GETTING A LOAN
Once you ve figured out what amount of loan you re able to comfortably afford, it s time to talk to a mortgage lender.
Check to see if the home you re considering purchasing is in a special bond assessment district. Some homes in California can be assessed yearly bond fees for up to 30 years or more for things like school improvements, levee protection, new roads, street lights and so on.
Home Buyer Hint
Getting pre-qualified for a loan is a pretty casual once-over of your financial situation. You provide a mortgage broker or lender with financial information, and they give you a non-binding letter indicating how much you could possibly borrow.
The lender does not verify any of the information you give them. This gives you a good jumping off point in deciding the price range you can afford.
Getting pre-approved for a loan is a much more rigorous process. A lender will verify all of the information you ve provided including income, debts, employment and cash on hand. The pre-approval process signifies to a seller that you are a very serious buyer. The lender provides you with certain guarantees that they are ready, willing and able to fund a loan.
Check with your real estate agent to determine if you should get pre-qualified or pre-approved for your loan prior to house shopping.