How much Down Payment do I need?
(Depending on your eligibility, loan amount, and situation.)
Nearly 100% of our business is by referral from fulfilled clients, trusted financial advisors and the most experienced realtors in the San Francisco Bay Area. The reason? The guarantee we stand behind and our track record showing that we deliver on it.
If you get a home mortgage with us, we guarantee you that we will:
- Close escrow on time
That means you get your home keys the day you’re supposed to, not a week later.
- Get the lowest interest rate and the lowest fees
That means we shop around with multiple lenders to get you the best deal on the market; but also that we have the expertise to know what the best day to lock your interest rate is.
- Be upfront with the costs of buying a home
That means you will know all the numbers before starting the process and that the closing costs will never exceed what was promised to you originally.
- Communicate and be there for you
That means you will be kept up to date at all times throughout the process and that if you have any questions, we are just an email or a phone call away.
The Purchase Process
Buying a home? Below is a quick guide of what to expect. For more in-depth information, please contact us.
- Pre-approval: what you do:
To become pre-approved, you fill out a loan application and gather some income and asset documents. You never pay any fee to be pre-approved, it’s free.
- Pre-approval: what we do:
We review your documents thoroughly and obtain a copy of your credit report. We run all the numbers to make sure that the price range you will be approved for matches your goals in terms of monthly payment and down payment.
- Pre-approval: let’s meet:
Before you even start looking for a home, let’s sit down. After our meeting:
• You will know everything there is to know about the home buying process.
• You will understand all the numbers involved with it.
• You will be fully approved for a price range that you are comfortable with.
• We will give you and your realtor an official approval letter.
- Make an offer on a house:
Once you find a house you like, you will make an offer with your realtor. Your offer can be rejected, countered, or accepted by the seller’s realtor. Once your offer is accepted, we officially “open escrow”, your earnest money deposit is given to the escrow company and the clock starts ticking. You will be a homeowner in 21-30 days!
- Let’s meet again:
You are now in contract. We will collect some updated documents from you, review all the numbers with you and lock your interest rate. We will also walk you through the initial loan disclosures.
- Contingencies, inspections and appraisal:
In most cases, you realtor will have included contingencies in your purchase contract. This means you have specific numbers of days for you to do your inspections, and for us to get the appraisal and the loan done. If you don’t like what you see, you can back out of the transaction without losing your earnest money deposit. Once you remove all contingencies you are committing to purchasing the home.
- Insurance and title:
You will choose your insurance agent to setup your homeowner’s insurance policy. You will also choose how you would like to hold title to your new home.
- Underwriting and approval:
We work hard with the lender to get your loan approved as soon as possible. We clear any loan condition we might have in order to get the “clear to close” from the lender. Once we have it, we can order the loan documents that the lender will send to the escrow company.
- Signing and funds to close:
This is the big day: you are signing your life away. 🙂 We will go over the 100+ pages of documents with you so you understand everything clearly. This is also when you will bring the funds to close (down payment + closing costs – earnest money deposit) via a wire transfer or cashier’s check.
- Funding and closing
Once the lender has reviewed all the signed documents, they will fund your loan: that means they wire transfer the loan amount to the escrow company. Usually the next business day, the escrow company will record the purchase with the county recorder’s office. This marks the “close of escrow”. This is the big day! Its official! You are the new owner of your home! Congratulations!