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Don't Make These Financial Mistakes After Applying For A Mortgage!

by The Domis Team

When you submit your mortgage application for your new Whittier CA area home, you might think your financial work is over. You have a great credit score, your savings are in order, and you are confident that you will be approved. However, even if you are approved for your loan, there are still mistakes that you can make during this time that can affect your qualifications for the loan. Avoid these financial mistakes after submitting your application so that you can enjoy life in your new home!

 

Closing Credit Accounts. Although you might think that closing accounts so you have less lines of credit makes you less risky, but really it can negatively affect your score. This is because it changes your percentage of available credit in relation to credit used. In addition, lenders want to see your length of credit history so don't close accounts at this time.

Applying For New Credit. Every time you apply for new credit, a credit check is run and your FICO score goes down. Don't open a new credit card or start an automobile loan because it could affect your eligibility.

Being A Co-Signer. Similar to the previous mistake, this one will add an additional line of credit to you, regardless of whether you are the one actually making the payment or not. Avoid co-signing anything no matter how much you might want to help another person out.

Depositing Cash. It is important that lenders can trace the source of your money and cash makes this hard to do. Talk to your loan officer before making cash deposits so they can better help you with important documentation.

Changing Bank Accounts. Your current bank accounts are used to track your assets by the lender. Do not close any accounts, open new ones, or switch banks during the mortgage process.

Making Large Purchases. Large purchases, such as vacations, vehicles, and furniture, can increase your debt and change your qualifications. Even if you can afford the item upfront, it is best to hold off on large purchases until after closing on your new home.

Job or Income Changes. Your job and annual income are very important factors that lenders base decisions off of. Career changes or alterations to your salary can keep you from being approved for your mortgage.

 

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Follow These Financial Tips To Afford A New Whittier Home Today!

by The Domis Team

Looking to Buy your dream Whittier Area home but worried about your ability to afford it? Start making steps to improve your finances today! A new home is never out of reach! Here are some helpful tips to get you financially prepared to buy!



Once you have your have started to follow these tips to afford your dream home, The Domis Team is here to help you throughout the buying process. Give our team a call today or visit our website at http://www.whittierhomes.com/.

Score A Great Deal On Your Dream Home!

by The Domis Team

Buying a home is a major financial step and like anything we buy we want a great deal on it. Although a home is listed with an asking price, buyers do not always have to offer more to secure the home. In some cases, you might be able to offer a lower price and score a fantastic deal! If you are looking to buy a home in the Whittier Area, check for these five signs that you could get your dream home for under listing price!

 

1. The Seller is Anxious

There are some homeowners out there that anxious to sell their homes quickly. Maybe they are moving away quickly for a new job or can no longer afford the home. It is possible to find out the motivation behind selling the home. Once you and your realtor can identify the needs of the seller, you can negotiate a offer that will allow the seller to quickly close on the home.

 

2. The House is Overpriced

In some cases, a home owners love for their house can cause them to overprice it. When a home is overpriced, it often sits on the market for long periods of time. Talk to your realtor about comps in the neighborhood. If you find one with an inflated price in the market, you will likely be able to negotiate a lower price.

3. You Aren't Picky

While most buyers want to find their dream home, there are some that are willing to compromise on their wants list or have plans to make renovations once you move in. If you are more concerned about getting a great deal than on the home itself, offering a low price is a good option for you.

 

4. The Home is On and Off the Market

Sometimes homes go on and off the market several times. This becomes a tedious process for the seller and they are often motivated to accept an offer that will certainly be completed. If your agent and you find one of these homes, consider offering a low price.

 

5. The Home is Outdated

You found a home with out of date style. The homeowner might be having a difficult time selling since many buyers want a move in ready home. If they haven't been getting many offers, they will be more willing to accept a lower price since you will have to put work into the home upon buying.

 

Check out our Homes for Sale in the Whittier area. Work with The Domis Team to see if one of these situations will work in your favor to get a great deal on your future home. Give us a call today or visit our website at http://www.whittierhomes.com/.

Outsmart These Common Home Buying Misconceptions!

by The Domis Team

You've decided to buy a new home. Congrats! Home buying is an exciting but daunting task. Whether you are a new or experienced home buyer, there are a lot of common misconceptions about the process that can cause you more stress and difficulties immediately and into the future. Let us help you outsmart these misconceptions and know all the facts before you set off on your journey towards your dream home!

