Buying a Home
Whether you are buying your first Southern California home, selling a current property and buying a new one, investing in a rental property, or purchasing a vacation home, First Source Financial will make your home loan experience as simple and painless as possible. We are dedicated to finding you the best rate at the lowest cost.
No matter if you are a first-time California home buyer or a seasoned investor, we have the experience and knowledge to help you find the mortgage that’s right for you.
Common Home Buying Mistakes
If you're like most people, purchasing a home is the biggest investment you'll ever make. There are numerous factors to consider when making this decision, and it's important to be prepared. Research, ask questions, and educate yourself on the process.
Avoid the following pitfalls:
- Looking for a home without being pre-approved. When you are pre-approved for a loan, you can provide the seller with a preapproval letter. As a potential buyer, being preapproved will give you the best chance of getting your offer accepted.
- Choosing a lender just because they have the lowest rate. Your mortgage rate is important, but always consider the entire cost of your loan, including, origination and discount points, loan fees, and APR. Make sure you feel confident that the lender you select is reputable and will deliver the loan with the terms and costs they promised.
- Not receiving a Good Faith Estimate. After your lender or broker receives your loan application, you should receive a Good Faith Estimate of fees associated with your transaction. Have your Good Faith Estimate on hand when signing your loan documents, as you shouldn't be charged any substantially different fees from those contained on your Good Faith Estimate.
- Buying a home without professional inspections. Unless you're buying a new home with warranties on most equipment, it's highly recommended that you get property, roof, and termite inspections. This way you'll know what you are buying. Inspection reports are great negotiating tools when asking the seller to make needed repairs. If the seller agrees to make repairs, have your inspector verify that they are done prior to close of escrow. Do not assume that everything was done as promised.
- Not shopping for home insurance until you are ready to close. Don't make the mistake of waiting until the last minute to get insurance. Give yourself time to shop around for the best insurance, and begin shopping around as soon as you have an acceptance letter.
- Signing documents without reading them. Whenever possible, review in advance the documents you'll be signing. It's unlikely that you'll have sufficient time to read all the documents during the closing appointment.
- Not allowing for delays in the transaction. We would all love it if every transaction closed on time. But there are times where they can be delayed as much as a week. Prepare yourself for any delays by terminating your lease a week after your closing.
Southern California home buyers:
Call 1-800-806-6045 today for a free consultation