Lifecycle of the Home Buying Process

a California Realtor since 2011

Now is the time to buy because:

Save money on your federal and state income taxes (mortgage interest and some taxes are deductible up to certain limits)
Gain equity as real estate values increase
Stable housing costs resulting from home purchase and fixed-rate loans

Are you ready to buy?

Do you pay your bills on time?
Do you have low or medium debt?
Do you have the down payment (about 3 – 5% of purchase price)?
Do you have the closing cost (about 1-3% of purchase price)?
Can you afford the monthly mortgage?

Types of Loans:

FHA: 3.5% down; lower FICO score; mortgage insurance
Conventional: 5%, 10% or 20% down; no mortgage insurance
VA: 0% down; no mortgage insurance

Why should I be pre-approved?

You know what you can afford before you begin shopping
Shows sellers you are serious about buying
You’ll be able to immediately make an offer when you find the ideal property (without delays)

You will need:

Last 2 years Federal Tax Returns or 1099
Last 2 months paystubs
Last 2 months bank account statements

Steps to purchasing a home

Get Pre-approved by a reputable lender
Work with a reputable realtor
Decide on type of property i.e. condo or single family residence or townhome or duplex
Make an Offer and obtain an Acceptance

Key deadlines within 17 days of opening escrow

Open Escrow

Make initial deposit (which is about 1% of purchase price) into Escrow
Complete Physical Inspection
Appraisal
Loan approval (show proof of down payment)
Termite inspection
Obtain Preliminary Title Report
Obtain HOA documents, if applicable

Close Escrow

Submit balance due for down payment
Submit balance due for closing costs
Sign and notarize loan documents
Lender funds the loan
Record Title with the City of San Diego

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