Securing a Home Loan

Securing a home loan is the most important step in the home-buying process.

Here are the basics for getting your financing.

  1. Find a lender. Ask friends, family or co-workers for referrals; speak with a local real estate agent; search the Internet.
  2. Fill out a loan application.
  3. Get an estimate of closing costs from the lender you choose. By law, the lender is required to provide this statement to you within three days of receiving the loan application. Make sure to ask what type of loan program your lender has selected for you, including the rates, terms and any special information, such as prepayment penalties.
  4. Compare costs, fees and terms of loans if you are working with more than one lender.
  5. Negotiate fees. Sometimes you can negotiate the amount of fees or loan points (a point is 1 percent of the loan amount) the lender charges you.
  6. Consider lowering your interest rate by paying more points. The relationship of interest rate to points paid is an inverse one; the more points you pay, the lower the interest rate.
  7. Provide required documentation.
  8. Pay any up-front fees. Sometimes the lender requires that the appraisal, credit report or processing fee be paid at the beginning.
  9. Review loan papers. Approximately one week prior to closing, loan papers will be ready for your review. Make sure the loan matches the original quote you were given.
  10. Sign your loan papers and deposit your down payment funds into your account four to six days prior to closing.
  11. Bring a cashier's check for the down payment to the title company, escrow company or attorney handling the closing. The lender will send the title company a check for the loan amount.
  12. Get ready to congratulate yourself. Once the transaction closes and you have signed off on all contingencies, and received a copy of the deed and a set of keys, you own the home.

Call Barstow Real Estate Group, for a FREE confidential consultation today! 1-800-BARSTOW  

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March 24th 2018

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I am writing this in response to your request for feedback for the services of your Barstow Real Estate Group's Agent, Nancy J. Wunker.

First, let me explain that Nancy listed the property with Jack Fordyce who held the property as part of his Trust Estate. Jack was 87 years old; the property had been a rental for the past many years and was in need of updating and repairs. Nancy helped him tremendously in obtaining workman, supplies and services. Jack lived in Huntington Beach while the property was in Barstow so this assistance was extremely appreciated.

Ironically, on the day that Jack passed away, an offer was presented for the purchase of the property and I, as Successor Trustee of Jack's Trust, was thrust into immediate service. You can imagine what it was like losing a family member and at the same time having to attend to: accepting an offer to purchase, signing disclosures and all of the papers necessary to open escrow and providing all the documentation necessary for me to take over as the seller on property that I knew nothing about and was located quite a distance from me.

This was in addition to handling other duties of the Trust, such as transferring bank accounts, paying funeral expenses, obtaining Death Certificates, to name just a few; and all quite overwhelming.

As you know, in all Real Estate transactions, time is of the essence when you have a buyer that is ready and able to perform so everything had to happen quickly and accurately in order to have a smooth transaction. Nancy was the ultimate professional. She took charge and handled so many details I can't begin to list them all but included finishing some of the repairs, taking care of anything that the inspectors and the lenders found necessary to fix, handling escrow procedures and countless other tasks that were necessary including forwarding all the faxes that needed signatures, etc., turning on utilities, dealing with issues regarding the pool. She was on top of everything and kept me informed as well.

The escrow was slated to be closed January 18, 2016, and it closed December 9, 2015 in a mere 50 days from offer to close.

As you can see, I would not have been able to accurately describe her value in your survey. She performed above and beyond my expectations and made my duties as Successor Trustee so much easier in an already stressful time.

Thank you for the opportunity to again express my gratitude for Nancy's services.

Carol Halperin, Successor Trustee

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Barstow Real Estate Group