Home Buyer Bootcamp Part 2 Mortgage 101 where to start and what to expect CA Home Loans

Home Buyer Bootcamp Part 2 Mortgage 101 where to start and what to expect CA Home Loans. Guild Mortgage 101

Home Buyer Bootcamp Part 2 Mortgage 101 where to start and what to expect CA Home Loans video duration 18 Minute(s) 57 Second(s), published by Teresa Tims on 28 02 2019 - 00:08:32.

Subscribe to get SoCal Real Estate and Mortgage Updates: http://bit.ly/2k3UXTn Watch My California Home Buyer BootCamp: http://bit.ly/2m53JkH Home Buyer These are a list of different expenses that you will incur while taking a loan out for the purchase of a home.

In our video series Mortgage Strategy 101 Ep
#6 David shares with you how you can get the best use out of your offset accounts – what we call 'the banks Here's another great video from Realtor.com, this time helping you understand the Mortgage Process on Buying a Home
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Subscribe to get SoCal Real Estate and Mortgage Updates: http://bit.ly/2k3UXTn
Watch My California Home Buyer BootCamp: http://bit.ly/2m53JkH
Home Buyer Bootcamp Episode 2 “Mortgage 101 where to start and what to expect” and important things to know about Mortgage Principles and Terms

Where to Start

1st Get Qualified
Where do you stand, do you have reasonable expectations, does it make sense, does it fit your budget is your credit in a good place. Do you have money for the down or should you just continue to rent. What makes sense for you and/or your family.

2nd Target sales Price
What's your Desired payment and what's your max payment?

3rd Target Area
Can you afford the area you want or do you need to find an area that meets your budget?

How long does it take / What to expect

My take is it all depends on 2 factors but MOSTLY who is your Realtor and how “Realistic” are you.

Realtor
A good agent will have you in escrow in 2-4 weeks max, max, max. If you are unrealistic that agent will bring you back into reality so it might be closer to 4 weeks

UnRealistic
I find when someone is unrealistic they just never pull the trigger. They are usually scared, buying is a big big step and The key to bringing someone around to reality it via education and information. TDR Mortgage is big on the education part of the process, hence this Video Series and all the other education along the way.

Rarely do I work with someone that doesn’t come around unless it’s just not practical, IE they work in Downtown LA but can only buy in Moreno Valley and they just can't do a 2-3 hour commute each way.

How long does it take to close on a home?
A 30 day escrow is the most typical and in California usually 3 days is written into the contract for the sellers to move out after the Close

Important terms

PITI
Principal
Interest
Taxes (Property Taxes only)
Insurance (Property Insurance only

Mortgage Insurance (MI)

Title
Escrow
Being in Escrow

Initial Loan Application / Disclosures
Loan Docs

Mortgage Broker
Mortgage Lender / Direct Lender

Company NMLS #390767 Individual NMLS MLO # 267236
Company BRE # 01889552 Broker License BRE # 01269949