• Get Started
    • Advanced Search
    • Friends and Family Search
    • Property Tracker
    • Southern California Homes
  • Beach Houses
    • All Long Beach Homes
    • Huntington Beach Homes
    • Laguna Beach Homes
    • Newport Beach Homes
    • Seal Beach Homes
    • Surfside Colony
  • Beach Condos
    • All Long Beach Condos
    • Downtown Long Beach Condos
    • FHA Approved Long Beach Condos
    • Long Beach Townhomes
    • Huntington Beach Condos
    • Newport Beach Condos
    • Ocean View Condos
    • Seal Beach Condos
    • Long Beach Condo Directory
  • Lifestyle Options
    • All Homes with Boat Docks
    • Retirement Living
    • Beach Front Homes
    • Long Beach Luxury Homes
    • Long Beach Ocean View Homes
    • Long Beach Ocean View Condos
    • Long Beach Single Story Homes
    • Ocean View Homes
    • Southern California Mansions
  • Research
    • Buying a Home Meeting
      • Getting Pre-Approved Loans
      • Get to Know Jay Valento
      • About Fathom Realty Group
    • Selling?
      • Home Selling Process
      • Seller Closing Costs
      • What’s My Home Worth?
    • Corona Virus Real Estate Guidelines
  • 5-Minutes
  • Contact
  • BLOG
  • Search
  • Duplex for Sale 948 N Loma Long Beach
  • Long Beach Homes
  • Neighborhoods
    • Belmont Shore
    • Bixby Knolls
    • Marina Pacifica Condos
    • Naples Island
    • Spinnaker Bay Homes
  • Beach Lifestyles
    • Long Beach Beachfront Homes
    • Long Beach Gated Communities
    • Homes with Boat Docks
    • Long Beach Luxury Homes
    • Long Beach Ocean View Homes
    • Long Beach Pool Homes
    • Long Beach Neighborhoods List
    • Single Story Homes
  • Hot Homes
  • Support Local Dining
    • Belmont Shore Dining
    • Seal Beach Dining
  • Inland Empire
    • Corona Homes
    • Menifee Homes
    • Riverside Homes
    • Temecula Homes
  • Menu
  • Skip to right header navigation
  • Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Before Header

Jay Valento, Fathom Realty Group – Coastal Properties,  562-413-7655 or 800-300-6126  | Your Account

Long Beach Real Estate - Long Beach Homes - Condos Logo

Long Beach Homes, Beach Cities Real Estate, Jay Valento Realtor

  • Get Started
    • Advanced Search
    • Friends and Family Search
    • Property Tracker
    • Southern California Homes
  • Beach Houses
    • All Long Beach Homes
    • Huntington Beach Homes
    • Laguna Beach Homes
    • Newport Beach Homes
    • Seal Beach Homes
    • Surfside Colony
  • Beach Condos
    • All Long Beach Condos
    • Downtown Long Beach Condos
    • FHA Approved Long Beach Condos
    • Long Beach Townhomes
    • Huntington Beach Condos
    • Newport Beach Condos
    • Ocean View Condos
    • Seal Beach Condos
    • Long Beach Condo Directory
  • Lifestyle Options
    • All Homes with Boat Docks
    • Retirement Living
    • Beach Front Homes
    • Long Beach Luxury Homes
    • Long Beach Ocean View Homes
    • Long Beach Ocean View Condos
    • Long Beach Single Story Homes
    • Ocean View Homes
    • Southern California Mansions
  • Research
    • Buying a Home Meeting
      • Getting Pre-Approved Loans
      • Get to Know Jay Valento
      • About Fathom Realty Group
    • Selling?
      • Home Selling Process
      • Seller Closing Costs
      • What’s My Home Worth?
    • Corona Virus Real Estate Guidelines
  • 5-Minutes
  • Contact
  • BLOG
  • Search
  • Duplex for Sale 948 N Loma Long Beach
  • Long Beach Homes
  • Neighborhoods
    • Belmont Shore
    • Bixby Knolls
    • Marina Pacifica Condos
    • Naples Island
    • Spinnaker Bay Homes
  • Beach Lifestyles
    • Long Beach Beachfront Homes
    • Long Beach Gated Communities
    • Homes with Boat Docks
    • Long Beach Luxury Homes
    • Long Beach Ocean View Homes
    • Long Beach Pool Homes
    • Long Beach Neighborhoods List
    • Single Story Homes
  • Hot Homes
  • Support Local Dining
    • Belmont Shore Dining
    • Seal Beach Dining
  • Inland Empire
    • Corona Homes
    • Menifee Homes
    • Riverside Homes
    • Temecula Homes
Palos Verdes Estates Homes California

