At California Mortgage Advisors Inc., we have a 20+ year track record of helping borrowers secure first home mortgages, second home mortgages, and mortgages for a variety of investment purposes. We understand that the process of buying a home is confusing, especially for first time buyers. For that reason we’ve put together a mortgage checklist of paperwork you will need to gather for the mortgage process.
Potential borrowers can apply online here or speak to one of our Mortgage Advisors now by calling (800) 927-6560.
Decide How Much You Can Afford
When buying a home, people often make the mistake of stretching their budget to the absolute maximum. It is understandable that borrowers want to buy the most house possible for their budget. However, the cost of purchasing a home is not just the price the buyer and seller agree on. Buying a home involves numerous associated costs and fees. Buyers should earmark several thousand dollars for additional costs beyond the total price of the home.
Pre-Approval
Mortgage pre-approval is exactly like the normal application process. Borrowers provide the lender with an array of financial information and detailed credit information. The lender then reviews the information and provides the borrower with a dollar total that represents what they would be willing to lend the applicant. Pre-approval just means that the application process is taken care of before the borrower finds a home. This gives borrowers a concrete idea of how much they can spend.
Select a Real Estate Agent
A highly qualified real estate agent can simplify the home buying process and provide consumers with access to experience-driven advice. They can provide borrowers with home specific information and information about the home buying process in general. At CMA, we have compiled a list of the most qualified real estate agents based in a variety of geographic locations.
Make an Offer
Once a borrower has found their ideal home, the next step in the process is making an offer. Many sellers have an emotional attachment to their home that extends beyond the basic value of the home. This makes negotiating the price and making an offer a sensitive process. However, as a buyer, it is important to remember that buying a home is a financial transaction. Buyers should make an offer and be willing to negotiate to a certain degree.
Home Inspection
A home inspection is the next logical step assuming the seller accepts the buyer’s offer. Home inspections are conducted by third-party companies without a previous connection to the buyer, seller, or lender. They look for issues with the home in general. A copy of the inspection report is then sent to both the buyer and the seller.
The buyer then has the option of rescinding their offer if the report reveals significant issues with the home. Alternatively, the buyer can negotiate with the seller based on the issues mentioned in the report.
Home Appraisal
During the appraisal process, a third-party organization will conduct an evaluation of the home using a sales comparable approach to arrive at a fair market value for the home. This value is used by the lender and government entities for a variety of purposes.
Select a Loan
At CMA, loan terms and conditions are an extension of numerous factors. The most important aspect, however, is that nothing is set in stone. Our Mortgage Advisors work with borrowers to identify a loan that best meets their needs.
Closing
During the closing process, buyers complete paperwork and sign all the loan documentation necessary to complete the sale. They also bring in the funds to cover associated down payment and closing costs. After the paperwork has cleared, and the new mortgage has funded, recorded, and closed, then the buyer is free to move into their new home.
At California Mortgage Advisors Inc., we genuinely believe that we offer our customers the best mortgages in the industry. We have offered a variety of loans since 1993, which means our Mortgage Advisors have successfully matched tens of thousands of borrowers with loans tailored to meet their needs and unique financial situations. Our Mortgage Advisors are available at (800) 927-6560 to answer your questions or click here to apply online.
