under the Base Realignment Act for the
foreseeable future. Studies indicate that
El Paso will grow to nearly 1,000,000
people by 2025 or just beyond. Those
studies also indicate that about 90,000
new jobs will be created here in the next
decade. Combine those two statistics
and you see that El Pasos future indeed
looks bright.
Buying a new home in El Paso is a
wise decision and one you should take
advantage of now. As the city grows it will
require more businesses to be grown,
more education needed and ideas on
how to manage the larger population.
These challenges are big but the focus of
El Pasoans is to be ready for that. Buying
a new home now guarantees you the
opportunity to be a part of this great new
world we call home at an affordable price.
Bienvenido!
Welcome
Affordability, flexibility add value to El Paso
Mientras que la razn ms comn para
comprar una casa sigue siendo crear un
patrimonio a largo plazo, existen algunos
factores que hacen que al comprar una casa
en El Paso sea una decisin aun mejor. En
primer lugar est la accesibilidad en cuanto
a precio. El Paso ofrece casas nuevas
desde $80,000 hasta 1 milln o ms de
dlares. Tal vez esto suene contradictorio,
pero cuando esto se examina
detenidamente, se puede comprender mejor.
Las casas tradicionales de El Paso ofrecen
ms por menos de acuerdo a los
compradores, especialmente aquellos que
vienen de otras partes del pas.
El precio promedio de una casa nueva en
El Paso de aproximadamente 1,600 pies
cuadrados es de alrededor de $130,000.
Esto significa que muchas de las casas
tienen precios por debajo de los $100 por
pie cuadrado, algo que no es comn en
muchas otras comunidades. Por qu
sucede esto y cuales son los beneficios para
el comprador? Principalmente se debe a la
disponibilidad de la industria constructora
para proveer viviendas accesibles. Esto
significa que una casa
nueva tendr
caractersticas que la hagan ahorrar energa,
y que sea cmoda y accesible. En segundo
lugar, el rea de El Paso no ha
experimentado la especulacin que ha
atormentado a muchos otros lugares, lo cual
significa que la mayoria de nuestros dueos
de casas realmente las habitan. Esto
proporciona estabilidad a las zonas
residenciales y comunidades que las
rodean. No es extrao que los dueos
permanezcan en sus casas por ms tiempo
que el tiempo promedio nacional, que es de
5 a 7 aos. Cuando el dueo de una casa
decide mudarse, se abren oportunidades
adicionales para aquellos compradores que
buscan una zona residencial mejor
establecida o una casa seminueva. Es esta
flexibilidad en viviendas lo que hace que El
Paso sea una ciudad nica entre muchas
otras ciudades.
El lugar que ocupa El Paso como una de
las ciudades ms seguras del pas tambin
tiene varias ventajas. Esto atrae a muchas
personas a venir a vivir aqu de reas que
quizs son inseguras, incluyendo a personas
que se mudan a El Paso del otro lado de la
frontera. Asimismo, las reas metropolitanas
grandes tienden a tener una poblacin ms
densa. Los amplios espacios de El Paso dan
como resultado ms lugar donde usted
puede vivir, planear actividades y
disfrutarlas.
El Paso tambin es el hogar de Fort Bliss,
Texas, uno de los principales puestos
militares del mundo. Fort Bliss agrega miles
de personas a la poblacin de El Paso.
Tambin proporciona empleo a muchos de
nuestros residentes tanto en el sector
pblico como en el privado. Fort
Bliss seguir creciendo
bajo el Acta de
Reajuste de
Bases
(Base
Realignment Act) en el futuro. Algunos
estudios indican que el nmero de
habitantes de El Paso aumentar a
aproximadamente 1 milln para el ao 2025.
Estos estudios tambin indican que cerca de
90,000 nuevos empleos sern creados en la
prxima dcada. Al combinar ambas
estadsticas, se puede apreciar que el futuro
de El Paso en verdad se ve bastante
prometedor.
El comprar una casa nueva en El Paso es
una decisin sabia de la cual usted debera
tomar ventaja ahora mismo. A medida que la
ciudad crezca, necesitar que ms negocios
sean creados, as como ms educacin e
ideas de cmo organizar la creciente
poblacin. Estos retos son grandes, pero el
enfoque de los Paseos debe estar listo
para ello. El comprar una casa nueva ahora
le garantiza a usted la oportunidad de ser
parte de este nuevo mundo al que llamamos
hogar a un precio accesible.
