How Much are My Closing Costs to Buy?
All closing costs are spelled out in a closing statement (also known as a HUD-1). When you talk to your lender, they will give you a Good Faith Estimate of your estimated closing costs. Realtors® can provide a similar statement called a Buyer’s Estimated Closing Statement or Seller’s Net Sheet for the seller. [...]
What is Your FICO Score?
Your FICO Score is a critical factor that can affect your mortgage loan, interest rates and its terms. Fair Isaac Corporation developed mathematical formulas used to produce FICO scores. This score was created to provide mortgage companies, banks and other creditors a measurement of your credit worthiness. The higher the score, the better your interest [...]
Loan Application Checklist for Home Buyers in Southern California
Here are a list of things you will need to bring, email or fax to your loan officer for them to review for your home loan: General: Picture ID and Social Security Number Payment to cover application fee. Name and complete address of all landlords (past 2 years). Income Documentation for the Lender: bring copies [...]
12 Things Every Home Buyer Should Know
A good Realtor® is your best investment. Find someone you like and trust. Their expertise can make a big difference in the negotiations of your offer that they assist with you. Property taxes are determined by your purchase price. Each State and or County has a set property tax formula. In Southern California, for the [...]
How Many Different Types of Financing Options Are There for Real Estate?
Home buyers are concerned about interest rates. However, most underestimate the importance of choosing the right mortgage. A loan needs to be customized to your needs and real estate goals. Several Home Loans to Consider when Financing a Purchase: A fixed interest rate is fixed for the entire term of the loan. You may select [...]
What is a Title Insurance Policy for Real Estate?
Title insurance provides coverage for certain losses in the title prior to your ownership. It protects against claims resulting from various defects such as prior fraud or forgery that might go undetected until after closing…and may possibly hurt your ownership or investment. Q.) What protection am I obtaining with a title policy? A.) A title [...]
How to Choose a Mortgage Professional
Your real estate goals are important to you. Whether this purchase is your first home or second, choosing the right mortgage professional can make a big difference. Online Mortgage Company or Referral from a Realtor® Some of the online mortgage companies can offer you a quick fix and instant loan but most people prefer [...]
14 Questions to Ask Every Lender
Will you search for the lowest rate and terms for me by any lender? Are you a direct lender, mortgage broker or mortgage banker? Do you offer a fixed rate loan? Do you offer an adjustable rate loan? Do you offer a second mortgage? Tell me about your first time buyer programs. What are points? [...]
Southern California Home Loans & Mortgage Tips
Finding a home on the Internet is easy, but there are risks. One of our clients decided to shop on to go to the website that claims that when lenders compete for your loan, you win. The problem was is that her credit was run 70 times and the FICO score dropped so much that [...]
How do Buyer Broker Agreements Work in Southern California
When searching for a Southern California property listed by real estate companies, at some point during your search, you will need to find someone to represent your best interests and assist you with the purchase. A business relationship occurs when you agree to engage a licensed real estate professional to represent you. This could be [...]
