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Another thing:

Put everything in writing.
This is for your and your friends protection.

Business is business.

Hello,

The credit report will be accepted by lenders during a 90 day period.
You will not take any "hits" on your credit report as long as inquiries for obtaining mortgage are obtained within 30 days of running your report. When you wait longer than that your scores might go down, which could change your qualification status and/or the rate that you get on the loan.

I would suggest creating a team, including an agent that will look out for you. The agent can advise you on when it's best to put in the offer. Your offer to purchase can be contingent upon a satisfactory inspection.

Getting pre-approved prior to the offer:

There are different opinions on this (Some of us are bias). When the market is hot, some sellers and agents won't even look at you if you don't already have the financing lined up. When the market is not so hot, they're willing to look at any offers.

I'd suggest getting pre-approved for whatever loan amount you're comfortable with. If the property value is lower, then your loan amount is lower. Take into consideration that there are breakdowns, and with a lower loan amount your interest rate may be lower.

Another suggestion: If you're going to sell the property pretty quick, then get an interest-only loan. This will mean that you'll have more disposable income, you only pay the interest on the loan. Even better if you can get into it with zero down.

Adrian

Hi,

It sounds like you may have been pre-qualified by the mortgage broker.
This is different from being pre-approved. You should get pre-approved if you're serious about this (to avoid any surprises later).
Did the broker run your credit report yet?

Brokering out the loan means that the broker won't be funding it, and that they will get an investor to fund the loan. It doesn't necessarily mean that you'll get a higher rate, but it could.

Good luck!

Adrian

Hi,

Thank you.
Things are significantly slower. We're seeing the "Reduced" signs alot more, and properties sit unsold a little longer in some areas. Mortgage lending is also going though the same slow down.

I'm a long way from where you were stationed, but it sure is nice up there.
A vacation in Monterrey would be nice right about..... now.

Regards,

Adrian

Hi,

What do you look for when working with a Lender?

Do you go to the "big boys" or do you use smaller companies?

What have you found to be the disadvantages either way?

Thanks,

Adrian

Hi,

I think that there are still areas in CA that will appreciate well.
Areas East of LA still have decently priced homes that will appreciate as the area gorws with people moving away from LA.

It's definitely not the same market though.

Adrian

Hi,

My name is Adrian.
Los Angeles, CA
Re Agent & Loan Officer

Looking forward to learning alot here.

Adrian

Hi,

I'd be interested in clubs in California (LA) if anyone knows of any.

Thanks,

Adrian

Hi,

Have you saved up any cash for a down payment?
Do you have good credit?
Have you been employed in the same profession for at least 2 years?
These are things that a bank or lender will look for.

It is a good idea to find an agent, but you also could start by getting prequalified for the mortgage. In this way you'll know exactly what your price range is, and your offer will be more attractive to the seller.

Contact me directly if you have further questions.

Best,

Adrian