La accesibilidad y flexibilidad agregan
valor a las viviendas de El Paso
Lista de Artculos Para Solicitud de
Prstamo Hipotecario
Despus de escoger su casa, necesitar asegurar los fondos para hacer la
compra. El lema de los boy-scouts, siempre listos, le ayudar con el proceso
de solicitud de un crdito hipotecario. Usted necesitar proporcionar informa-
cin detallada acerca de su situacin financiera. Asegrese de llevar consigo
los siguientes documentos cuando solicite un crdito hipotecario, ya que ello
agilizar el proceso.
Contrato
Descripcin Legal de la Propiedad
Precio
Informacin Personal
Nmero de seguro social y licencia de-
conducir de todas las personas inclu-
idas en la solicitud
Direcciones de domicilio de los ltimos
dos aos
Acta de divorcio y acuerdo desepa-
racin, si estos fueran pertinentesa su
situacin
Ingresos
Talones de cheque de nmina ms re-
cientes
Documentacin de cualquier tipo de in-
gresos adicionales: bonos, comisiones
Nombres, direcciones y nmeros tele-
fnicos de todos sus patrones de los
ltimos dos aos
Formularios de pago de impuestos W-
2 de los ltimos dos aos
Si usted es su propio patrn o trabaja
bajo,comisin, necesita copias de sus
declaraciones fiscales de los ltimos
dos aos con todas sus programa-
ciones y una declaracin actualizada
de ganancias o prdidas del ao en
curso. Lo anterior deber ser avalado
por la firma de un contador.
Documentacin de pagos de pensin
alimenticia o manutencin, en caso de
que dichos ingresos fueran a ser
Otros bienes races de los que usted
sea dueo
Nombres, direcciones, nmeros tele-
fnicos y nmeros de cuenta de todos
las entidades de crdito hipotecario y
arrendadores de los ltimos siete aos
Copias de contratos de renta y de-
claraciones fiscales de todas las
propiedades de renta
Evalo de las propiedades
Lquido Activo
(disponibilidad de dinero en efectivo)
Nombres completos, direcciones,
nmeros telefnicos y nmeros de
cuenta de todas las cuentas bancarias
Copias de saldos de todas las cuentas
bancarias de los ltimos tres meses
Copias de todas las cuentas por cobrar
Valor de otros bienes como: automvil,
artculos del hogar y artculos de colec-
cin
Valor en efectivo de plizas de seguros
de vida
Derechos adquiridos en fondos dejubi-
lacin como fondos IRA
Deudas
Nombres y nmeros de cuenta de
todas las tarjetas de crdito, in-
cluyendo el saldo y el pago mensual
de cada una de las cuentas
Nombres, direcciones, nmeros tele-
fnicos y nmeros de cuenta de todas
sus deudas a largo plazo, saldo aproxi-
mado y la cantidad que usted paga
mensualmente a cada cuenta
Pagos por pensin alimenticia o manu-
tencin
Nombres, direcciones, nmeros tele-
fnicos y nmeros de cuenta de crdi-
tos que hayan sido recientemente
saldados, si stos fueron usados para
establecer crdito
The information in this article
is provided in English on the
next page
Whether you are buying your first
home or a move-up house, the
process of financing this important
purchase can be the most
intimidating part of the process.
Understanding financial terminology
and good preparation can take some
of the sting out of the process.
Most people look to their bank to
borrow the funds for their mortgage.
While this is a logical choice, it is
important home buyers know there
are other lenders available. Mortgage
companies, savings and loan
associations, credit unions, mortgage
brokers and commercial banks all
make home loans. Special assistance
is available for people in low- to
moderate-income levels. Many
people who never dreamed they
could own a home are pleasantly
surprised to learn they qualify for help
with down payments and credit
counseling. Three organizations who
provide this type of assistance have
toll-free numbers: Consumer Credit
Counseling Services, Housing
Counseling Clearinghouse, and
Fannie Mae.
