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Rene Ramos
(310)386-1693 Call/Text
Sr. Loan Officer
NMLS # 1004421 DRE Lic #02133360
Want to buy a home
and don't know where to start?
Getting started on your journey to becoming a homeowner can be confusing and overwhelming.
So, as a first-time homebuyer, where should you start?
What should you do first, search for the home you want to buy or get pre-approved for a home loan?
Although most first-time homebuyers may favor searching for a home first, the answer is to get pre-approved for a home loan.
Start by getting Pre-Approved for a home loan
A pre-approval is the process in which a morgage loan officer confirms the creditworthiness of a buyer before entering into a contract for a home purchase.
To get a pre-approval the loan officer will document and review the homebuyer's employment and income history, credit scores, credit history, and debt, as well as the buyer's available funds for the purchase of a home.
With A Pre-Approval You Will...
Know The Type Of Mortgage Loan You Are Getting. The most common mortgage loans used by first-time homebuyers are Conventional, FHA, and VA loans.
Know How Much Money You Will Need. When buying a home most mortgage loans require a downpayment and have closing costs.
Know What Monthly Payment To Expect. A monthly payment typically includes principal and interest payments, property taxes, homeowners' insurance, and in some cases mortgage insurance.
A Pre-Approval Will Also...
Make It Easier To Search For A Home. By knowing your max purchase price, how much money you need, and expected monthly payment, your home search will take a more targeted approach.
Make You A More Credible Buyer In The Eyes Of The Seller. With a pre-approval, you are informing the seller you are ready to move forward as soon as your offer is accepted.
Give You A Better Chance Of Getting Your Offer Accepted.
A buyer that is ready to move forward and already pre-approved will standout.
Reduce Your Loan Closing Time. At this point, your loan officer will have most of the documents needed to get your loan approved soon after your offer is accepted.
What are the benefits of a Pre-Approval?
Meet With A Real Estate Agent And Start Your Home Search
Having been pre-approved you will know the home price range you qualify for, which will make your home search much easier
Get Your Offer Accepted And Open Escrow
This is when the buyer and the seller have reached an agreement and the purchase contract is signed.
Home Inspections Take Place
The buyer does their home inspections, and the lender orders the appraisal inspection.
Loan Process And Underwriting Review
The buyer’s loan package and property information is submitted to underwriting for review.
Home Loan Approval
The loan is fully approved, and the buyer will sign the legal loan documents.
The Loan Closes, And The Deed Is Recorded!
Congratulations, You Are A New Homeowner!
You have been pre-approved. What's Next?
Additional Resourses
(click on the links below)
*Any Pre-approval issued may change or become invalid due to borrower circumstances changing or due to other unknown circumstances that may arise during the processing and underwriting of the loan. As such, any pre-approval should not be considered a full and final loan approval until the lender (underwriter) has reviewed your documentation along with the property items including appraisal and title report.
Additional Resources
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