Beach Cities Real Estate Home Loans – Buyers: Getting Started

You are here: Home / Buyer Tips / Beach Cities Real Estate Home Loans – Buyers: Getting Started

Buying a home, condo or investment property in a beach city takes a lot of work.  Do you have a good lender or loan officer to refer too?  As a home buyer, you are encouraged to talk to a lender ahead of time to help them get focused on what they can afford and what the monthly payment will be.  Then, shopping for a home is easier.

Plus, home sellers only want qualified buyers viewing their homes for sale.  They take pride in cleaning the house and getting it ready for you to view it with a top real estate agent on The Red Wagon Team.  Being qualified makes them feel good about putting in the extra work to make the house look great for you.


Pre-qualifying for a home loan for your beach house or condo:

  1. Your lender will give you an estimate of what you can afford purchase price wise based upon how much you earn
     
  2. You will know in advance approximately what your payments will be if you choose to make an offer. 
     
  3. Pre-qualify status usually means that your credit has not been evaluated by the lender so, they are just estimated based upon what you have told them.

     

Pre-approval will help you in the following ways:

  1. You must fill out a loan application with the lender.
     

  2. They will run your credit to determine your credit score.
     

  3.  They certain bank documents and your monthly expenses to review.
     

  4. Review with you all of all of the loan programs that your credit and income qualifies for.
     

  5.  A Lender / Loan Officer can tell you what your maximum purchase price would be and give you an estimated monthly payment.
     

  6. By taking care of this in the beginning, you can select the best loan package without being under pressure…if your offer just got accepted and you were only pre-qualified. 
     

  7. Sellers tend to value your Pre-Approval status higher than a buyer who is just pre-qualified.
     

  8. Most of lenders will shop for the lowest rates and terms based upon your situation and credit score. 
     

  9. You won’t waste time looking at homes you cannot afford.
     

Learn more about the many factors that determine loan approval….get this process done before researching for homes online.  It will save you hours of time.

 

How much home can you afford will depend on 3 key factors:

  • The down payment
  • Your ability to qualify for a mortgage which includes your credit score, your income and debt or monthly expenses that create a ratio.
  • The closing costs associated with your transaction.  
     

Down Payment Requirements:

There are 100% financing programs out there but your credit score has to be excellent.  Most loans  require a down payment.  It could be between 3.5% and 5.0% depending on the type of loan and the terms of that loan.  The more money you put down the better.  If you are able to come up with a 20-25% down payment or more, in most cases you can avoid paying private mortgage insurance.

Make sure you discuss all financial matters with your lender.  We have some references for you in our  home loan and mortgage center.

 

Closing Costs:

It is kind of like sales tax but they cover fees for the escrow company, loan fees if any, title insurance and other fees required by law to record your property.

These fees must be paid in full at the final settlement (usually 5 days before the close of escrow), unless you are able to include them in your financing. Typically, total closing costs will range between 2-5% of your mortgage loan.  If you hire a buyer broker to represent you and you ask them, they will try to negotiate closing costs with the seller so that the seller pays for it.  It is possible.

 

How to Qualify for the Mortgage

Most lenders require that your monthly payment range between 25-28% of your gross monthly income. Of course, there is flexibility with the percentages.  Your mortgage payment to the lender includes PITI, which stands for: 

 

  • The principal on the loan (P) 
     
  • The interest on the loan (I)
     
  • Property taxes (T), in southern California, for the most part, property taxes are 1.25% of the purchase price.  There are some areas, usually newer subdivisions, that have a special assessment tax called “mello roos”.  It is a tax to pay for new schools, utilities, etc.  Mello roos property taxes may be up to 2% total.
     
  • The homeowners insurance (I) – this protects your property against fire, damages to your property as well as liability for injuries and damage you cause to other people.  Talk to your insurance agent for more details.

