Here you’ll find useful information on credit scores, interest rates, finding the right mortgage, homeowner insurance coverage, savvy home-scouting, writing a strong offer, and what’s necessary for a successful escrow process.
The Consumer Financial Protection Bureau, a U.S. governmental agency, born out of the 2008 financial crisis, that sets mortgage lending standards among other things, is a great start for anyone looking to buy a home. Get started here on understanding the home-buying process like a pro!
Start tooling around on this mortgage calculator to see what your payment might look like.
FICO – learn about scores from the creator of the most-used credit scoring system.
AnnualCreditReport.com – you’re entitled to a free copy of your credit report every 12 months from each of the three nationwide credit bureaus; call toll free (877)322-8228 to order the report.
HSH – a highly reputable and frequently-quoted company focusing on mortgage rates.
Consumer Financial Protection Bureau – have your questions about mortgages answered here.
Consumer Financial Protection Bureau – “Know Before You Owe” by reviewing these two main mortgage disclosure documents, the Loan Estimate and the Closing Disclosure.
Federal Deposit Insurance Corp.(FDIC) – Looking For The Best Mortgage
Fannie Mae – HomeReady homeownership program.
Freddie Mac – Home Possible homeownership program.
Mortgage Bankers Association – a slew of consumer tools here.
Realtor.com – figure out what your monthly payment will be, including the property tax and insurance, with this mortgage calculator.
Insurance Information Institute – excellent primer on deciphering the various types of insurance coverage.
CA Earthquake Authority – the only place to buy earthquake insurance in California.
IRS – here’s a withholding tax calculator to help you factor in the mortgage interest deduction on your new mortgage and determine by how much you can reduce your tax withholdings on your paycheck.
At this juncture, you’ve seen enough homes to know what you like and don’t like, reconcile what you can and cannot live without, and, finally, to sit down and put pen to paper. We’ll review the main legal document – Residential Purchase Agreement – and several other critical documents that virtually every California Realtor utilizes in real property transactions.
Congratulation, your offered has been accepted! Now is the time to get to know working condition of the house, get formal loan approval and funding, and sort through all the property disclosures and reports that make up the legal transfer of real property in California. I’ll provide you with a chart highlighting the timeframes and deadlines of all the main activities each party will undertake as well as a calendar showing these activities.
Also, you’ll need to notify a number of governmental agencies of your new address. Here is a link for your change of address.
Once escrow closes and title to the property transfers to your name, I strongly suggest placing the property in a trust. Don’t hesitate to contact me a list of highly-reputable local lawyers specializing in that field. I would also suggest creating a will if you haven’t done so already. If you’re situation is pretty straightforward and the cost of a trust and estate planning attorney has yet to make it in the budget, here’s a simple form from the California State Bar that will prove valid in a court of law.