Why Buy With Us?
This simple question is one that needs to be answered right away. Why should a homebuyer trust you to find their dream home and negotiate the best price? What knowledge and experience do you bring to the table that will insure a smooth transaction?
Fiona has over 20 years experience in the finance and real estate industry. Fiona and her team will represent their clients through all aspects of the real estate transaction process. Fiona's experience in the San Diego real estate market, and her involvement in the local, state, and national real estate associations, allows Fiona and her team to provide their clients with ethical service including the fiduciary to their clients.
Homes For Sale
Below are homes based on price range or property characteristics.
What is the importance of getting pre-approved for a mortgage?
A pre-approval letter indicate you are serious buyer who has the ability to go through with the sale. This makes you an attractive buyer to sellers.
You’ve been searching online for just the right home, cruising neighborhoods looking for the “that’s it!” house and picturing yourself on your shady new porch. You know there’s plenty to do before you get to the really serious house hunting, but it’s hard to resist.
Hang on, you’re almost there. You’ve got to have one thing in hand before the fun begins: your preapproval letter.
Prequalified or preapproved?
Mortgage terminology can be confusing. One important milestone to becoming a serious buyer is understanding the difference between being prequalified and preapproved.
Prequalifying means you’ve been initially screened by a lender. It is only getting your foot in the door. Usually, you will submit some basic information, and the lender will provide a rough estimate of what you might be able to afford. Frankly, this won’t help much in your efforts to seal a handshake deal on a home.
On the other hand, a mortgage preapproval takes the preliminary loan process a step further. Additional financial information is gathered, likely including a credit report. In some instances, you might be asked to provide many of the same documents that will be required to complete the actual loan process, including tax returns, bank statements and employment verification. With a preapproval letter from your lender, real estate agents and sellers know you are a serious buyer.
This letter can be shown to sellers when bidding on a property. It proves that you already have backing and the ability to go through with the sale, which makes you a much more attractive buyer to sellers.
Escrow and Closing Costs
In simple definition, an escrow is a deposit of funds where a property deed or other instrument by one party for the delivery to another party upon completion of a particular condition or event. View the exact definition from the The California Escrow Law : Section 17003 of the Financial Code : provides the legal definition.
Closing costs are expenses over and above the price of the property in a real estate transaction. Costs incurred include loan origination fees, discount points, appraisal fees, title searches, title insurance, surveys, taxes, deed-recording fees and credit report charges. Prepaid costs are those that recur over time, such as property taxes and homeowners’ insurance, and the lender states these costs in a “good faith estimate within three days of a home loan application.
BREAKING DOWN ‘Closing Costs’
Closing costs occur when the title of property is transferred from the seller to the buyer, and may be paid by either party. The total dollar amount of closing costs depends on where the property is being sold and the value of the property being transferred. Homebuyers typically pay between 2 to 5% of the purchase price.
Examples of Closing Costs
Origination fees are fees charged by the bank for the creation of a loan. The fee is typically 1% of the mortgage. The buyer can purchase discount points up front to reduce the interest rate charged by the bank. Although the bank requires a credit report and loan application, these fees are negotiable and can be covered by the bank. Private mortgage insurance is an additional fee applied to any purchase with a down payment less than 20%.
A home warranty is not the same thing as homeowners insurance, nor is it a replacement for homeowners insurance. Homeowners insurance covers major perils such as fires, hail, property crimes and certain types of water damage that could affect the entire structure and/or the homeowner’s personal possessions. A home warranty does not cover these perils. Rather, it covers specific components of the home.
A home warranty is a contract between a homeowner and a home warranty company that provides for discounted repair and replacement service on a home’s major components, such as the furnace, air conditioning, plumbing and electrical system. A home warranty may also cover major appliances such as washers and dryers, refrigerators and swimming pools. Most plans have a basic component that provides all homeowners who purchase a policy with certain coverages. Homeowners can also purchase one or more optional components that provide additional coverage at additional cost.
Home warranty companies have agreements with approved service providers. When something that is covered by a home warranty breaks down, the homeowner calls the home warranty company, and the home warranty company sends one of its service providers to examine the problem. If the provider determines that the needed repair or replacement is covered by the warranty, he completes the work. The homeowner only pays a small service fee, plus the money she has already spent to purchase the warranty.
Are you relocating to this area? Looking for more information to help you find the right city and neighborhood for your family?
Our relocation guide includes the most up-to-date and vital information for people looking to move to our area.
Buying a home can be nerve wracking, especially if you’re a first-time home buyer. Not only is it probably the biggest purchase of your life, but the process is complicated and fraught with unfamiliar lingo and surprise expenses.
To make the first-time home buying journey a little less stressful, we recommend reviewing all the topics below.
1. Start saving for a down payment early
2. Determine how much home you can afford
3. Check your credit
4. Pause any new credit activity
5. Explore your down payment options
6. Research state and local assistance programs
7. Budget for closing costs
8. Set aside more money for after move-in
9. Consider what type of property to buy
10. Research mortgage options
11. Compare mortgage rates
12. Decide if paying points makes sense
13. Get a preapproval letter
14. Hire the right buyers agent
15. Stay under your preapproval limit
16. Pick the right neighborhood
17. Make the most of an open house
18. Buy a home for tomorrow
19. Let little things go
20. Be prepared to compromise
21. Make a strong offer
22. Avoid a bidding war that blows your budget
24. Buy homeowners insurance
25. Know the limits of a home inspection once your offer is accepted
We are San Diego residential specialists and connected with a large network on agents who focus on clients with retirement living needs. If you need assistance in this area, contact us immediately.
Many real estate agents offer the use of their moving van free of charge when a client buys a home. Contact us and we may be able to assist you.