Buyers

Buying a Lakeside Home

Buying a home can be one of your most significant investments in life. Not only are you choosing your dwelling place, and the place in which you will bring up your family, you are most likely investing a large portion of your assets into this venture. The more prepared you are at the outset, the less overwhelming and chaotic the buying process will be.  Remember, if you have any questions about the process, we're only a phone call or email away!

Interest Rates on Lakeside Homes

With today's low interest rates use the calculator below to determine your estimated monthly payment.

 

 

4 things you will need to make an offer

(1) Pre-approval letter from your bank
(2) RPA = Residential Purchase Agreement. 
(3) EMD = Earnest Money Deposit. A copy of a handwritten check for between 1% to 3% of the purchase price payable to Escrow.
(4) Proof of Funds, which is simply 2 months of your Bank Statements.

 

What’s Considered To Be a Good Debt-To-Income (DTI) Ratio?

Lenders prefer to see a debt-to-income ratio smaller than 36%, with no more than 28% of that debt going towards servicing your mortgage.

Expressed as a percentage, a debt-to-income ratio is calculated by dividing total recurring monthly debt by monthly gross income.

For example, assume you pay $1,200 for your mortgage, $400 for your car, and $400 for the rest of your debts each month. Your monthly debt payments would be as follows:

  • $1,200 + $400 + $400 = $2,000

If your gross income for the month is $6,000, your debt-to-income ratio would be 33% ($2,000 / $6,000 = 0.33).

 

This video explains Debt-To-Income Ratio and why it matters?

 

 

Why do you need to understand what a FICO® Score is and how it’s used?

The answer: Because it’s the credit score most commonly used by U.S. lenders.

This video explains all about FICO Scores.

 

 

Here's a Quick Timeline Guide of Key Events for a California Residential Purchase Agreement

RPA Timeline of Key Events

 

 

 

Search Lakeside Neighborhood Homes for Sale

Charles Barnes

DRE# 01867951

 

Alta Realty Group CA

 

2271 W Malvern Ave, Suite 250
Fullerton, CA 92833

Mobile: 714-603-9022

Office: 888-827-1110

charles@oclakeside.com

 

 

I'm Here To Help

If you are ready to start your buying or selling process
give me a call. I'm happy to answer all your questions.

Contact Me Today