The Buying Process
In today’s market it is advisable to always begin the buying process by obtaining pre-approval from a lender or bank.

Getting a pre-approval will give you buying power and save you time, energy, and expense. It will also help you determine how much house you can afford. Once you find the home that you want to purchase having pre-approval will help to speed the process. In today’s market some Sellers will not entertain offers from potential Buyers unless they are already pre-approved. Getting pre-approval from a bank or lender should certainly be a priority.

Obtaining a pre-approval from a lender is a fairly simple and painless process. First, you need to decide on a lender. A reputable realtor can make a recommendation or you can ask friends and associates for referrals.

Once you’ve chosen the lender it’s time to fill out the application. While applications will vary with different lenders, they will generally ask for the same information:

1. Personal data such as names (legal), addresses, and social security numbers. Keep in mind that information will need to be provided for anyone whose name will appear on the mortgage documents.
2. Income sources and amounts.
3. Assets that will be used to qualify for the loan. Assets can be checking accounts, money markets, savings, a 401k (or other retirement plan), stocks, bonds, or real estate.
4. Debt information will need to be provided about all outstanding obligations.
5. Credit references of debt and loans that have been satisfied.
6. If you have chosen a property you will need to provide specific information about the property. If you are just seeking pre – approval and have not already chosen a property this information will be provided later.

The Underwriting Process
Once you have filled out the loan application and returned it to your lender you will enter the underwriting process. This is where the lender will verify your information and check your credit to determine whether you are a safe risk for a loan.
During the underwriting process the underwriter might have additional questions. They may ask you for further documentation.
Frequently and underwriter will ask for:

1. Verification on income
2. Proof of down payment and closing costs in a secured bank account
3. Clarification of incorrect information on your credit report
4. Clarification and verification of debts not appearing on your credit report

Once the lender has reviewed your loan application and determined that you are a good risk you receive a letter of pre-approval stating that amount of loan you are pre-approved for.
Armed with your pre-approval letter and a qualified real estate professional you are now ready to enter the serious phase of home shopping. Once you have found your ideal home your agent will help you to make an offer. Often there is a negotiation. If your offer is accepted you will need to provide specific information about the property you are planning to purchase to the lender.

Pre-closing
During the pre-closing all of the steps necessary will be taken in order for the transfer of the deed to take place within a specified time. Generally an escrow holder will be determined, an escrow opened and the terms of the escrow decided. During this time the lender may ask you to provide additional information regarding insurance or real estate related documents. A closing date will be chosen. You will be told the amount of money necessary to close and any additional documents you may need to bring to closing.

Full Name: Email: Phone Number:  Let us know if you have any information you would like us to provide to you

Closing
At the close of escrow all of the terms agreed upon in the set up of the escrow have been satisfied, all monies have been disbursed to the proper parties and the deed to the property has been transferred to you. Congratulations! You have completed the buying process and have successfully purchased your new home.

Whitney and Associates believes that the buying process should be that easy. We are committed to helping you have a smooth and effortless purchasing process.
Here is a checklist of information you will want to gather in order to be prepared for the pre-approval or mortgage application process.

1. Information – all information will be needed for all applicants.

• Social Security numbers
• Information on all employers for the last two years, including employer names, addresses and phone numbers
• Home address(es) for the past two years
• Liquid assets – bank names, balances, account types
• The source of the down payment
• Other assets – stocks, life insurance, 401k’s or other retirement accounts, jewelry, bonds (including their value), cars, etc.
• Liabilities and Obligations including creditor names, all outstanding balances, loans, alimony, and child support, co-signed   loans, etc.
• Other real estate owned, its address, market value, taxes, mortgage payments, maintenance, insurance, liens, rental income,    etc.

2. Information about the Property you wish to Purchase:

• The purchase contract

If it is a Condominium, Co-op or PUD

• The name of the project or tract
• The phone # on the Homeowner’s Association

If it is new construction:

• Original cost of the lot/land
• Amount of liens
• Projected cost of the construction
• The year the land was purchased

We at Whitney and Associates hope that you found this information helpful and enlightening. As you embark on your journey, to own property in La Jolla, California, we hope you will experience the exceptional service provided by Greg and Lisa Whitney. Their experience, knowledge and success are unparalleled.
The lifestyle of the rich, famous and utterly fabulous awaits you. For immediate answers to your questions and to begin your exciting home search in La Jolla, California, contact Gregg and Lisa directly at 848-456-3282.

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