 

Common Misconception: The Home Search is the First Step.

Truth: Although searching for homes on the internet might have jump-started your journey towards home buying, it should not be prioritized as your first step in the process. Stop searching for homes and FIRST focus on your finances. This involves making sure your credit is in good standing to receive pre-approval for your mortgage. By focusing on your financing before searching, you can accurately know what homes on the market fit within your budget and focus your search within your parameters. There are few things worse than having your heart set on a home only to discover that there is no way you can afford it.

 

Common Misconception: Bad Credit Disqualifies You from Buying a Home.

Truth: While having good credit is obviously to your benefit during the home buying process, you still have options even if your credit is not stellar. Home buyers with bad credit have financing options, such as FHA loans, that might be available for them. It is important to take the time to research your options.

 

Common Misconception: 30-Year Mortgages Save You Money.

Truth: It all comes down to math. Regardless of whether you choose a 15-year or 30-year mortgage, you are borrowing the same amount. However, you are multiplying the amount of time that you are paying back that amount by 2. This means more interest is accruing over this additional time and you will end up paying MORE. This is not to say that a 30-year mortgage is not your best option. Just ensure that you do plenty of research on all the loan options available to you to select what best fits your financial situation now and into the future.

 

Common Misconception: The Down Payment is your ONLY Upfront Cost.

Truth: Home buyers need to budget for several costs that can quickly add up during the process. Along with the down payment, home buyers should plan for a credit report, inspection, and insurance costs. The deal you settle on with the seller could require you to pay for the closing costs as well.

 

Common Misconception: Your Down Payment Should be 20%.

Truth: A 20% down payment can help make you competitive among other buyers and can help you avoid paying for Private Mortgage Insurance (PMI). However, not all lenders require that amount. You may be eligible for a down payment of 5% or 10% if you are willing to pay for PMI monthly. There are also FHA loans and other down payment assistance programs that might be available to you.

 

Common Misconception: A Home Inspection is NOT a Necessity.

Truth: You should never waive the home inspection, no matter how much you want the house. Some sellers will try to negotiate this into the agreement but it is not in your interest. There is too much risk of there being something wrong with the house. You could end up having to spend a fortune in your money and time by skipping this step. Ensure that you find any potential issues with the house before you purchase it.

 

Common Misconception: Focus on Your Immediate Needs.

Truth: You should always consider what you and your family need in a home right now and into the future. Although it is impossible to know what your future holds, you want to choose a home and neighborhood that fits your needs now and indefinitely. Whether or not you have or will have children, find a home near good schools. Research has shown that homes near excellent schools have a higher resale value.

 

Common Misconception: You Must Offer the Asking Price.

Truth: Although you might fear losing your home to competition by offering a lower price, you should always try to negotiate a deal that best fits your need. Sellers are obviously hoping to get top dollar for their home but they also want to sell it quickly and easily. By showing that you have good credit, are pre-approved for a loan, and/or have your down payment ready to go, sellers will likely be willing to negotiate with you since your finances are in order. Also, the results of the home inspection can also be used to help you negotiate a lower price.

 

Common Misconception: You Can Go It Alone.

Truth: While the internet makes the search for homes arguably easier and more convenient for individuals, you should always work with an Experienced Realtor during the home buying process. There is a wealth of knowledge that only realtors can offer! We understand the local market, have years of negotiation experience, and so much more. We can help alleviate the inevitable stress that comes along with the home buying process by being by your side and always keeping your best interests at the forefront.


Ready to BUY your dream home in the Whittier area? Work with the very best! Give The Domis Team a call today or visit our website at http://www.whittierhomes.com!   

What To Expect During The Home Inspection!

by The Domis Team

Congrats! You found your dream home in the Whittier Area! Now that you have found it, you are ready to head towards finalizing the deal. However, before you start packing those moving boxes, you need to have one unbiased last look at your potential new home with a Home Inspector! Home inspections are a vital part of the buying process. They help protect you, the buyer, by allowing you to discover any structural or mechanical issues with the home before you purchase. Once the home inspection is completed, you can determine whether or not you want to move forward with the deal and potentially renegotiate based on what is discovered. Do not know what to expect during the home inspection? Here is everything you need to know about the home inspection process.

 

Before the Inspection

Finding the best home inspector for the job is your first step. Be sure to interview several different candidates in order to find out their areas of expertise. Help make a selection by seeing their past inspection reports. You want to see detailed reports that offer recommendations for found issues. Not sure where to begin in your search? Contact us so we can provide you with a list of great home inspectors in our area!