To begin your home buying
process, you need to determine the
price range you should explore. One
of the most effective ways to
determine your price range is by pre-
qualifying. When you pre-qualify, your
financial situation is reviewed to
determine how much money you can
borrow. It does not mean you are pre-
approved for a loan, but you will have
a good idea about the price range of
homes you can buy. Your Realtor or
financial institution can help you pre-
qualify.
After you choose your home, you
will need to secure the funds to make
the purchase. The boy scout motto,
always be prepared, will help you
through the loan application process.
You will be required to disclose
detailed information about your
financial situation. Having the
following documents with you when
you apply for your mortgage will
speed up the process.
Home Mortgage Loan Tips:
How to Simplify the
Process
Contract
Legal description of the property
Price
Personal Information
Social Security number and drivers
license for all borrowers
Home addresses for the last two years
Divorce decree and separation
agreement, if applicable
Income
Most recent pay stubs
Documentation on any supplemental
income: bonuses, commissions
Names, addresses and phone numbers
of all employers for the last two years
W-2s for the last two years
If self-employed or commissioned sales,
copies of last two years tax returns with
all schedules and year-to-date profit and
loss for current year, signed by an
accountant
Documentation of alimony or child
support, if such income is to be
considered for the loan
Real Estate Owned
Names, addresses, phone numbers and
account numbers of all mortgage lenders
and landlords for the last seven years
Copies of leases and two years tax
returns for any rental property
Market value estimate
Liquid Assets
Complete names, addresses, phone
numbers and account numbers for all
bank accounts
Copies of the last three months
statements for all bank accounts
Copies of any notes receivable
Value of other assets (auto, household
goods and collectibles)
Cash value of life insurance policies
Vested interest in retirement funds, IRAs
Liabilities
Names and account numbers for all
revolving charge cards; balance and
current monthly payment amount for
each
Names, addresses, phone numbers and
account numbers for all installment debt;
approximate balance and monthly
payment for each
Alimony or child support payments
Names, addresses, phone numbers and
account numbers of accounts recently
paid off, if used to establish credit
When you choose GECU for your home financing, youll
unlock the power of an experienced and responsive
mortgage loan staff that understands the needs of
your family.
At GECU, we can help you with:
Conventional, FHA & VA loans
Competitive rates
Lower closing costs
Fast approvals
Helping you feel comfortable buying your new home is a
key part of our service to you. Call us at 774.6081, or
visit our Home Buying Center at www.gecu-ep.org today.
Loans subject to approval. Anyone living or working in El Paso County or in Doa Ana County not more than 25 miles
from our 1500 North Resler office is eligible for membership at GECU your Greater El Pasos Credit Union.
MORTGAGE
Glossary
Adjustable-rate loans, also known
asvariable-rate loans, usually offer a
lower initial interest rate than fixed-rate
loans. The interest rate fluctuates over
the life of the loan based on market
conditions, but the loan agreement
generally sets maximum and minimum
rates. When interest rates rise,
generally so do your loan payments;
and when interest ratesfall, your
monthly payments maybe lowered.
Annual percentage rate (APR) is
thecost of credit expressed as a yearly
rate. The APR includes the interest rate,
points, broker fees, and certain other
credit charges that the borrower is
required to pay.
Conventional loans are mortgage
loans other than those insured or
guaranteed by a government agency
such as the FHA (Federal Housing
Administration), the VA (Veterans
Administration), or the Rural
Development Services(formerly known
as Farmers Home Administration, or
FmHA).
Escrow is the holding of money or
documents by a neutral third party prior
to closing. It can also be an account
held by the lender(or servicer) into
which a homeowner pays money for
taxes and insurance.
Fixed-rate loans generally have
repayment terms of 15, 20, or 30 years.
Both the interest rate and the monthly
payments (for principal and interest)
stay thesame during the life of the
loan.The interest rate is the cost of
borrowing money expressed as a
percentage rate. Interest rates can
change because of market conditions.
Loan origination fees are fees
charged by the lender for pro-cessing
the loan and are often expressed as a
percentage of the loan amount
Lock-in refers to a written agreement
guaranteeing a home buyer a specific
interest rate on a home loan provided
that the loan is closed within a certain
period of time, such as 60 or 90 days.
Often the agreement also specifies
the number of points to be paid at
closing.
A mortgage is a document signed by
a borrower when a home loan ismade
that gives the lender aright to take
possession of the property if the
borrower fails topay off on the loan.
Overages are the difference between
the lowest available price and any
higher price that the homebuyer
agrees to pay for the loan.Loan
officers and brokers are often allowed
to keep some or all of this difference
as extra compensation.
Points are fees paid to the lender for
the loan. One point equals 1 percent
of the loan amount. Points are usually
paid in cash at closing. In some
cases, the money needed to pay
points can be borrowed, but doing so
will increase the loan amount and the
total costs.
Private mortgage insurance
(PMI)protects the lender against a
loss if a borrower defaults on the loan.
It is usually required for loans in which
the down payment is less than 20
percent of the sales price or, in a
refinancing, when the amount
financed is greater than 80 percent of
the appraised value.
Thrift institution is a general term for
savings banks and savings and loan
associations.
Transaction, settlement, or closing
costs may include application fees;
title examination, abstract of title, title
insurance, and property survey fees;
fees for preparing deeds, mortgages,
and settlement documents; attorneys
fees; recording fees; and notary,
appraisal, and credit report fees.
Under the Real Estate Settlement
Procedures Act, the borrower
receives a good faith estimate of
closing costs at the time of application
or within three days of application.
The good faith estimate lists each
expected cost either as an amount or
arrange.
Arras
Cantidad de dinero que entrega la
parte compradora al vendedor como
garanta de que comprar la vivienda
en un plazo determinado. Si la
operacin llega a buen trmino, las
arras son consideradas como pago la
cuenta.
Avalista
Persona que interviene como garante
en un prstamo y que asume las
responsabilidades de pago en caso de
que el prestatario no haga frente a la
deuda o a sus intereses.
Cdula de habitabilidad
Documento que debe recoger si la
finca elegida es la idnea para el uso
que se pretende dar a la vivienda.
Debe elaborarse antes de la
ocupacin de una vivienda de nueva
construccin. Es imprescindible para
la obtencin de una hipoteca.
Comisin apertura
Importe que se paga al formalizar un
prstamo, en contraprestacin a los
gastos administrativos, informticos y
de gestin que conlleva su apertura.
Se paga por una sola vez y suele ser
un porcentaje sobre el capital
prestado.
Costos del registro de la propiedad
Son los que se derivan de la
inscripcin de la hipoteca en el
Registro de la Propiedad.
Cuota
Importe a pagar, en el cual se engloba
capital ms intereses.
Escritura pblica
Es el contrato definitivo de compra-venta
que se firma ante Notario y atribuye la
propiedad al comprador, que resulta
propietario de lo comprado.
Gastos de gestin
Son los producidos por la tramitacin y
gestin en Notaria, Registro de la
Propiedad y Administracin de
Hacienda. Son efectuados por
profesionales de la entidad que
concede la hipoteca.
Gastos de notaria
Comprenden los honorarios y gastos
del notario.
Gastos de registro
Son los gastos generados al
inscribirse la hipoteca en el Registro
de la Propiedad. Estos gastos sern
por cuenta del prestatario. La base
imponible es la "responsabilidad
hipotecaria" y tambin se aplica una
tarifa porcentual establecida
legalmente sobre esta base. A esto se
aaden los aranceles registrales
Glosario de trminos
devengados por el asiento de
presentacin y las notas marginales.
Inters de demora
Inters adicional que se cobra sobre
las cuotas impagadas de un prstamo.
Se calcula en funcin de los das de
retraso en el pago, son pactados a
priori por la entidad financiera y el
cliente.
Inters fijo
El tipo de inters nominal permanece
invariable a lo largo de la vida del
prstamo con independencia de las
variaciones del mercado hipotecario.
Permite asegurar que aunque varen
los tipos de inters, no cambiarn las
condiciones de su prstamo, y pagar
siempre lo mismo.
Inters variable
Se fija en relacin con un ndice de
referencia, que evoluciona al alza o a
la baja segn las oscilaciones del
mercado, al que se suma un margen o
diferencial, establecindose una
revisin peridica de actualizacin del
ndice. En esta modalidad, el tipo de
inters se revisa semestralmente, de
modo que la cuota mensual se ajusta a
las tendencias del mercado. En este
caso, el plazo de su prstamo se
mantendr siempre fijo, variando
peridicamente las cuotas mensuales
IVA
En el caso de viviendas de primera
mano. Grava la venta cuando el que
vende es un empresario. Es el 7% del
valor de la vivienda.
