If you are looking to purchase a home in California, here are some important steps to following to make that HAPPEN!
First Step: Speak to a licensed mortgage professional who understands the programs, guidelines and has work in the industry for many years to discuss what budget you are looking for and take an initial loan application to see if moving to step to is warrant.
Second Step: Gather all the necessary documentation required to begin the pre-qualification process to purchase a home such as:
- Income; paystubs, W2s, 1099s, Federal Tax returns (1040) for the past 2 years, rental agreement and any other supporting documentation that will be used to qualify for the loan
- Bank statements from all banking institutions, checking, savings, CD, Money Market, 401K, Retirement plan, etc
- Driver license and signed social security card
- Completed loan Application
- Credit report, lender will run
Third Step: The lender will review all supporting documentation (should only take 24 to 48 hours to review) and then discuss payment, purchase amount and the cost to close escrow.
Fourth Step: Once a budget has been set, issue a pre-approval letter to you the home seeker and Realtor (if need a licensed Real Estate Agent, I can referral one). Once a pre-approval as been issued from a Direct Mortgage Lender then the the seller will know you are a serious buyer.
The process is not hard to accomplish if you are working with the mortgage professional in California such as myself. Before I issue you and the Realtor a pre-approval letter, I want that letter to be as good as gold. The very last thing you want to hear 3 to 4 weeks into an escrow once the underwriter reviews the complete loan package is that you do not qualify for a loan. That will not make you happen at all.
So when working with a Mortgage Professional/Loan Officer and Realtor, make sure they are licensed, see how they communicate, such as email, text and phone call. Communication is key in our business along with customer service, these are the two traits I pride myself on.