During the Inspection

Your home inspector will go to the property and spend several hours examining it. They will look at all of the structural, mechanical, and electrical elements of the home. We recommend that you should go along with the home inspector. This allows you to find out about the issues as they are discovered and ask any questions you might have. Although home inspections help discover most issues, realize that there are still some issues that a home inspector simply is not qualified to recognize. Make sure you leave some room in your budget for a new home to handle any potential costs that might yet be discovered.

 

After the Inspection.

Review Go over the home inspection report carefully. Talk to your realtor about what was discovered and how it impacts the deal. They can help you determine how best to renegotiate or whether or not it makes more sense to walk away and find a different property on the market.

 

Check out our other Home Buying Tips! Give The Domis Team a call today or visit my website at http://www.whittierhomes.com/ so that we can help you find your dream home in Southern California today.

Tips For Understanding Your Mortgage Rate!

by The Domis Team

Congrats! You've decided to purchase a new home! Understanding your mortgage rate is an important step in the home buying process! Mortgage rates might seem complicated but check out this helpful information and tips to help you navigate your way through the world of mortgages.

 

10 Factors that Affect your Mortgage Rate:

  • Economy

  • Lender pipeline

  • Home location

  • Home type

  • Home use

  • Loan-to-value

  • Loan features

  • Loan amount

  • Credit score

  • Points

​​

Your unique borrower profile determines the custom mortgage quote you receive from a lender. Most people are subject to risk-based pricing adjustments on their quote, unless you have great credit and a low loan-to-value ratio.

Want to take control over your rate? There are a few factors from the list above that you can control in order to affect your mortgage rate in a positive way.

  • Property type | Consider the relative cost of financing when choosing what home to buy.

  • Loan-to-value (LTV) | Put more money down on the home to cut your loan fees and lower your mortgage insurance rate.

  • Loan features | Save interest by choosing a loan with a shorter fixed rate term.

  • Loan amount | Avoid jumbo home loans that potentially increase your expenses.

  • Credit score | Work on raising your FICO before purchasing a home.

  • Points | Pay more upfront to lower your interest rate.

​​

Another important thing to note is that mortgage rates change constantly. Your rate could change overnight. Be sure to do your research ahead of time so you know when to accept the best offer.

 

Be sure to get custom quotes from several competing mortgage lenders. Take advantage of the current low mortgage rates today!

 

 

Check out our website at Website for additional home buyers tips and resources, including mortgage calculator and rate comparison!

 

Questions To Help Your Find Your Dream Neighborhood!

by The Domis Team

Choosing the right neighborhood is just as important as the house itself when buying your dream home. You want to find the perfect neighborhood that will fit your current needs as well as those into the future. There are so many desirable neighborhoods to choose from in the Whittier Area that it can be hard to know where to begin your search. Ask yourself the following questions to help you choose the perfect neighborhood for you and your family!

 

  1. Property Value Questions

  • What are the neighborhood's comps?
  • What is the area's projected growth into the future?
  1. Property Taxes Questions

  • How much are property taxes in the area?
  1. Safety and Crime Questions

  • What is the neighborhood's crime rate? Also, what are the crime rates for the neighborhoods directly adjacent?
  • What level of crime do I feel comfortable dealing with for myself and my family?
  1. School Zones

  • How are the schools in the neighborhood rated?
  • What community centers and parks are in the area?
  1. Topography and Geography

  • Are there geographical features that will add value to the home?
  • Are there special insurance needs in the area for potential natural disasters that I need to be aware of?



Use these questions as guidelines to help narrow in on your perfect neighborhood. If you have questions about particular neighborhoods in our area or are ready to Buy, give The Domis Team a call today or visit our website at http://www.whittierhomes.com/.

 

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!

Tell Santa And Others Of Your Change In Address!

by The Domis Team

Don't leave Santa out in the cold not knowing where you moved! It is important to notify people and organizations of your change of address! This important step can be easily overlooked in the hustle and bustle of moving into your new Whittier Area home. But, not doing it at least a week ahead of your move date will only cause you more of a headache in the future. Here are all the important agencies, organizations, providers, and people you should let know of your change of address.

 

1. Post Office

The most obvious one is the post office. Submit your official change of address on the USPS Website so they can begin forwarding your mail.