 

We can have a friendly lender contact you today:



*
*
*
Phone
Email
Text Message
Skype*
*
No
Yes*
*

My team and I will be in contact with you soon. Call Jay Valento at 562-413-7655 with any questions you may have.

  • Author
  • Recent Posts
Avatar of Jay Valento
Jay Valento
Jay Valento is a top real estate professional at Fathom Realty Group.He has 28 years of real estate experience helping home buyers, home sellers and investors make good decisions about real estate.His team takes a consulting approach to Long Beach real estate focusing on listening to you, our clients, advising & providing you with advice. He has a Bachelor's Degree in Marketing and applies it to marketing real estate online and offline to generate buyers and sellers.Learn more about Jay Valento...call him at 562-413-7655 or toll-free at 800-300-6126.Connect with him on Facebook or Linkedin with Jay Valento.One of the areas we cover is Long Beach homes.
Avatar of Jay Valento
Latest posts by Jay Valento (see all)
  • Duplex: 948 N Loma Vista Drive in Long Beach - April 10, 2021
  • February 2021 Belmont Shore Housing Market in Long Beach CA 90803 - March 23, 2021
  • Long Beach Housing Prices Are UP February 2021 - March 17, 2021
0 Shares
Tweet
Share
Share
Pin
Share

Filed Under: Buyer Tips Tagged With: beach cities real estate, home loans, long beach home loans

Southern California Real Estate Search

Price
Beds
Baths
For Sale / All Types
Advanced Search

Fathom Realty Group, Coastal Properties by Jay Valento 562-413-7655 or 800-300-6126.

Previous Post: «Belmont Shore Car Show Long Beach Belmont Shore Car Show 2014 Long Beach
Next Post: Sparkling Pool Homes in Long Beach CA 5940 El Paseo Long Beach CA Swimming Pool»

Primary Sidebar

Price
Beds
Baths
For Sale / All Types

Home Buyer’s Guide

Free E-Book Home Buyer’s Guide

Long Beach Home Buyers Guide

I usually give you a copy of my Home Buyer’s Guide in person. I include local market data reports and helpful brochures.

But for a limited time, we will send you a copy via email. Fill out this form below to get a free copy today!

Footer

Popular Searches

Marina Pacifica Condos

Huntington Landmark 55+

Laguna Beach CA

Stoney Brook Villas

The Retreat Corona

Close to Green River

Spinnaker Coves

Balboa Island Homes

Broadmoor Townhomes

West Ocean Condos

FHA Approved Condos

SeaCliff Condos

Seabridge Condos

Seal Beach Homes

Temecula Homes

Weatherly Bay

Real Estate Topics

Real Estate Tips

Helpful Search Tips

Home Searching Video

Home Searching Tips

Support

Sign Up for Free

Neighborhoods

Long Beach Neighborhoods

Huntington Beach Neighborhoods

Newport Beach Neighborhoods

Laguna Beach Neighborhoods

Condominium Directories

Long Beach Condominium Directory

Huntington Beach Condo Directory

Fathom Realty Group Beach Cities

Jay Valento
Happy California Realtor®
Call or Text:  562-413-7655

Email

Fathom Realty Group
Long Beach, CA 90815

DRE# 01159553, Licensed since 1993
B.S. Marketing, Cal State Long Beach

 

Orange County Location:

Fathom Realty Group Orange County
24800 Chrisanta Dr., Ste 140
Mission Viejo, CA 92120

Real Estate Company DRE# 01901202

Reviews

Read testimonials by clients

Site Footer

Are We Connected?

Facebook | Linkedin | Twitter | Instagram | Pinterest | Mix

 

Realtor® — is a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics.  Real estate listings and all data are provided through the California Regional Multiple Listing Service.  Real estate listings are subject to prior sale.  We do not provide accounting or legal advice.  Please seek appropriate professionals for those subject matters.

Long Beach real estate, Huntington Beach homes, Seal Beach houses, Newport Beach coastal properties

Copyright © 2003-2021• Jay Valento Long Beach Real Estate and Homes for Sale, All rights reserved. • Terms of Use • Online Privacy Policy • Accessibility • Listings Sitemap • Cookie Policy • | Sitemap
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.AcceptNoPrivacy policy