Step 1 Understand and know your credit
The first step in the home buying process will be the qualification to borrow money or establish a mortgage. Although mortgage companies lend money based on many aspects of a borrower’s overall profile, your credit score and credit history will play the most influential part in determining an interest rate for your new mortgage.

A Pacific Estates Mortgage, Inc. specialist can explain and thoroughly go over your credit profile with you so that you will understand how a lender may classify your qualification in terms of interest rate and loan amounts.

Step 2 Understanding your buying power
Before a financial institution has qualified you for a mortgage loan, you will be much better prepared to shop for your new home if you have gone through and received a pre-qualification letter from your lender or mortgage broker. This is where a Pacific Estates Mortgage, Inc. “Pre- Approval” letter will benefit you in several ways. It will allow the real estate agent that you have chosen to work with, the ability to negotiate on your behalf with confidence that you are making an offer on the right property.

The Pacific Estates Mortgage, Inc. “Pre-Approval” will also ensure that that this offer for the property fits into your budget and will not over extend your financial foundation. This simple step will ensure that you receive the “best deal” possible when it comes time to submit your loan package to a financial institution for final approval.

Step 3 Finding the home that’s right for you
There are many factors that should be considered when purchasing your new home. It is best to start with the basics and work down to the details. The first thing would be to identify the Absolutely Must Haves, Would Want to Haves and the Good to Haves involving your new home. From here you can take it down to 2 main categories that include the Location and the Home itself.

In these areas you will want to take into consideration things such and the neighborhood, schools, commute and possible city services. As far as the home is concerned, look for bedrooms, bathrooms, floor plan, heating, air conditioning and anything else that may fall into your “must” have list.

Step 4 Building the right team
The right team to assist you through the home buying process is vital to a smooth transaction. There are many people involved with the purchase of a home and knowing who they are and what functions they perform is critical to reducing the pressure of purchasing the largest investment of your life. Your Real Estate Agent will be your primary contact throughout the entire process and will be responsible for negotiating your purchase contract, communicating with a title company to open escrow and the ordering of any inspections of the property such as roof, pest and possible engineering reports if needed.

Your Pacific Estates Mortgage, Inc. Specialist will assist you in determining the right “loan type” for your buying needs by interviewing several financial institutions that specialize in your specific lending scenario. With Baytek Mortgage’s list of approved lenders and your choice of a Real Estate professional, you are sure to move quickly and painlessly through the buying process. It is important to remember you have options and Pacific Estates Mortgage, Inc. can guide you through the decision making process.

Step 5 Closing your deal
You have found the right house and you have secured your financing and all inspections and contingencies have been completed or removed. It is time to complete the purchase transaction. You will have an appointment set with your local title company to sign your loan documentation and any final legal forms needed to complete the process. From here it is only a matter of days until the new mortgage company finishes their part and sends the money for your new mortgage to the title company to fund the loan and record your new Trust Deed to the property you purchased.

Your Pacific Estates Mortgage, Inc. Specialist will ensure you are in complete understanding of all fees associated with the “closing” of your transaction. These fees will include such things and title fees, recording fees, hazard insurance, property taxes, lender fees and any possible inspection fees that may have been accrued. Pacific Estates Mortgage, Inc. wants you to be completely satisfied with every part of the buying process and we are always just a phone call away...

Congratulations on the purchase of your new home! Please see our Links page for helpful information and resources involved with the moving process.

Thank You for choosing Pacific Estates Mortgage, Inc.