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Financing

It is highly recommended that you get pre-qualified for a loan before selecting a home to purchase. This process will help you:

  • Determine the price range you can afford;
  • Assure the Seller that you are a "qualified Buyer", which will make your purchase offer more attractive to the Seller;
  • Understand the types of loans for which you qualify;
  • Determine what your monthly payment will be;
  • Estimate the down-payment and closing costs.


The Loan Process

We can suggest a competitive, reputable mortgage-broker if you request us to do so. Once you have made your decision, these are the steps of the process:


Application - All pertinent documentation is obtained, fees and down payments are discussed, and you will receive a Good Faith Estimate (GFE) and a Truth-In-Lending statement (TIL), itemizing the rates and associated costs for the loan.


You will be asked to provide certain documents to your lender in order that your loan can be processed in a timely manner.

Loan Submission - Once all the necessary documentation is in, your completed file is submitted to a lender for approval.

Loan Approval (Underwriting) - Loan approval, or underwriting, generally takes 24 to 72 hours. You are notified of the approval and any loan conditions that must be received before the loan can close.

Closing - Once you have signed the loan documents, they are returned to the lender. If all the forms have been properly executed, and if you have deposited your funds in the escrow account, the lender sends the loan funds by wire transfer to the escrow company. At this point, you have finished the loan process, the purchase is funded, the deed to your new home is recorded, and you have successfully purchased your new home!


Managing the Escrow

When the purchase agreement is accepted and signed by all parties, we will open escrow for you and your deposit money will be deposited in the escrow account. The escrow company is a neutral third-party that will receive, hold, and distribute all funds associated with your transaction in accordance with the mutually-agreed written instructions of you and the seller.


Removing Contingencies

Prior to closing escrow, all of the contingencies of the Purchase Agreement must be met. We will coordinate this process for you. Typical contingencies include:


  • Approval of the Seller’s Property Disclosure Statement.
  • Approval of the preliminary title report.
  • Loan approval, including an appraisal of the property.
  • Physical inspections of the property.
  • Pest inspection and certification.
  • Acquisition of homeowner's insurance.


Closing Escrow and Moving In

When all of the conditions of the purchase agreement have been met, you will sign your loan documents and closing papers. You will deposit the balance of your down-payment and closing costs in the  escrow account, and your lender will then deposit your loan funds in escrow. The deed will then be recorded at the County Recorder's office, and you will have successfully purchased your new home!

We are a valuable source of helpful tips for planning and coordinating your move into your new home.

We'll Help You Find Your Dream Home!

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Please contact Team Traverso for an initial consultation. 

Make the Right Move

Buying or Selling, Call Today!  916-869-0040

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Buyers

HOME BUYING TIPS

Of all the decisions you'll face when buying a home, there's none more important than the Realtor you choose to represent you.


Our job as your Realtor is to educate you to the housing market, to help you define your house-search criteria, to find and show you homes which meet your search criteria, to help you negotiate the terms for the home you would like to purchase, to help you arrange the various inspections of the home you want conducted in order to be fully-informed about the condition of the home, to help you negotiate desired repairs of the home to be completed by the seller, and to manage the overall purchase process for you so that it goes as smoothly as possible. As your Realtor, we will explain the process of buying a home, and familiarize you with the various activities, documents and procedures that you will experience throughout the transaction.


Tips For Selecting A Realtor

Your Real Estate Professional should be:

  • Knowledgeable about the communities of interest to you.
  • Aware of the complicated local and state requirements affecting your transaction.
  • Effective in multi-party, face-to-face negotiations.
  • Highly-trained, with access to programs for continued learning and additional certifications.
  • Technology-focused.
  • Supported by professional legal counsel.
  • Creative and solution-oriented on helping you find and purchase your home.
  • Have a sense of humor, and help make your home-purchase an effective, productive,  enjoyable experience.


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