We Give New Home Buyers 2% Cash Back! (over half our commission)

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Q: I already walked in to a new home builder and registered with them. Can I still add you as my Realtor?

A: The short answer is, you may have just made a $10,000 mistake. Then again, you may still be able to get the rebate. Here's why: A builder allows you to add a Realtor when you show up with that Realtor on your first visit. If you've already visited the builder, they have no reason to compensate a Realtor, since you're already a potential client. However, sometimes a builder will allow you to add a Realtor after the fact. Your first step (even before you contact us) should be to call the builder ASAP and ask them if you can add us as your Realtor. And cross your fingers, because if the builder doesn't allow you to add us as your Realtor, then you have to either a) buy that home without the 2% rebate (ouch!) or b) pick another builder.

 

Q: How the heck can you afford to give rebates?

A: We have created our whole firm around the concept of rebates. We use technology to be more efficient than other Realtors can be (for example, this FAQ you're reading now means we don't have to answer the same questions over and over on the phone!). We are simply willing to make less money on every transaction because we know it leads to a greater number of clients. When we give you a rebate, we are basically giving you back part of our commission... commission which the Builder pays a Realtor. If you are buying a home, you never pay a commission. In fact, you pay the same price whether you have a Realtor or not, so why not get many thousands of dollars back?

 

Q: Why don't other Realtors give rebates?

A: Most Realtors can't afford to give rebates, for a number of reasons. Usually the Realtor has to give up to half of his or her commission to the head office, so instead of paying you a rebate, s/he is paying the office to keep the lights on. Other Realtors simply don't like the idea of rebates because they threaten the traditional Realtor's way of life. Lastly, few Realtors are using technology to effectively service clients while reducing costs. Aren't you glad you found us?!

 

Q: It's not illegal to give rebates? My Realtor said it was.
	A: Your Realtor is wrong! Giving rebates is very legal - in fact, it would be illegal not to be able to give a rebate. That's called price fixing.

 

Q: My Realtor said, "you get what you pay for". Will you provide me with the same level of service as he will?

A: Not only will we provide you with the same level of service, but we'll provide you with a better level of service, and here's how: Our company is not for everyone. If you're not comfortable using email or browsing the web, the advantages of using Texas Home Site will not be as obvious to you. But if you're sick of having a Realtor who's stuck in the ice ages, come enjoy the benefits of technology with us.  Our relationship with leading homebuilders and the efficiency of the internet allows us to streamline the real estate sales process and pass the savings along to you in the form of a 2% rebate of the base closing price.  Your rebate is a portion of the sales commission earned by Alfred Vega, Texas Home Site.

 

Q: Where can I buy a new home?
	A: We are Licensed Real Estate Agents in Texas.  We can only offer you our 2% rebate if you purchase a home in Texas from a participating new home builder.

 

Q: Would I be getting 'real' cash at closing?
	A: Yes! You can use the rebate to lower your closing cost or we can mail you a check a few days after funding.

 

Q: How do you define 'new home' and 'resale / existing home'?
	A: A new home is a new construction home being sold by a builder. We give a 2% rebate in cash if you are purchasing a new construction home.

 

Q: I don't want to use a Realtor because I don't want to pay more to buy a home. Why should I listen to you?

A: That's just it - you will NOT pay more to buy a home if you have us as your Realtor. You pay the same price either way. Here's how it works: New homes: The builder is charging a certain price for a home. If you buy with a Realtor at your side, the builder will pay the Realtor a commission (part of which we would give back to you). However, if you buy that same home with no Realtor, the builder will still charge you full price and will not give you any discounts. By law, the builder can only pay a commission to a licensed Realtor. But you don't have to believe it from us - go ahead and call several builders, and ask them if they'll pay the commission directly to you.

 

Q: I see that you are located in in Texas. Can I still use you in another state?
	A: Not directly, since we're only licensed in Texas, however we have specialists who spend their whole days matching you up with a Realtor in your area who's willing to give you a rebate.

 

Q: I understand now - the seller pays you a 3% commission, and you pay 2% back as a rebate to me, the buyer. But what if the seller is offering less than 3%?
	A: We will offer you a rebate based on the ratio of the seller's commission. If a new home builder is offering Realtors a 3% commission, we'll pay you 2%. If the builder is offering a 2.5% commission to Realtors, we'll pay you the same ratio, 2/3, as a rebate.

 

Q: Is your firm directly affiliated with house builders like Pulte or Toll Brothers?
	A: No. Texas Home Site  is a real estate firm offering rebates to buyers in Texas, but we also help people across the whole USA find Realtors who will represent them while at the same time giving a rebate (this means you save money!... a lot of money... $2,000 to $10,000).

