BUY A HOUSE. MAKE IT A HOME. WE CAN HELP.

Buying vs. Renting

Know Your Numbers

Purchasing a home is one of the smartest investments you can make; but before you jump in, it’s important to understand some of the associated costs.

Closing Fees

Most home purchases require a 3%, 5%, 10%, or 20% down payment based on the loan criteria. Qualifying U.S. veterans with Veterans Administration (VA) loans are an exception.

Upfront costs

Once your purchase offer has been accepted, you’ll need to provide an earnest money deposit, which will be held in a third-party trust account, such as an escrow company or real estate attorney, for example:

  • The deposit will be 1% to 3% of the purchase price
  • If you cancel the purchase, you forfeit the deposit
  • After completing the purchase, your deposit will be
    applied to your required funds, like the down payment
    or closing costs

Additional Fees

Depending on the lender or seller, you may be required to pay fees at closing, including:

  • Private mortgage insurance (PMI)
  • Homeowner’s insurance
  • Title insurance
  • Escrow/attorney fees
  • Points and/or origination fees
  • Document preparation fees
  • Survey fee
  • Pest or mold inspection
  • Property taxes
  • Recording fees

THE BUYING PROCESS

Buying your home should be something to celebrate, not a source of stress. We make the mortgage process as simple, fast, and pleasant as possible.

1

Apply

Talk to your loan specialist to determine the best option for you, complete an application, and provide documentation.

2

Sign

Review and sign (or e-sign) documents provided by the disclosure team.

3

Underwrite

We’ll prepare your loan file for underwriting and order an appraisal. Then the underwriter will analyze your credit, income, and assets.

4

Approve

First, you’ll receive conditional approval, which may require responses to third-party requests. Afterward, the underwriter provides final approval.

5

Close

After the title or escrow company reviews the information, all parties sign loan documents at a scheduled time and place. We fund your loan soon after.

Ready to buy?

Our mortgage advisors are here to help.

Tips for

Happy Homebuying

Get pre-qualified before your home search to confirm your price range and give the seller confidence that you can complete the transaction.

Prepare for financial obligations, including mortgage payments, property taxes, homeowner’s insurance, utilities, maintenance, and repairs.

Remember that while most homes are excellent investments, some homes have the potential to lose value.

Choose your location carefully with an eye to the future. Consider schools, safety, transportation, possibility of relocation one day and other factors important to you.

Use a licensed real estate professional to help find and purchase your home. They are experts in their local markets and have a fiduciary responsibility to you.

Expect the sale process to be completed in 30 days or less.

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16845 Von Karman Avenue, Suite 200
Irvine, CA 92606
(833) CHM-0123

Change Lending, LLC, dba Change Home Mortgage (“CHM”), is a state-licensed mortgage lender, NMLS ID #1839. To verify licenses, visit www.nmlsconsumeraccess.org. Headquartered at 16845 Von Karman Avenue, Suite 200, Irvine, California 92606. (833) CHM-0123. AZ: Arizona Mortgage Banker License #0925326; CA: Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act and California Financing Law; CO: Regulated by the Division of Real Estate; GA: Georgia Residential Mortgage Licensee #48010; MN: This is not an offer to enter into an agreement and an offer may only be made pursuant to Minn. Stat. §47.206 (3) & (4); NJ: Residential Mortgage Lender License – licensed by the N.J. Department of Banking and Insurance; OH: Licensed by the Ohio Department of Commerce, Division of Financial Institutions, Ohio Residential Mortgage Lending Certificate of Registration #RM.804654.000. For other states, click here. All loans are subject to credit approval and acceptable collateral. Additional terms and conditions apply. Programs, rates, terms and conditions may change without notice. All programs are not available in all states. There is no guarantee that all borrowers will qualify. Restrictions may apply. This is not a commitment to lend. Terms, conditions and programs are subject to change without notice. CHM AND ITS LOAN PRODUCTS ARE NOT SPONSORED OR ENDORSED OR BEING OFFERED BY THE U.S. TREASURY DEPARTMENT OR ANY OTHER GOVERNMENT AGENCY.
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