Tools to help you buy a home

  


Please review the information below and then click on step 2 or 3, OR, just click on "Take the Next Step" button to tell us what you are looking for.

  
   
       
       

Your Buying Power and Affordable Financing
The process of buying a home or investment generally starts with determining your buying power; that is, your financial reserves plus your borrowing capacity. If you give a real estate agent some basic information about your available savings, income and current debt, they can refer you to lenders best qualified to help you.

  
         
    Loans & financing   •  Different types of loans - Most lenders -- banks and mortgage companies -- offer limited choices. Your agent can help you in understanding different financing options and in identifying qualified lenders.
•  Financing options - There are a couple of options - bank financing and seller financing. In some cases the seller may be able to carry back a second mortgage, thereby saving some mortgage insurance costs, and possibly a favorable interest rate as well.
•  Types of terms - 15 to 30 year fixed mortgage, 5 year balloon, 7 year balloon, FHA, VA, each one has its advantages and disadvantages and some types will not be available choices depending on the price of the property and who is obtaining the financing. For more information on what's available click on the link below.
•  Variable versus fixed rate - In general, if interest rates are very low, it is wise to lock in a very low rate permanently. If interest rates are high, it may be smarter to select a variable rate which will drop as the prime rate drops. 		 
         
    Credit   •  Reviewing your credit and/or improve your credit - If you have credit problems that will affect the house you can purchase. Get a copy of your credit report and fix any incorrect items appearing on it. Know your credit and manage it far enough in advance of a home purchase to be able to make improvements and changes and have those show up as a more favorable credit rating by the time you apply for the loan.
•  Assemble the necessary documents for approval - Collect pay stubs, bank statements and any other documents which will prove who you are, and what your financial status is.
•  Get prequalified for a loan - Before you shop for a home, shop for a loan. Compare fixed versus variable interest rates, and different lengths of the mortgage term.
•  Employment status - it is best to purchase your home before changing jobs if possible, as lenders look at stability and history for loan approval.
 
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Information at this site should be reliable but is not guaranteed.
Exclusive San Diego Homes does not make any warranty or representation concerning these properties including their current status.
Not all of the information which has been provided by seller/other sources and has been verified by broker.
Interested persons are responsible to independently verify the accuracy of the information.