Tag Archives: Mortgage loan

How Many Agencies are Involved When You Purchase a Home?

I am a first time buyer and am confused about many aspects of the buying process in California. Just how many different agencies are involved when you purchase a home in this state? There are 5 different Companies you will be dealing with, each having a very important part in the transfer of property. Your Realtor-what is referred to as a buyer’s agent Appraiser- An appraiser is licensed under the state real estate commission who evaluates the house and property that is to be purchased for the Lender. The appraised value of the house is what the lender will go by for the mortgage loan. Home inspector- An inspector is usually a building contractor or specialist. This inspector should be hired by you, the purchaser, to “inspect” the structure, plumbing, electrical and roofing to insure that the house being purchased is in good working and safe condition. Mortgage Lender- this is either a bank or a other lending institution who will carry the loan(Trust deed) on the property. Escrow officer-A third party who holds any money transfers in a trust account until closing and gathers all pertinent documents concerning the property. Traditionally, the Escrow Company is where you will sign all the documents and close the deal. Title company- does a search of the property for any liens or other encumbrances. They insure that the property’s title is “Clear” Continue reading

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Check Your Credit Report BEFORE Buying Your Next Home!

If your credit report is not good, you will not be able to get a loan or your interest rate and fees will be high. Continue reading

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A Break For South Bay Real Estate

Good news for the South Bay Real Estate Market. Well Fargo has lowered its FICO score standards from 640 to 600. This means that more people can qualify for mortgage loans that do not have perfect credit. You can be pretty sure that other lending institutions will follow the lead of Wells Fargo.

“The goal is to increase access to credit, especially for low- and moderate- income borrowers and first-time home buyers,” said Tom Goyda, a bank spokesman. “These are fully underwritten, fully documented loans, consistent with FHA program guidelines and responsible lending principles.” Continue reading

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