Orange County Real Estate Guide
Orange County Condos - Orange County Homes
 

 

 

Orange County Real Estate
The Red Wagon Team
Main Street Realtors, Inc.

When you have questions or want to view any home for sale, simply call us direct and toll free at 1-800-300-6126 or Email your Questions.

 

Aliso Viejo Condos 

Anaheim Condos 

Anaheim Hills Condos 

Brea Condos

Buena Park Condos

 Corona Del Mar Condos 

Costa Mesa Condos 

Coto De Caza Condos

Cypress Condos  

Dana Point Condos

Fountain Valley Condos

Fullerton Condos 

Garden Grove Condos 

Huntington Beach Condos

Irvine Condos 

Laguna Beach Condos 

Laguna Hills Condos

Laguna Niguel Condos 

La Habra Condos

Lake Forest Condos

La Palma Condos

Los Alamitos Condos

Mission Viejo Condos 

Newport Beach Condos  

Newport Coast Condos

City of Orange Condos 

Placentia Condos  

Rancho Santa Margarita condos 

San Clemente Condos  

San Juan Capistrano condos

Santa Ana Condos

Seal Beach Condos

Stanton Condos

Tustin Condos

Westminster Condos 

Yorba Linda Condos 

 

 

 

 

 

 

Orange County Home Buyers: Getting Started

Home Buying Tips

  Getting Started 
  Home Buying Process
  10 Things to Know

  Real Estate Agency
 
  Buyer Representation
 

  Competitive Market Analysis

  A Winning Offer

  Home Warranties

  Home Inspections

  Title Insurance

  What is an Escrow?

  What happens at Closing


 

Financing Tips

Home Selling Tips

The Realtor's Role

Relocating

Real Estate Glossary

Buying a home, condo or investment property in Orange County takes a lot of work.  Do you have a good lender or loan officer to refer too?  Buyers are encouraged to talk to a lender ahead of time to help them get focused on what they can afford and what the monthly payment will be.  Then, shopping for a home is easier.


Pre-qualifying for a home loan:

  1. Your lender will give you an estimate of what you can afford based upon how
    much you earn
     

  2. You will know in advance approximately what your payments will be if you choose to make an offer.
     

  3. Pre-qualify status usually means that your credit has not been evaluated by the lender so, they are just estimated based upon what you have told them.

     

Pre-approval will help you in the following ways:

  1. You must fill out a loan application with the lender.
     

  2. They will run your credit to determine your credit score.
     

  3.  They certain bank documents and your monthly expenses to review.
     

  4. Review with you all of all of the loan programs that your credit and income qualifies for.
     

  5.  A Lender / Loan Officer can tell you what your maximum purchase price would
    be and give you an estimated monthly payment.
     

  6. By taking care of this in the beginning, you can select the best loan package without being under pressure…if your offer just got accepted and you were only pre-qualified. 
     

  7. Sellers tend to value your Pre-Approval status higher than a buyer who is just
    pre-qualified.
     

  8. Most of lenders will shop for the lowest rates and terms based upon your situation and credit score.
     

  9. You won't waste time looking at homes you cannot afford.
     

Learn more about the many factors that determine loan approval...


How much home can you afford will depend on 3 key factors:

  • The down payment
  • Your ability to qualify for a mortgage which includes your credit score, your income and debt or monthly expenses that create a ratio.
  • The closing costs associated with your transaction. 
     

Down Payment Requirements:

There are 100% financing programs out there but your credit score has to be good.  Most loans  require a down payment.  It could be between 3.5% and 5.0% depending on the type of loan and the terms of that loan.  The more money you put down the better.  If you are able to come up with a 20-25% down payment or more, in most cases you can avoid paying private mortgage insurance.

Make sure you discuss all financial matters with your lender.  We have some references for you in our Mortgage Center.


Closing Costs:

It is kind of like sales tax but they cover fees for the escrow company, loan fees if any, title insurance and other fees required by law to record your property.

These fees must be paid in full at the final settlement (usually 5 days before the close of escrow), unless you are able to include them in your financing. Typically, total closing costs will range between 2-5% of your mortgage loan.  If you hire a buyer broker to represent you and you ask them, they will try to negotiate closing costs with the seller so that the seller pays for it.  It is possible.


How to Qualify for the Mortgage

Most lenders require that your monthly payment range between 25-28% of your gross monthly income. Of course, there is flexibility with the percentages.  Your mortgage payment to the lender includes PITI, which stands for:

-- The principal on the loan (P)

-- The interest on the loan (I)

-- Property taxes (T), in southern California, for the most part, property taxes are 1.25% of the purchase price.  There are some areas, usually newer subdivisions, that have a special assessment tax called "mello roos".  It is a tax to pay for new schools, utilities, etc.  Mello roos property taxes may be up to 2% total.

-- The homeowners insurance (I) - this protects your property against fire, damages to your property as well as liability for injuries and damage you cause to other people.  Talk to your insurance agent for more details.
 
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Disclaimer. All information provided is deemed reliable but is not guaranteed and should be independently verified.  Properties subject to prior sale, or rental.  Properties are listed for sale by all of the Orange County real estate companies.  We are able to show you any home listed for sale by any real estate company.

Realtor® -- is a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics.  All members of The Red Wagon Team, are licensed real estate agents with the State of California and are members of the National Association of Realtors® and the local board of Realtors®.


© Copyright 2003-2010, The Red Wagon Team, Orange County Homes, All rights reserved.  No part of this website can be copied or used unless you have written permission from the founders of The Red Wagon Team. this includes the use of The Red Wagon Team logo and other trademarks. Broker ID# 01157065, Agent ID# 01159553.  We are California real estate professionals at Main Street Realtors providing Orange County real estate services.

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