 

2. Utilities

You never want to keep paying utilities on a house you don't live in anymore! Make sure you notify every utility provider, namely cable, electric, gas, and internet, prior to your move so service will be ready to start as soon as you unlock the front door.

 

3. DMV

You are required to notify the DMV in the state of California of your change of address within 10 days of moving. All the information you need to do so can be found on the DMV Website.

 

4. Your Bank & Credit Card Providers

Make sure all your financial institutions are provided with your new address. You don't want mail that contains personal, sensitive information to be sent to your old house.

 

5. Cellphone Provider

The tax rate on your cell phone bill is largely based on your primary residence so you are required to update your billing address with your provider whenever you move.

 

6. IRS

Tax season will be here before you know it and you don't want there to be any cause for your refund to be delayed. Change your address with the IRS as soon as you move. Learn how on the IRS Website.

 

7. Voter Registration

Be able to do your civic duty in all future elections by updating your address for your voter registration.

 

8. Government Programs

This one only affects those homeowners that receive benefits from government agencies, such as the Social Security Administration, Medicare, or Medicare. If you do, keep your benefits active by informing them of your address change.

 

9. Your Work

Although your coworkers might know about your move, human resources might not! Make sure all information is current for your payroll and benefits.

 

10. Your Health Providers

Never fall behind on medical bills because they are being sent to the wrong address. Let your doctor, dentist, and other health providers know of your address change.

 

11. Your Insurance Providers

You must provide your car, dental, health, life, and homeowners insurance providers with your new address in order to file any future claims.

 

12. Online Shopping

The majority of our shopping is now done online with our delivery address saved in our account information. Make sure to update your address on these sites so your Christmas presents arrive to the right home!

 

13. Newspaper & Magazine Subscriptions

If you still receive a physical copy of the newspaper or subscribe to a magazine, let them know of your change of address so you don't miss out on a copy.

 

14. Family & Friends

Last, but most importantly, make sure your loved ones know your new address to send you those holiday cards!


Visit our Website and follow us on Facebook for more great moving tips!

Don't Get Tricked When Buying Your Home!

by The Domis Team

It might be time for trick or treating but when it comes time to Buy your dream Whittier Area home, you want to be treated, not tricked! The last thing you want is to miss out on your perfect home for you and your family. Unfortunately, there are several mistakes that buyers can make that can cause this very thing to happen. But, never fear! Help is here. Avoid these buyer mistakes as you continue through the process and you should be enjoying life in your new home in no time!

 

Mistake #1: You wait on your financing.

You should BEGIN the home buying process by learning about your financing options. This is the only way that you can truly know what you can afford.

Mistake #2: You pick a bad lender.

Although we all want to think that everyone has the best intentions, there are unfortunately several scam lenders within the mortgage industry. Ask your real estate agent for recommended lenders in order to avoid this issue.

Mistake #3: You get pre-qualified.

Becoming pre-qualified means that you talked to a lender about your finances but no actual documentation was exchanged. This means that you haven't actually settled any of your finances. Instead you want to get pre-APPROVED. This is necessary for submitting an offer on a home as it shows that you have the finances to cover the house.

Mistake #4: You ignore your price range.

Once you know your budget, stick within it. It is a waste of time and energy to search for homes that are outside of your price range.

Mistake #5: You offer too low.

We all want to get the best deal possible but right now is a seller's market which means competition amongst buyers is high. A lowball offer can kill your offer and cause you to miss out on the home you love. Trust in your real estate agent to help you come up with a fair and competitive offer.

Mistake #6: You buy another big ticket item during escrow.

Although you might have been pre-approved for a loan, that does not mean that everything is said and done. The underwriter through your lender is going to check your finances again before closing to ensure that you still qualify. If you go out on a shopping spree and buy a new car or boat or open any other new credit accounts, your debt to income ratio will change and you might jeopardize your loan. It is best to wait to buy any big items you might need until after the home is 100% yours.

Mistake #7: You forgot about closing costs.

Closing costs can sometimes be forgotten about when you budget for your new home. If you do not have the money to cover these costs, your purchase will never make it to settlement. Find out what your estimated closing costs will be and make sure that you have enough cash to cover it.

 

Avoid these buyer's mistakes in order to get you moved into your dream home today! The Domis Team is here to help you throughout the buying process. Give our team a call today or visit our website at http://www.whittierhomes.com/.

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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
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