Get three home loan quotes, one from each: bank, credit union and mortgage broker.
Each lender's quote may look a little different, but the categories of information should be the same.
Compare loan programs, interest rates, origination fees, and lender credits or points.
Check to make sure the monthly payment is estimated correctly for property taxes, insurance and mortgage insurance.
Make sure the money required to close is estimated correctly with enough set aside to fund your impound account for property taxes and home insurance, and to pay your home insurance premium for the first year.
Title and escrow fees listed on the quotes will have various names and amounts but they should total around $3,800 including notary and recording fees.
Getting Three Quotes Makes You a More Informed Homebuyer and Gives You Luxury of Choice.
For a quote from a bank, check out a depository bank (ex: Bank of America, Chase) or a mortgage bank (ex: Rocket Mortgage, loanDepot).
For a quote from a credit union, check out a local credit union. Here's a credit union locator:
For a quote from a mortgage broker, check out a local mortgage broker. Here's a mortgage broker locator:
If you want a home loan quote from us (a mortgage broker), just text us at 949 518 0742 to get started.
For more details and a place to add your comments, search Three Quotes on our blog.
Get answers to all your questions before committing to a realtor or loan officer. No question is too big or small.
Asking questions of a few different realtors and loan officers is one of the easiest and most informative ways to figure out who you can trust to be on your team.
Ever since Covid hit, housing inventory has been in short supply.
Most homes receive multiple offers over asking price.
Aggressive Sellers Ask Buyers To Waive Inspection, Termite, Appraisal and Loan Contingencies.
This has caused two problems for homebuyers:
1. It's harder than ever to get your offer accepted.
2. Your earnest money deposit is at greater risk.
Because you'll want to know upfront how these two problems will be addressed, ask the realtors and loan officers what steps they'll take to improve your odds of:
1. Getting your offer accepted, and
2. Protecting your earnest money.
Also, ask the realtors how they approach these current market situations:
A. Offering over asking price,
B. Waiving inspection, termite, appraisal and loan contingencies, and
C. Dealing with appraised values lower than the contract purchase price.
What if the realtor or loan officer doesn't try to make your offer stand out?
What if the realtor pressures you to buy a home or go over budget?
What if the realtor or loan officer acts carefree when trusted to protect your earnest money deposit?
Wouldn't you want to figure this out upfront by asking a few questions instead of finding out later when your dream home and cash are on the line?
Getting Answers Upfront Before Committing to a Realtor or Loan Officer Will Prevent Most of These Problems From Biting You on the Butt Later.
Pick a few realtors and loan officers. Start asking questions. No question is too big or small.
If you want to ask us a few or find out our availability to show homes, schedule a call here or text us at 949 518 0742.
For more details and a place to add your comments, search Answers Before Commitment on our blog.
Brush-up on your decision making skills and get familiar with the scenarios you're likely to run into.
Home buying is a series of decisions, some with heavier consequences than others.
In today's real estate market, it's likely you'll find yourself facing decisions like:
1. Will you go over budget for a home in better condition than you planned?
2. Will you risk your earnest money deposit by waiving your contingencies to win the home?
3. Will you come out of pocket more money to cover an appraisal shortage or just walk away?
Sometimes rational homebuyers make irrational decisions simply because they were caught unprepared, got overly excited about a home, or both.
Being Ready To Make Better Decisions Can Help You Win the Home You Love and Never Regret It.
And since decision making is a learned skill, you can brush up or improve your decision making with a good book, video or course.
If you're looking for a good book, you may like Yes or No: The Guide To Better Decisions by Spencer Johnson.
It provides a practical framework that can be learned in a weekend and it's told as a story instead of a lecture, making it more fun to listen to or read.
Here's a video review of the book:
If you want to discuss some of the home buying decisions you're facing, schedule a call here or text us at 949 518 0742.
For more details and a place to add your comments, search Decision Making on our blog.
Replace your realtor or loan officer if they aren't living up to your expectations. Think twice before signing an exclusive contract or else you could be stuck.
Buying a home takes teamwork. Especially in today's hyper-competitive real estate market.
It requires you, your realtor and loan officer all working together in harmony - hustling together in unison like a championship sports team - to win the home you'll love.
Of course, no one on your team can control housing inventory or force a seller to accept your offer, but what if one of your teammates doesn't carry her or his own weight?
What if your calls and texts are returned two or three business days later?
Or mistakes pop up in their numbers and paperwork?
Or their attitudes turn pushy or sour?
What if they break their promises?
When these things happen, it's natural to think about changing teammates.
After all, why should you suffer and miss out on buying your first home?
Don't Be Afraid To Terminate Your Relationship With Your Realtor or Loan Officer if They're Not Taking Care of You.
Which is why you may want to think twice about verbally committing to a realtor or loan officer too soon or signing an exclusive contract locking you into a buyer's agent or brokerage.
Those contracts prevent other realtors from showing you homes or advising you. Even if that's what you want.
Break the contract and you could come out of pocket thousands of dollars and end up in court. Yikes.
Also, don't try switching buyer's agents on a home you've already been shown. You're likely stuck with the first agent who showed you the home due to a procuring clause.
Last but not least: don't forget realtors and loan officers are people too. Try letting them down softly.
Here's a video on how NOT to do it:
If you're NOT signed to a buyer's agency contract and you'd like to schedule a Discovery Call: