Buy a House
Today’s Home Buying Outlook: Your Options Explained
Buying a home can be a complicated process – even if you are an experienced buyer. No matter what you plan to buy – a million dollar home, a second property, or your first home, it’s important to understand what you can afford and your options before proceeding. Even if you have the cash to purchase a property, leveraging a mortgage loan can be a smart strategy.
Our home mortgage professionals are experienced in the Bay Area. With our local experience and broad range of loan offerings, we can help you with your homeownership goals and provide you a high level of personalized service. Contact one of our mortgage professionals today for a personal consultation!
If you are new to the home buying process or need a refresher – we suggest you take a few minutes to review the next two tabs. We’re ready to help you during every phase of the home financing process, from application to funding. Our goal is to provide a truly rewarding home buying experience that gets you to the closing table quickly, with minimal hassle.
How much home can I afford?
We recommend using a simple calculation called a debt to income ratio. To determine this, add up your monthly household debt obligations and subtract this amount from your pre-tax monthly income. Your mortgage loan officer can arrange an informal meeting and help you decide on an affordable monthly mortgage payment.
If you’re planning to stay in your home for the foreseeable future, you may want to plan ahead for the types of repairs all homes eventually need. For example, if you factor in a maintenance “allowance” equal to approximately 2% of your home’s value each year, you’ll be better prepared to manage the cost of repairing or replacing heating, plumbing or other systems.
Negotiate successfully with our real pre-approval process!
The best time to discuss your mortgage options is before viewing properties. We offer a real preapproval to our clients, subject only to appraisal, clear title and verbal employment verification once you select a property. This helps you understand what you can afford and puts you in a stronger position to negotiate with sellers.
Can I do anything ahead of time to speed up the home loan process?
If you haven’t reviewed your credit reports in the last 12 months, you can request FREE copies from the three major credit agencies at www.annualcreditreport.com. Review each one carefully and request corrections if you spot any errors. This will help our staff obtain your correct credit score quickly when you apply for financing.
Is there anything I should avoid doing before applying for a loan?
Yes! We strongly suggest that you don’t make any major changes in your current banking or spending habits, such as opening new credit accounts or making large withdrawals. A job change can also adversely affect your application, so you may want to postpone your next career move until you’re settled in your new home.
Personal, local service. Big lender strength –We are a local Bay Area company with access to a large lender platform that allows us to offer a broad array of competitive home financing products while still being agile enough to delight you with the high level of personal attention you deserve.
A team that’s on your side – Private Mortgage Advisors’ local underwriting and closing professionals work together with your mortgage professional to bring you a positive, rewarding home financing experience from application to funding.
A promise of unparalleled service – We embrace our powerful mission statement – We can help you®! –to deliver solutions that contribute to an effortless home purchase.