Notara
El notario da fe pblica de la escritura,
es decir, certifica la operacin y podr
ser elegido libremente por el solicitante
de entre los que operen en la plaza
Notario
Profesional con capacidad legal para
dar fe pblica de los actos en los que
interviene.
Periodicidad
Es la frecuencia con la que pagar las
cuotas del prstamo; por lo que le
recomendamos que coincida con la
periodicidad de sus ingresos.
Plazo de amortizacin
Es el periodo establecido en el
prstamo para su total devolucin.
Debe tener en cuenta que el plazo
ms adecuado para usted debe ser
aquel que le permita pagar las cuotas
cmodamente. Por tanto, la eleccin
del plazo de amortizacin deber
hacerla siempre en funcin de su
capacidad de reembolso.
Prstamo hipotecario
Es una operacin financiera por la cual
se permite acceder a la vivienda que
usted desea pudiendo obtener unos
importes de financiacin superiores, a
unos tipos de inters bastante ms
reducidos que los concedidos en otro
tipo de prstamos en los que el
inmueble no queda hipotecado como
garanta del pago de la operacin tal y
como ocurre en este tipo de
prstamos. Se formaliza en documento
pblico y sus derechos se constituyen
con la inscripcin en el Registro de la
Propiedad.
Prestatario
Persona titular de un prstamo, que
asume todas las obligaciones y
adquiere todos los derechos del
contrato que firma con la entidad
financiera prestamista.
Responsabilidad hipotecaria
Es la suma de todos los conceptos que
son garantizados mediante la hipoteca
( el capital prestado, los intereses
normales y los intereses de demora,
costas judiciales, gastos, etc.). Sobre
esta cantidad es sobre la que se
calculan los gastos de formalizacin y
cancelacin de una hipoteca.
Seguro de incendios para viviendas
Segn la legislacin actual, es
obligatoria la contratacin de un
Seguro contra Incendios sobre la
vivienda objeto del prstamo. Por ello,
en el momento de obtener su crdito
hipotecario, se le facilita su Seguro de
Incendios a la medida. As se
encontrar cubierto en los supuestos
de: incendio, rayo, explosin,
desescombro, medidas adoptadas por
la autoridad, riesgos extraordinarios y
catastrficos, etc.
Service & Quality is our
number one goal.
Expert Granite
Counter Installation
www.granitemarbleandtile.com
Showroom and
Fabrication Facility at:
307 N. San Marcial,
El Paso, TX 79905,
915-351-4401
TAE (Tasa anual equivalente)
Es el coste efectivo anual del prstamo.
Tiene en cuenta no slo el tipo de
inters inicial sino tambin sus posibles
revisiones, el plazo de amortizacin y
las comisiones ligadas a la operacin.
En definitiva, es el tipo de inters real
que usted pagar en su prstamo.
Tasacin
Valor certificado del inmueble. La lleva
a cabo una empresa
independientemente especializada,
segn obliga la Ley Hipotecaria.
Tipo de inters
Porcentaje que se aplica al capital
pendiente de un prstamo para calcular
los intereses que deben abonarse.
Tipo de inters nominal y tipo de
inters real
El tipo de inters nominal es la
expresin porcentual de la rentabilidad
de un instrumento financiero en relacin
a su precio. Descontando el efecto de
la tasa de inflacin esperada durante la
vida del mismo, se obtiene el tipo de
inters real.
Verificacin registral
Comprobacin de la situacin de la
finca en el Registro de la Propiedad. Se
puede hacer a travs del examen
directo de los libros, de nota simple
informativa, de una certificacin del
Glosario de trminos (cont.)
Its a great time to buy a new
home in El Paso.
The El Paso Association of Builders has been a part of the incredible growth of El Paso for
over sixty five years.
During that time, the housing market has seen a lot of changes.
But never before has there been a better time to buy a new home in El Paso.
Our builders offer El Pasoans value, variety and a vested interest in our community.
