Financing

So you have decided to buy or sell a home. You’ve been searching online for the perfect new home for you and your family, but are you financially ready? Are your finances in a good place for such a big move? Whether you are buying or selling, there are important steps that you need to take to make sure you’re fiscally fit.

Before you start shopping for your fabulous new home, take steps to get your finances in order. Here is a quick guide for buyers and sellers about what it takes to get financially ready so you can move forward in the process.

Finding the Right Lender

Mark Klein founded Pacific Coast Lending, a mortgage banking and brokerage firm, in 1992. Since then, he has funded billions of dollars in loans and is consistently ranked among the top 1% of loan originators in the country. Mark annually funds at least $200 million a year, based on 100% referrals. In 2010, Mark merged his team with Skyline Home Loans, allowing him to offer his clients even better service.
Prior to 1992, Mark spent six years as a practicing Certified Public Accountant; four years with Coopers and Lybrand, “a big five accounting firm,” and two years with a large, local accounting firm that specializes in real estate taxation. He now uses the valuable experience he had with his CPA training to help other professionals by guiding them through the mortgage process. His clients come to him for his unique expertise of understanding and review of complex tax returns and income calculations.

Mark’s experience as a Certified Public Accountant and his extensive knowledge of real estate combine to make him among the most knowledgeable and highly respected loan consultants in the business. He is known throughout the mortgage industry for working with CPA’s and Financial Professionals, many of whom have clients with jumbo and super jumbo loan needs. Mark thoroughly understands the complications that accompany those types of borrowers.

He believes his job starts when the loan closes. He is one of the first mortgage consultants to implement an internal system to manage his clients’ mortgages on an ongoing basis. He makes sure his clients always have the most optimal mortgage at any given point in time.

Mark’s team is a 100% referral business. They have developed “a safe place for mortgage services” for their financial partners to send their clients. His team will ALWAYS: Be Timely, Do What They Say, Finish What They Start, and Say Thank You.

Mark is a contributor for Mortgage Originator Magazine, and has spoken as a Mortgage Originator Superstar, as well as numerous other organizations

CA licensing disclaimer
Copyright © 2016 Skyline Financial Corp. dba Skyline Home Loans Nationwide Mortgage Licensing System & Registry (NMLS) Company ID # 12072, California – Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act File No: 413-0296. Refer to www.nmlsconsumer.org and input NMLS#12072 to see where Skyline Financial Corp. is a licensed lender.

“We are not financial advisors” disclaimer
Skyline Financial Corp. and its loan officers are not financial or tax advisors. Always consult a financial or tax professional for details.

For Buyers

If you are thinking about buying a house, getting your finances in order should be at the top of your checklist. Long before you start looking for houses, ideally years before, you need to start improving your credit score. Although standards fluctuate, if you want to get a good rate, your credit score should be at least 720. Spend a few years:

·      Paying off debts

·      Updating your credit report

·      Making payments on time

·      Increasing your income

·      Building up savings for the down payment

Once your finances are in better shape, it’s time to get organized for a home purchase. This involves choosing a loan type, shopping for a loan, and getting a pre-approval letter from your lender. Your bank will base your qualifications on a number of criteria. Some of the financial paperwork you will need to show your lender includes:

·      Proof of income

·      Amount of savings

·      Assets or collateral

·      Employment verification

·      Credit report

·      And Identification information, i.e., social security card and driver’s license

For Sellers

When it is time to sell your home your checklist begins with finances too, but in a different way. Your goal is to get your home ready for potential buyers. That will usually involve making improvements, upgrades, and repairs to get the most money for your home. In order to do that you need to get the cash together. Deciding which repairs and upgrades to make depends on your location, the state of your home, and the state of the market. Note that there are some repairs you just have to fix no matter what.

If for instance you have a bad roof, this needs to be taken care of before you list your home. Very few buyers will be willing to eat the costs of major repairs. There are many minor repairs and improvements that won’t cost you an arm and a leg. Improvements that often pay off include things like:

·      New Interior and Exterior Paint

·      HVAC Repairs

·      Window Replacement

·      Entry Door Upgrades

·      Updated Cabinetry

·      Upgraded Flooring

Once you have a good idea of how much your home improvements are going to cost, you then need to factor in the other costs associated with selling your home. While many of these can potentially be negotiated away on the negotiation table, it’s best not to rely on it.  You should talk with your agent about:

·      Closing costs

·      Inspection fees

·      Attorney’s Fees

·      Insurance riders

·      And so on

Finding the Right Agent

Beyond financing, there’s so much to understand about buying and selling a home that it just makes sense to use a professional real estate agent. The right agent can make or break the deal down the road. Our agents are the top agents in the Conejo Valley. Get their professional help with buying or selling your home today!