Home Buying in 90712>Question Details

Lucainne Bor…, Real Estate Pro in Buena Park, CA

Before I start working with an agent/loan officer

Asked by Lucainne Borges, Buena Park, CA Thu Oct 10, 2013

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14
I'm confused with this question. Aren't you an agent at C21? I can't figure out if you are asking this question for yourself or if you accidentally posted this title in the wrong forum. Maybe you meant to post a blog , realized that this is not the section and stopped?
0 votes Thank Flag Link Tue Sep 9, 2014
It looks like you are looking for advice on where to work or advice on what to look for before working with an agent or a loan officer? I run a team over here at Keller Williams Realty and I have never been happier in my Real Estate career. If you need any advice feel free to call me anytime.

Cheryl Coleman
714-717-1728
Realtor, Keller William Realty
0 votes Thank Flag Link Mon Aug 11, 2014
Hi Lucianne,

I just saw your question and hope this answer helps.
If I were you, I'd decide which area (or areas) you want to live in and get pre-approved for a mortgage. There are many buyers and less properties to choose from so it is very competitive. It is not recommended you make offers without being approved for financing and I am sure realtors will all agree. A strong pre-approval letter helps too.

With that being said, I'd make sure your credit score is in the best position it can be by keeping your credit card balances to less than 40% of their maximums, if self-employed don't' take extended time off from work which may lessen your annual income, don't take on new large debts like a car payment, or co-sign for other loans. Don't be late on credit card, car payments, or student loans.

-Nos falamos portuguese tb

Bill Cook
714-332-4032
NMLS# 1048392
Web Reference: http://www.loanshoppers.net
0 votes Thank Flag Link Tue Mar 4, 2014
Hello Lucianne,

This is a late response as I just was introduced to this portion of Trulia. It looks like there were many great answers.. I would recommend you speak to a direct lender as they have the best rates & fees . Where as banks such as Bank of America, Wells Fargo etc.. only have their on product to push. The best example would be shoe shopping. If you go to Nine West you will only see their product which is limited compared to Nordstrom/Macys which has many more options . Please reach out if you would like for me to to put you in touch with an honest reputable lender who hands down is one of the best in the industry. She will also give you suggests and help you with any hiccups that you may or may not have.

Good Luck !
Kim Archer
562 716 4272 direct line
BRE 01343271
0 votes Thank Flag Link Mon Feb 10, 2014
There is a lot of good advice here Lucianne! FICO scores are important as noted below because there is a significant difference in cost to the loan if you have a 560 score, than a 620 score or a 740 score or above. And, the credit score may effect how much you need to have as a down payment as a relationship to mortgage insurance, which in some cases based on credit score, may mean that the 5% down, listed below will be sufficient to get you out of mortgage insurance entirely which effects your ability to qualify for more house. Credit repair is possible, I also will do this and am on a board of a credit counseling company. But, I would say you are better to act, than do nothing. Whether you deal with me, or another, or a real estate agent, inventory is tight and becoming tighter nationally and particularly in CA. According to the chief economist for the National Realtor Association this is an on going trend, and problem, and, rates which are now very low, are anticipated to go up next year and the next, and are also higher than last year, though they took a drop from the summer. Still, what you want to do, buy a home, is a very personal decision but a vague one in terms of these posts. I have a 100% close ratio in terms of purchases, but sometimes that means I work with clients a long time to get them to where they want to be, the level of lending that they need to achieve their dream home. So be informed, about lending and the trend lines for home costs in 90712 and I hope you find what you are looking for!
0 votes Thank Flag Link Mon Oct 28, 2013
Good advice given - first step is to determine what you qualify for. Visit a reputable mortgage lender. Happy hunting!
0 votes Thank Flag Link Sun Oct 27, 2013
•Tip #1: Do Your Homework
The perfect home won't find you by itself. The key step in buying a home is doing the proper research. Educate yourself on local schools, neighborhoods, and the kinds of homes available. By reading available materials and talking with experts, you can start to put together your idea of the perfect home.
•Tip #2: Start Planning
Most decisions benefit greatly from proper planning, and home buying is certainly no exception. Start a filing system with sections such as home buying, home financing, and service providers. By forming a home buying plan you can more easily focus on the most important factors and help give structure to the entire process. My website is a great resource for property information.
•Tip #3: Get PreQualified
Getting prequalified for a loan normally only requires a short phone conversation with a lender, and can greatly help your home search. Prequalification does not guarantee you a loan, but it does provide you with an estimated monthly payment and a price range to use as a guide when shopping for homes. Being prequalified can also often indicate to sellers that you are a serious, prepared buyer.
•Tip #4: Look for Value
When shopping for homes, it's important to consider potential value. Even if you're not planning to sell the home some time down the line, it's a good idea to consider the future value of the home. Protect yourself against things like falling prices and gradual shifts in the nature of the neighborhood. You may not think of a new home as a means to make money, but it's an important investment that requires caution.
•Tip #5: Decide What You're Looking For
Settle on the home features that are important to you (covered parking, hardwood floors, architectural style, etc.) and make an ordered list. Having well established guidelines will help narrow down your search and will prevent you from being shown properties that lack your key amenities. It can help you make the decision not to buy an attractive property that doesn't really fit your needs. My website has a search feature that allows you to filter thousands of listings based on attributes that you select. If you know you want a brick house with gas heat and a garage, you can get the results you're looking for.
•Tip #6: Relax
You don't have to make an offer on the first home you see. Make sure to look at other listings in the area to get a feel for the marketplace. When you decide to make an offer on a house, consult with your real estate professional so that all of your questions are answered.
•Tip #7: Shop Around for Your Mortgage
Deciding on the financing for your home can be as important as choosing a home itself. The first step is deciding what kind of loan best fits you: a fixed rate mortgage, or an Adjustable Rate Mortgage (ARM). There are benefits to each form of loan, and your real estate professional can provide you with more information. Next you'll want to begin to shop around for different lenders.
•Tip #8: Protect Yourself
Be careful when signing a contract on a home that allows you to find financing, have the home inspected, and work through any problem areas that may arise. Paying for a quality home inspection is absolutely crucial! You can save yourself thousands in repair costs by being sure of what you're getting into.