If you are considering buying a new home, the time is now.
www.elpasobuilders.com
Adjustable-rate mortgage (ARM) - Hipoteca
con tasa de inters ajustable (ARM, siglas en
ingls)
Affordable housing - Viviendas a precios
razonables
Agreement of sale - Acuerdo de venta
Annual percentage rate (APR) - Tasa
Porcentual Anual (APR, siglas en ingls)
Appraisal contingency - Contingencia de
avaluo
Assessed value - Valor calculado
Assumable mortgage - Hipoteca asumible
Assume a mortgage - Tomar una hipoteca
Average payment - Pago promedio
Back-end ratio - Porcentaje por reembolso
anticipado
Balloon loan - Prstamo reembolsable al
vencimiento
Biweekly-payment mortgage - Hipoteca con
pagos quincenales
Borrower - Prestatario
Building code regulations - Reglamentaciones
de los cdigos de construccin
Building inspection services - Servicios de
inspeccin de construccin
Buy down - Reduccin de la tasa de inters por
pago adicional
Buyer's agent - Agente del comprador
Buying power - Poder de compra
Capital gains deferment - Aplazamiento de
ganancias de capital
Closing costs - Costos de cierre
Commitment letter - Carta de compromiso
Community Home Buyer's Program (CHBP) -
Programa Comunitario para Compradores de
Vivienda (CHBP, siglas en ingls)
Construction loan - Prstamo para
construccin
Contingency clause of sale - Clusula de
contingencia de venta
Conventional mortgage loan - Prstamo
hipotecario convencional
Counteroffer - Contraoferta
Credit rating - Calificacin crediticia
Current monthly expenses - Gastos mensuales
actuales
Deed - Escritura de propiedad inmobiliaria
Default - Incumplimiento en el pago
Disclosure - Divulgacin
Discretionary expenses - Gastos discrecionales
Down payment - Pago inicial
Due date - Fecha de vencimiento
Earnings - Ganancias
Easement - Servidumbre
Equal Credit Opportunity Act (ECOA)
- Ley de Igualdad de Oportunidades de Crdito
(ECOA, siglas en ingls)
Equity - Capital en la propiedad
Escrow companies - Compaas de depsito en
garanta
Expenses; Fees; Costs (can be used
interchangeably) - Gastos; Honorarios; Costos
(pueden utilizarse indistintamente)
Fair Credit Reporting Act - Ley de Equidad de
Informes de Crdito
Fair Housing Act - Ley de Equidad de Vivienda
Federal Housing Administration loan (FHA
loan) - Prstamo de la Administracin Federal
de Vivienda (prstamo de FHA)
FHA Title 1 loan - Prstamo Ttulo 1 de la FHA
Government-insured loans - Prstamos
asegurados por el gobierno
Graduated-payment mortgage (GPM) -
Hipoteca con pago graduado (GPM, siglas en
ingls)
Gross income - Ingreso bruto
Guide to Homeownership - Gua sobre
Propiedad de Vivienda
Home-buying power - Poder de compra de
vivienda
Home equity line - Lnea de crdito sobre el
capital en la propiedad
Home inspector - Inspector de viviendas
Homeowner's insurance - Seguro del
propietario
home buying
key words
Terminos de
comprar casa
6440 Escondido El Paso, TX 79912
915.833.8121
www.citybankonline.com
Grow.
Manage.
Achieve.
Purchase
Refinance
Conforming
Non-conforming
FHA
VA
Second Homes
Home Equity Refinance
Trusses and Wall Panels
Prompt Design Layouts Job Site Measuring
Delivery Available Roof and Floor Trusses
Lumber and Building Materials
iLevel Trus Joist

Engineered Lumber
Customized Packages of Framing Lumber
and Building Materials
TRUSS AND WALL PANEL FACILITY
LUMBER AND BUILDING MATERIALS
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BUILDING MATERIALS AND MILLWORK
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Fax 91669488Z4
Millwork Facility
Interior & Exterior Doors Aluminum Windows
Huge Selection of Mouldings in Stock
Proud to be the
choice of El Pasos
best homebuilders.
