Financing

Posted Wed, 08/25/2010 - 9:51am by T324Admin

The financing part of buying a home is a critical one. With the ongoing reform of the lending process, one of the key determinants of the success of your purchase is the quality of the mortgage professional that you select. I can refer you to a select list of carefully-chosen mortgage brokers, mortgage bankers, and bank loan officers, with whom I have successfully worked on recent transactions. That way, no matter which choice is right for you, you are assured of the excellent service and expert knowledge that enables you to get the loan you need when you finally find your dream home!

The financing part of buying a home is a critical one. With the ongoing reform of the lending process, one of the key determinants of the success of your purchase is the quality of the mortgage professional that you select. I can refer you to a select list of carefully-chosen mortgage brokers, mortgage bankers, and bank loan officers, with whom I have successfully worked on recent transactions. That way, no matter which choice is right for you, you are assured of the excellent service and expert knowledge that enables you to get the loan you need when you finally find your dream home!

Below is an overview of the steps through which I will guide you in the process of financing the purchase of your new home.

8 Steps to Financing Your New Home:

  1. With my help, select an appropriate mortgage professional.
  2. Fill out a loan application and supply the needed paperwork and documentation.
  3. Get an estimate of closing costs from the lender you choose. By law, the lender is required to provide this statement to you within three days of receiving the loan application. Make sure to ask what type of loan program your lender has selected for you, including the rates, terms and any special information, such as prepayment penalties.
  4. Consider lowering your interest rate by paying more points. The relationship of interest rate to points paid is an inverse one; the more points you pay, the lower the interest rate.
  5. Pay any up-front fees. Sometimes the lender requires that the appraisal or processing fee be paid at the beginning.
  6. Review loan papers. Approximately one week prior to closing, loan papers will be ready for your review. Make sure the loan matches the original quote you were given.
  7. Sign your loan papers and wire your down payment funds into your escrow account four to six days prior to closing.
  8. Get ready to congratulate yourself! Once the transaction closes you will receive a copy of the deed and a set of keys. You are now the owner of your new home!

Mortgage Broker Spotlight: Paul Laterza


Mortgage California Sr. Loan Consultant

Direct: (925) 418-5072
Toll Free: (888) 468-5231
Cell: (925) 639-1112
Email: paullaterza@mortgagecalifornia.com
Website: http://www.mortgagecalifornia.com/paullaterza

Paul Laterza has been working in the mortgage industry since 1998 and became a mortgage consultant in 2002 after graduating from Saint Mary’s College of California with a B.S. in Business Administration and Economics. He has received many awards for his level of production and achievements including "Rookie of the Year," "Most Inspirational Loan Officer," and "President & Platinum Awards" for several years.

"Your Key to a Successful Financing" is a book written by Paul Laterza which can be found at www.homefinancingbook.com. This book offers resources that will help you simplify the loan process and identify mortgage programs. It will prepare you with the essentials for a loan approval and how to improve your credit. It describes government loans, such as those with no money down or with funds to repair your home, and ways to get down payment assistance. You'll learn about credit towards closing costs, lowering your rate and its cost, tax credits, buying foreclosures, and much more.