Tammy Hayes, Realtor
Re/Max Palm Realty
0 votes Thank Flag Link Fri Oct 11, 2013
Great point...though a bit vague....

Prior to buying or selling people should invest an amount of time becoming informed about their local markets. Knowing what is on the market, the asking prices, and eventual selling prices will help greatly in being able to make an informed decision when the time comes.

Technology and today's real estate websites make it easy for people to access important information. No buyer should pass up this opportunity.

Invest some time becoming informed.

Good luck,

Bill
0 votes Thank Flag Link Fri Oct 11, 2013
Make sure you get the best.... Just contact local Real Estate offices and talk with an office manager... They can set you up with an agent that is best for you!
0 votes Thank Flag Link Fri Oct 11, 2013
0 votes Thank Flag Link Fri Oct 11, 2013
I work with various clients throughout the country, and have just been referred to two in CA and would be happy to answer your questions. In terms of credit, referred below, for a loan you will need a "tri-merge" report, but can get an idea where you stand by going to freecreditreport.com. Typically you will want a "mid-score" at at least 620 or 640 but it is possible to do a loan with a lower score. If there are errors on your report, then you may wish to have that corrected as I just did with a client, moving the score from 615 to 639 in a few days. Your gross income assuming you are a w-2 employee, will be your starting point, and your total debt, for a new home, including credit cards, car bills, and reportable debt, will be the number that will limit you, though there are exceptions. It should not be more than 45% generally speaking of that gross number. The figures that you would add together would be principle and interest, taxes, insurance, and mortgage insurance, if applicable. This is your front end ratio (the house cost). Credit may allow mortgage insurance to be "bought out of, and in some cases based on the amount of down or your credit score or loan type, mortgage insurance will not exist and thus the amount of loan that you can qualify for (afford) will change., certaCertain properties will have additional expenses like HOA's in a condo or PUD, if that applies. Your total debt is the number you will most be concerned with, house, and all reportable other debt, as seen on a minimum monthly requirement. Best wishes in your search, and you may contact me at jdownes@thechampionbank.com, if you are so inclined. As for an agent, I could suggest one, you can find one locally, or you could be looking at a FSBO (no agent). Happy hunting! Judy
0 votes Thank Flag Link Thu Oct 10, 2013
Not sure what you are asking. Please clarify

Alex Greer
Loan Officer
NMLS #1056079
http://www.TheMortgageOutlet.com

408-352-5147
AGreer@TheMortgageOutlet.com
0 votes Thank Flag Link Thu Oct 10, 2013
Lucianne,

You might want to start working with the lender first and get pre-approved before you start working with an agent, as it will simplify the entire purchase process and will put you and your agent in the best position of strength for contract offers and negotiation.

We offer complimentary pre-approvals.

feel free to contact me anytime.

Thierry

Thierry Abel
Senior Loan Consultant
All California Mortgage
A Division of APMC
P: (415) 464-8261
C: (415) 378-7508
F: (415) 464-2367
E: tabel@allcalifornia.com
NMLS 304353 - BRE 01380701
0 votes Thank Flag Link Thu Oct 10, 2013
Hello Lucianne,

It is good idea to find out your own credit scores before you begin as each time you submit your details to lender your credit score can be lowered by 3-5 points. I have a free spreadsheet that helps you calculate for yourself how much you can afford and not be sold something higher than you should buy.

You can get a free credit score from any websites and I can give you those url's. Just send your email so I can respond. BTW, our main office is in Anaheim near 91 freeway and I-5. Looking forward to hearing from you.

Regards,

Bill Villa Broker President
Villa Realty, Inc.
DRE #01758821
villarealtyinc@gmail.com
(888) 351-4264
0 votes Thank Flag Link Thu Oct 10, 2013
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