Housing expenses - Gastos de vivienda
Housing providers - Proveedores de viviendas
Income - Ingresos
Initial interest rate - Tasa de inters inicial
Installment debt - Deuda de cuota
Insurance coverage - Cobertura de seguro (ver
tambin cobertura)
Insurance policy - Pliza de seguro
Interest rate - Tasa de inters
Investment property - Propiedad de inversin
Land contract - Contrato de compraventa de
terrenos
Lease with purchase option - Alquiler con
opcin a compra
Legal resident - Residente legal
Lending institution - Institucin de prstamos
hipotecarios
Lifetime cap - Lmite mximo de inters
durante la vida til de un prstamo
Limited equity cooperative - Cooperativa de
patrimonio limitado
Loan-to-value ratio (LTV) - Relacin prstamo
a valor (LTV, siglas en ingls)
Lock-in rate - Tasa de inters asegurada
Low- and moderate-income home buyers -
Compradores de vivienda de ingresos bajos y
moderados
Maintenance costs - Costos de mantenimiento
Market price - Precio de mercado
Maximum mortgage amount - Monto mximo
de hipoteca
Minority neighborhoods - Vecindarios de
personas pertenecientes a las minoras
Monthly mortgage payment - Pago mensual
de una hipoteca
Mortgage financing - Financiacin
hipotecaria
Mortgage loan application - Solicitud de un
prstamo hipotecario
Mortgage loan; Mortgage; Loan - Prstamo
hipotecario; Hipoteca; Prstamo
Mortgage note - Pagar hipotecario
Mortgage term- Plazo de una hipoteca
Negotiation - Negociacin
Neighborhood - Colonia
Nonprofit organizations - Organizaciones sin
fines de lucro
Notice of default - Aviso de incumplimiento
en el pago
Offer - Oferta, Propuesta
Ongoing costs - Costos continuos
Owner - Propietario
Owner-occupied - Propiedad ocupada por el
propietario
Owner financing - Financiacin del
propietario
Payment cap - Tope de pago de hipoteca
Payment schedule - Plan de pagos
Prepayment; Prepaid - Pago anticipado;
Pagado por anticipado
Prequalification - Calificacin previa
Price range - Nivel de precios
Primary mortgage market - Mercado
hipotecario principal
Principal and interest (P&I) - Capital e
inters (P&I, siglas en ingls)
Principal residence - Residencia principal
Processing time - Duracin del proceso de
trmite
Property taxes - Impuestos a la propiedad
Public assistance funds - Fondos de
Asistencia Pblica
Purchase price - Precio de compra
Qualifying ratios - Porcentajes de calificacin
Quote - Cotizar
Real estate attorney - Abogado de bienes
races
Real estate taxes - Impuestos a los bienes
races
Refinance - Refinanciar
Repayment period - Perodo de pago
Replacement value - Valor de reemplazo
Rider - Clusula adicional
Sales contract - Contrato de venta
Second mortgage - Hipoteca secundaria
Securities - Ttulos; Valores
Settlement - Cierre
Short-term- A corto plazo
Single-family home (1 - 4 units) - Vivienda
unifamiliar (1 - 4 unidades)
Stable housing costs - Gastos estables de
vivienda
Survey of property - Estudio de la propiedad
Tax - Impuestos
Tenancy - Arrendamiento
Title - Ttulo
Title search - Bsqueda de ttulos de
propiedad
Transfer - Transferencia
Truth-In-Lending Statement - Declaracin de
veracidad en un prstamo
Two Step

mortgage - Hipoteca en Dos Pasos

Underwriting ratios - Porcentajes de
calificacin usados al evaluar una solicitud de
prstamo
Underwriting; Mortgage underwriting -
Proceso de evaluacin de la solicitud de un
prstamo hipotecario; Avales hipotecarios
Upfront costs - Costos iniciales
Upkeep expenses - Gastos de mantenimiento
de la propiedad
Valuation - Valuacion
Veterans Administration loan (VA loan) -
Administracin de Temas Relacionados con
Veteranos (prstamo VA)
W-2 Forms - Formularios W-2
Waiver - Exencin
Warranty - Garanta
Beneficios impositivos. Si usted
construye, puede deducir los intereses
y los puntos sobre los prstamos para
el terreno y la construccin, as como
cualquier impuesto predial que sea
pagadero.
Financiamiento Flexible. Algunos
bancos ofrecen opciones de
financiamiento que le permiten incluir
su prstamo de construccin a una
hipoteca tradicional, potencialmente
eliminando la necesidad de un cierre
aparte y sus costos asociados.
