Buying: from pre-approval to keys
Where are you?
- Starting
- Searching
- In escrow
Pre-approval
Three levels of “approved.” Pre-qualified: a lender guessed from what you told them. Pre-approved: they checked your credit and documents. Underwritten approval: they did the whole file except the house. The third one wins offers. Documents a lender wants: 2 years of W-2s or tax returns, 2 months of bank statements, 30 days of pay stubs, ID. Get to underwritten approval before you fall in love with a house.
Same house. Over $900 less a month.
On a $1M home, the seller pays your agent about $30,000. We keep a flat $4,999 and give you the rest, around $25,000. Use it to buy your rate down from 7% to as low as 5% and take over $900 off your monthly payment in year one.
See your new paymentExample temporary rate buydown on a $1M San Diego home with 20% down and a 30-year fixed loan at 7%. The lower rate applies to the early years of the loan, and terms vary by lender. Assumes the seller offers 3% to the buyer's agent. Lender approval required. Estimate only, not a guarantee.
Buyer agreements
In California, before an agent tours a home with you, you sign a written agreement that says what they'll do and what they charge. If you tour on your own (open houses, FSBO), you don't need one. If you use us to write an offer, you sign one that states a flat fee. No percent.
7% → 5%. Paid for by money you'd never see.
New home, new furniture, moving costs. The start is expensive. With SelfCloze, the fee the seller pays your agent mostly comes back to you. Use it to buy your rate down to as low as 5% and keep over $900 a month in your pocket in year one, right when you need it.
Run your numbersExample temporary rate buydown on a $1M San Diego home with 20% down and a 30-year fixed loan at 7%. The lower rate applies to the early years of the loan, and terms vary by lender. Assumes the seller offers 3% to the buyer's agent. Lender approval required. Estimate only, not a guarantee.
3 more screens in this lesson, plus the tool at the end. Both come with a plan.
See the plans