Home Purchasing Tips

Purchasing a home is a huge undertaking. Most often, the purchase of a home is the largest financial decision you will make. Like everything in life, there is an easy way and a hard way to purchase a home.

With a little bit of groundwork, you can help us take the easy road. If you take a bit of our advice, the process will go seamlessly…

  • Get your down payment ready - often, the most difficult task of the purchase is gathering the needed paperwork that shows where your down payment is coming from. Keep in mind that per guidelines of the Patriot Act, all lenders must trace back 60 days the source of the down payment.

    • Do not use cash! Cash cannot be traced and can make the documentation purposes very difficult. If you do have cash, please get the cash in the bank so that it can be seasoned. Please don’t go to the bank and deposit your cash the day before escrow opens.

    • Save 60 days previous bank statements. All pages of the bank statements will be required

    • Save images of any checks deposited — This will be how we source those deposits.

    • Keep the bank statements and any images of deposits current thru the process.

  • Prepare your income documents in advance. Mostly likely we will need 30 days paystubs. 2 years w-2’s or 2 years federal taxes with any 1099’s if you are self-employed.

  • Make any rent payments by check. Easy to track.

  • Think about a payment you would be comfortable with. Most of the time we will be able to qualify you for a mortgage payment that would be higher than you want to play. This mortgage payment will dictate the purchase price of your home.

  • Think about property taxes, homeowners insurance and Homeowners association payments into account. When we are qualifying your monthly payment, we take into account those other outgoing expenses. You should too.

  • Be ready to act fast. In today’s housing market, you will need to act fast. There will be a whole lot of hurry up and wait. Be ready to make some fast decisions.

  • Before you pay off debt.  Talk to us. Using the down payment money to pay off debt may not be the right move. Talk to us before you do.

  • Continue to make all payment thru the process

  • Do not change employment status during the process. We will be doing a verification of employment the day of funding.

Contact Us

Bryan Wild, Branch Manager

Address:

3430 Robin Ln, Ste 9C

Cameron Park Ca 95682

DRE #: 1266745

NMLS#: 26361

Direct:     (530) 677-5484

Direct:     (800) 361-9357

Cell:         (925) 788-8949

eFax:       (888) 651-2607

bryan.wild@sierrahomemortgage.com

www.sierrahomemortgageca.com

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Steve Samuelson

925.384.8488

Fax : 888.651.2607

steve.samuelson@sierrahomemortgage.com

DRE #: 00995394

NMLS #161692

Sierra Home/Reverse Mortgage is a dba of Professional Mortgage Associates, California Bureau of Real Estate, Real Estate Broker 01902537, NMLS 815819