Eficiencia energtica. Una de las
mayores ventajas de construir una casa
es que usted tiene control sobre el uso
de las prcticas y los productos que
pueden ahorrarle cientos de dlares en
servicios pblicos cada ao.
Escogiendo a sus vecinos. Un
vecindario nuevo no ha tenido tiempo
de convertirse en ampliamente diverso.
As que si usted desea un vecindario
con bastantes nios, usted puede
construir en un vecindario que se centra
en nios.
Ms espacio de estar y de closet. El
construir le da la opcin de comprar un
lote ms pequeo y construir una casa
apegada a los lmites. As puede
maximizar su espacio para estar.
Seguridad. Las casas nuevas por lo
general son ms seguras, ya que tienen
alarmas de humo, aspersores
residenciales contra incendios, alarmas
de monxido de carbono, y ventanas de
escape de fuego.
Amenidades. Los nuevos vecindarios
frecuentemente ofrecen amenidades
que los vecindarios ms antiguos
podran no tener, como piscinas,
caminos para bicicletas, clubes y reas
de picnic.
Beneficios de Comprar Viviendas
Las Ventajas de Construir
Cuando usted construye una casa nueva, usted no necesita ceder en
cuanto al color de la pared o su seleccin de piso usted obtiene
exactamente lo que quiere. He aqu algunos de los beneficios
adicionales de construir:
El Paso:
820 Sunland Park Drive
(915) 231-5836
Let us ORCHESTRATE
your dream.
For the perfect products
for your kitchen or bath, stop by
a Ferguson showroom. Its where
youll find the largest range of
quality brands
and trained
consultants to
help orchestrate
your dream.
FERGUSON.COM




1. Everything is new. When you
decide to build a home you know for
sure that everything, inside and out, is
going to be brand new. This is very
important to many people especially
those who worry about being
scammed. Sure, your builder may
make a mistake but in the long run you
have a much better chance of getting a
home that is in tip-top shape.
2. You choose the design. What do
you want your home to look like?
When you build you can answer this
question along with the help of your
builder. No matter what look you are
going for, if you have enough money
you can get it. Choosing the design of
your home is one of the biggest
benefits of building.
3. Choose the features, inside and
out. The design is one thing, but you
also get to choose the features that go
into making your home special. This
includes everything from the exterior
material to the flooring to the paint
colors and much more. If you want a
particular feature you can get it, as
long as you communicate with the
builder.
4. You choose the lot. There is more
to building a home than the actual
structure. When you build you also get
to choose the lot. This allows you to
get the best location, the best land for
you and your family, etc. It may be
harder today to find the perfect lot, but
if you keep an open mind you will
definitely find something that you are
happy with.
5. You are the first one in. This
means that you can take proper care
of your home from the word go. To
many, it is very important that they are
the only one to have ever lived in the
home. The only way to get this is to
have your home built from the ground
up to your exact specifications. If you
want to be the first one in, build your
home and then care for it the best way
you know how.
These five benefits of building should
be taken into consideration when
making a final housing decision.
There are many benefits of building a new home. If you are trying to
decide between building and buying, you need to list out the pros and
cons of both. Once you realize that building a home is beneficial in
many ways, there is a good chance that you will begin to consider this
as you move forward. Here are five benefits that you must take into
consideration:
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1345 Geronimo, El Paso, TX 79925 915-778-3086
www.westernwholesaleinc.com
Western Wholesale Supply
S
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fo
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Building Dreams
for over
50 years
Tropicana
HOMES
2003 Texas
Builder of the Year
2004 Texas
Builder Industry Leader
2005 El Paso
Builder of the Year
Visit our website for
home floorplans
communities,
financing information
and much more
2006 Texas Star
Design Award
2009 Texas Association of Builders
Developer of the Year
Tropicana Homes is the only builder
in town that has been in business
since 1950, and we're the only
builder in town to be named
"Builder of the Year" three times.
Our Commitment to excellence, at-
tention to detail, and pride in cus-
tomer satisfaction are unparalleled in
the industry.
Tropicana's strategy is not to be the
cheapest, or even the biggest, but in-
stead the BEST! If you want the best
in your new home, make Tropicana
your choice!
915-821-3550
www.tropicanahomes.com
4655 COHEN EL PASO, TEXAS 79924