 

Q: What's the difference between a pre-approval letter and a pre-qualification letter?

A: Your lender will give you a pre-qualification letter after s/he has done a brief analysis of your financial situation. This may or may not include pulling your credit. However, the letter will usually say it's contingent on various factors, such as the verification of what you've told them. A pre-approval letter is more thorough, and will include a credit check. This letter is more likely to say that you're approved for a home as long as your financial situation doesn't change (i.e., you don't buy a car while you're trying to buy a house, etc.) Some sellers or builders will require the more thorough letter, and some won't.

 

Q: What is a HUD-1 Statement?
	A: The HUD-1 is a standard form produced by the Housing and Urban Development branch of the government. The HUD-1 is often referred to as the closing statement because it must be used at all closings and details the monies owed by the buyer to be paid to the seller. We provide rebate directly on the HUD-1, meaning you can bring less cash to closing.

 

Q: How do you make money?
	A: We keep a smaller percentage of the commission than most Realtors do, but we're happy to do this because we feel that you deserve a rebate if you are able to use technology to perform some of the buying & selling process (like the initial stage of househunting) on your own.

 

Q: How is this all free to me as a buyer?

A: The seller always pays the commission. As a buyer you are never charged for real estate services by the Realtor. Here's why you pay the same price for a home whether or not you use a Realtor: The seller usually has already agreed to pay the listing agent a fixed commission - say 6%. So whether you buy the house by yourself or with a Realtor, the listing agent gets a 6% commission. Therefore, in most cases you cannot approach the seller for a discount, since the seller is paying 6% no matter what - either 6% to the listing agent, or a split of 3% to the listing agent and 3% to your agent. (Remember, this is where we come in: we give you part of our 3% in the form of a rebate).

Mortgage Frequently Asked Questions What are Mortgage Fees? The price of a mortgage loan is determined by the interest rate, points, origination and other fees. A point is a fee that equals 1 percent of the loan amount. Points may be paid to the lender, mortgage broker, or both at the time of settlement, when applicable. Typically, you can pay fewer points/origination fees in exchange for a higher interest rate or more points/origination for a lower rate. What is the Annual Percentage Rate (APR) on the Truth-in-Lending document? The interest rate is the percentage rate at which a mortgage loan is repaid. The annual percentage rate (APR) takes into account the associated mortgage fees, along with the interest rate. What are the various types of loans? Loans may have either a fixed interest rate or a variable interest rate. Fixed-rate mortgages have the same principle and interest payments for the life of the loan. They can carry a term of 30, 20 or 15 years. Adjustable-rate mortgages (ARM) have a fixed rate for a specified number of years and then once matured, fluctuate in payment depending upon the terms stated for that particular program. The fixed period for an adjustable-rate mortgage can be 3, 5, 7 or 10 years. An ARM carries a lower interest rate and therefore, has lower payments. Both types of loans, fixed and adjustable, prove beneficial in different situations. Other specialty loans include interest-only loans, whereby, for a specified amount of time, the monthly mortgage payment is only the interest portion of the payment. Typically, the fixed period can be 3, 5, or 10 years. After that period, they convert to principle and interest payments and carry an adjustable rate. Other specialty loans may exist where a borrower can choose from four different payments each month in which to pay. The four different payments are as follows: A minimum payment that carries a below-market interest rate. Ultra low payment An interest-only payment based on the fully-indexed rate. Below-average payment A principle and interest payment amortized over a 30-year term. Average payment A principle and interest payment amortized over a 15-year term. Average payment What is a credit score? A credit score allows a lender to help determine the creditworthiness of a borrower to repay the loan. The score is usually determined by choosing the middle score of the three different credit reporting bureaus. The higher the credit score, the better. You can obtain a copy of your credit report by logging onto several websites offering the service. However, not all of them offer the actual credit scores. MyFico.com is a service that provides your liability information along with your credit scores. How can I improve my credit scores? Timely payment of bills. Charging less than 50% of the total credit line on revolving credit. On any revolving credit, if you exceed 75% or more and don't pay it down, then you subject your score to being lowered by 20-40 points. Pull your credit twice per year to check for erroneous information. Limit having your credit pulled by vendors to not more than 8 times within a 30-day period. Exceeding this limit, subjects your score to being lowered by 10-20 points. Do carry approximately 6 lines of credit - i.e. car, mortgage, and about 4 credit cards. Satisfy any collections and judgments as soon as possible. Be sure to receive a formal letter from the collecting creditor so that you can send it to all three credit reporting agencies. For judgments, be sure to receive a copy of the satisfied judgment from the courthouse to send to the credit reporting agencies.