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Follow These Steps To Get A Mortgage In The New Year!

by The Domis Team

There are several important steps that you need to take in order to get a mortgage. Be completely prepared for this process by understanding everything that goes into obtaining a mortgage.

1. Pre-Approval

In order to help you stand apart from the competition when buying a home, it is important to be pre-approved before you make any offers. Pre-approval means that the lender has made a commitment to give you a home loan up to a particular amount. There is a significant amount of paperwork that is required for the pre-approval process. Get the following documents ready to provide the lender: Pay Stubs, Federal Tax Returns, W-2 Forms, Statement of Assets, Residential History, and Proof of Down Payment Funds.

2. Home Appraisal

Your lender will complete a home appraisal before issuing the loan. The home appraisal allows them to determine the value of the home. If the home is appraised at a price that is at or above what you offered the seller than you have passed this part of the process. If the home is appraised for less than your offer, you have an issue because your lender will not give you more money than the house is worth. If this happens, you have a couple of options. You can negotiate with the seller, appeal the appraisal, ask for a second appraisal, or walk away from the deal.

3. Credit Score Maintenance

It is very important that your credit score (regardless of what it is) remains stable while you are under contract for a home. A final credit check will be completed before the loan is issued at closing. Any changes in your score could greatly jeopardize you acquiring your loan. Avoid this by not opening new credit accounts, closing old ones, or missing payments while you are under contract.

4. CD Review

You will receive a Closing Disclosure (CD) from your lender just before you close. The CD outlines the fees you will pay during settlement. CDs can contain errors so it is imperative that buyers examine the document thoroughly before signing. Sit down with your realtor to review the CD with the loan estimate (which you received when you first applied for your loan) to check the following items: Name, Loan Term, Loan Type, Interest Rate, Cash to Close, Loan Amount, Total Monthly Payment, and Estimated Taxes and Insurance.

5. Underwriting

Your mortgage will go through the underwriting process before the loan is finally issued to you. During this process, an underwriter will verify all of your information to ensure that you have been truthful in your application. As long as you have remained stable in your job status, credit score, and debts, you will get through this part of the process with ease.

For other great Buying tips, check out our Website and follow us Facebook!

5 Key Aspects to Consider When Searching for a Whittier Home

by The Domis Team

Now that we’re nearing the end of summer, you may be considering buying a new home this fall!  Whether you’re looking for a home in Whittier, La Habra or La Mirada; you’re sure to find a home that works within your needs, budget and lifestyle.

 

As The Domis Team, we enjoy working in Whittier and the surrounding communities and are excited for the new homes coming on the market each week.  Our experience in these markets helps us hone in on helping buyers find exactly what they’re looking for in a home.  

 

Choosing the perfect home may seem a little overwhelming at first, but making a detailed list of what you’re looking for, and the things you’re willing to compromise on, will help quickly narrow down your search.  Here are five key aspects you’ll want to consider when looking at Whittier homes

 

1. Layout and Space-  Know your goals for the home, whether it’s a long term home or a home that you’ll use for hosting family and friends. Floor plan, along with the number of bedrooms and bathrooms, play a role in how comfortable and efficient your home is for you.  Although you want the most space for your money, buying a home that’s too large may not be in your best interest.

2. Location- It’s often said that location is key, and that’s very true!  You can always make changes to the interior and exterior of your home, making it look exactly as you would like, but you cannot move your home to a new location. Be sure that the location you choose matches your desires for things such schools, work, daily errands and community.  A home that’s a good price, but is in a less than ideal environment may not be the home for you.

3. Kitchen- For many, the kitchen is the “heart of the home” so you want to know you enjoy the space! Remodeling is always an option, but is a huge undertaking and can become very costly.  Determine what projects you’re willing to undertake and the costs associated with the remodel. 

4. Closets and Storage- Not having enough closets and storage can be a huge point of frustration in a home.  Be sure to check closets and storage options in a potential home.  It will make life much easier in the long run. 

5. Finishes- Look at those special details that make the home stand out. While this is minor, it is still what makes a home feel pulled together. If you absolutely love the home, but aren’t keen on the finishes; buy it. You can always make additional updates later!

Of course there are other things that are important to you that you’ll want to be sure to carefully considering in each home you view, but these are some of the main items that can help you hone in on the right home for you!

Ready to get started in your Whittier, La Habra or La Mirada home search?  Please feel free to contact us today to get started!

The Domis Team
Prudential California Realty
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New Year's Resolution Debt Reduction Tips for Whittier, CA!

by The Domis Team

The holidays are the most wonderful time of the year, but they can also be the most expensive time of the year! Credit cards make it easy to be generous when buying gifts or hosting parties, but paying off the debt can be difficult.

High balances on your credit cards can hurt your ability to be approved for a mortgage, and can adversely affect your credit score. Here are tips on how to tackle your credit card debt:

1. If you are struggling with your bills, seek help through the National Foundation for Credit Counseling. They can help you form a budget, and they may be able to negotiate solutions with your creditors.

2. Pull a copy of your credit history from annualcreditreport.com and verify the accuracy of the data.

3. Organize your debts according to the highest balance and highest interest rate.

4. Tackle the credit card with the highest outstanding balance and highest rate first. This is the account doing the most damage in interest charges. Make the minimum payments on other debts in the meantime.

5. Once the most expensive card is paid off, re-direct the monthly payment towards the next largest account, and so on.

6. If necessary, consider borrowing against your 401k in order to pay off large credit cards. This strategy must be used with caution. If you do not have the discipline to stop using your credit cards, you could end up increasing your total debt and have less cash flow to deal with it. There are also tax repercussions if you fail to repay a 401k loan.

On the plus side, borrowing against your 401k can help you remove toxic debts and quickly improve your monthly cash flow. Crunch the numbers and be honest about your abilities.

7. Be aware that closing your accounts can actually hurt your credit score. Paying them off is ok; but going the formal route of closing them can cost you points. It's better to simply cut up the cards or put them away to avoid temptation.

By creating a budget and acting upon a debt reduction strategy, you can take control of your finances during 2013! This could enable you to buy a Whittier home and accomplish other long-term goals.

When you are ready to buy or sell a home, turn to us! At the Domis Team, we have the local expertise and the friendly, professional service you can count on. Whether you need a comparative market analysis to find your home value, or you'd like to visit Whittier homes for sale, we are here to help you! Contact us today for the Whittier real estate guidance you can trust!

The Domis Team
Prudential California Realty
Visit Our Website
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Find us on Facebook
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Photo of Linda & Ryan Domis - The Domis Team Real Estate
Linda & Ryan Domis - The Domis Team
Keller Williams
16310 E. Whittier Blvd. Suite F
Whittier CA 90603
Cell: 562-884-5373
Cell:562-458-6947
Fax: 562.902.5158
The Domis Team Real Estate, Whittier, La Habra, Orange County Homes for Sale The Domis Team Real Estate, Whittier, La Habra, Orange County Homes for Sale The Domis Team Real Estate, Whittier, La Habra, Orange County Homes for Sale The Domis Team Real Estate, Whittier, La Habra, Orange County Homes for Sale

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Linda Domis - BRE #00571375 | Ryan Domis - BRE #01969771
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