Steve Bernal - Your Purchase Home Loan Expert
Purchasing a new home is one of the most exciting, and nerve-wracking things you can undertake. Most of us only do it a handful of times throughout our lives. Your home is likely you’re most valuable and important possession, and obtaining your purchase mortgage loan may be your largest personal financial transaction. Whether you are buying your first home, building a home, purchasing an investment property, or purchasing a vacation home, it is important to have an experienced, knowledgeable, and trustworthy mortgage consultant on your team.
I have assisted hundreds of clients from Fortune 100 senior executives to the first time home buyer in transforming their dream of home ownership into a reality. In addition, I have personally negotiated the purchase and/or sale of dozens of homes and investment properties over the past 25 years. Experience in these transactions provides my clients and Realtors with an additional edge in the negotiation and home/investment purchase process.
My job is to custom tailor the ”correct mortgage” at the lowest cost for your specific financial situation.
Steps Toward Purchasing a Home
- Pre-Approval — Don’t wait until you’re ready to make an offer on a home! Get pre-approved today. A pre-approval indicates that you are a serious buyer who is ready and able to make a purchase, putting both the real estate agent and the seller at ease. Please contact me, I can provide you with a pre-approval letter usually the same day.
- Select a licensed realtor and find a home — Don’t have a realtor yet? I can provide you with the names of several local Realtors to assist you. I only refer professionals I have had a direct and professional home purchase experience with. (I do not receive any fees for referring my clients to local Realtors). Your licensed realtor will help you find a house that is affordable and fits your needs.
- Make an offer — Your realtor will guide you through the process, preparation, and negotiation of purchasing your new home. I am also available to offer suggestions on optimizing your offer for the best possible price and outcome.
- The loan process — Purchase transactions can take as little as 15 days or up to 60 days. My experienced team will keep the loan process moving forward and inform both you and your realtor every step along the way.
- Pre-disclosures – I will provide you with an itemized list of costs and expenses for obtaining your loan.
Locking your loan- At any time during the sales/loan process you can lock the interest rate on your loan. I will thoroughly explain how and why you may choose to lock your loan at application or the benefits of waiting until right before issuance of loan documents. I constantly monitor the rates and news that affects interest rates and I will contact you if I believe it may be prudent to lock your rate.
The Home Purchase Process
- Buyer’s approval of Seller’s Real Estate Transfer Disclosure Statement
- Buyer’s approval of Preliminary Title Report
- Physical inspections/pest inspections/
- Property appraisal
- Loan approval
Homeowners Insurance Coverage
- Property coverage amounts are determined
- Potential need for flood coverage is addressed (if necessary)
- Insurance agent provides evidence of coverage to escrow.
- If needed I can provide recommendations of agents that provide low cost insurance
- Documents can be signed at escrow or we will send a mobile notary to your home or workplace
- Escrow will ensure the title company receives loan documents
- You will receive copies of all title documents and lender documents
- You will need to bring a current photo ID to the signing appointment
Down Payment and Closing Funds
- Either wire transfer your funds or bring a cashier’s check to escrow a few days prior to closing
- The escrow officer will provide a Buyer’s Estimated Closing Statement which will itemize your costs and credits and estimate the total amount due
Funding and Close of Escrow
- The lender will send funds to the title company
The Deed will be recorded at the County Recorder’s Office by the title company. (You will receive the original copy back from the County Recorder in approximately six weeks.)