HOME BUYING FAQ

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As your buyer agent, I oversee all the steps of buying a home: previewing and showing properties, negotiating the best purchase price and terms, managing the escrow process, and putting keys in your hand. 

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 WHAT DOES IT COST TO BUY A HOME?

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The cost to buy a home is around 3 percent of the purchase price, not including the down payment and any up-front mortgage insurance. The biggest costs are lender fees, title fees, escrow fees, and any deposits into an impound account for insurance and property taxes. Please contact me if you would like an estimate on how much cash you will need to purchase your home. 

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HOW CAN I FINANCE A HOME?

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There are many loan programs available for home buyers and down payment assistance programs.  The three main types of real estate loans are conventional loans, FHA loans, and VA loans.  Your interest rate is affected by your credit score, and the amount of your down payment. Conventional loans with a down payment of less than 20%, and all FHA loans, normally require mortgage insurance. However, some lenders offer conventional loan programs that allow less than 20% down, and no monthly mortgage insurance. 

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HOW LONG WILL IT TAKE TO CLOSE ONCE MY OFFER IS ACCEPTED? 

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Most escrow periods last 30-45 days, but this can vary depending on terms and property. From the buyer's point of view a typical 30-day escrow will go as follows:

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Week 1: The seller accepts your offer and escrow begins. You will deposit earnest money to escrow, order a  home inspection and if needed request the seller complete repairs, order your homeowner's insurance policy, and sign loan authorization paperwork allowing the lender to process and underwrite the loan.  Your lender will order a property appraisal. 

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Week 2: You review the seller disclosures and receive a packet from the escrow officer, which includes vesting and statement of information forms to be completed and returned. The appraiser completes the property appraisal and sends a report to the lender.  Your loan processors will verify financial information, such as employment, deposits, rental history, tax returns, and Social Security number.  Once the loan is processed, a certified underwriter will analyze the loan file to ensure the file meets all of necessary guidelines to approve the loan.  The underwriter makes the final loan approval.

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Week 3: The final loan approval is made. and the buyer signs a Contingency Release once all inspections are made, disclosures are reviewed, and the loan approval is confirmed.

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Week 4:  Your lender orders loan documents to be sent to escrow, and we schedule a loan document signing. You have  a final walk-through of the property about five days before close of escrow. You sign all loan docs and brings a cashier’s check (or orders a wire) for any monies due. Once loan docs are signed, loan is funded, and the title company records the deed of trust at the County Assessor’s office, it’s time to move in!

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