Purchase a Home
Purchasing a home is a very exciting time, and being well prepared will help you make better decisions. Take this opportunity to learn more about home buying and the mortgage process. Below and throughout this site, you will find information that will help you with the purchase of your new home.
Am I really ready to buy?
Buying a home offers many advantages, one of the most significant being that it allows you to build equity (ownership) when you pay your mortgage each month. A common myth is that monthly mortgage payments are more expensive than rent. But, in many cases, mortgage payments can be even less than rent. When considering home ownership for the first time, you need to decide whether buying makes financial and practical sense for you right now or if you are better off renting. Consider both the advantages and disadvantages to renting as well as buying, and weigh the pros and cons for your particular situation.
How much “house” can I afford?
The first step toward finding the right home is to quickly compute your purchasing power and determine how much you can afford to pay each month. This saves you time by allowing you to focus on homes in your price range.
Some up front costs include:
Down payment: Typically ranges from 3-30% of the cost of the house. The more you can put down, the greater equity you will have in your home and the lower your monthly payment will be. For down payments less than 20% you may also need to pay mortgage insurance.
Closing Costs: Typically range from 2-6% of the loan amount depending on your area.
On-going Costs:
Your housing costs can include the following:
Monthly mortgage payment
Homeowners insurance
Mortgage Insurance
If applicable - Flood Insurance
If applicable - Property taxes
Utilities
Maintenance
How much can I get pre-qualified for?
Before you go looking for a home, you should see if you are financially able to get a mortgage and get an estimate of what you pre-qualify for from a lender. If you are working with a real estate agent, getting pre-qualified lets them know you are a knowledgeable and serious buyer.
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Our Happy Clients
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"OUTSTANDING JOB in processing my VA refin loan. They were friendly and very knowledgeable. I was very pleased with the speed in which my loan was processed. Approximately 12 days to get to signing documents is GREAT!. My loan funded on the date I was told and I had no issues during the entire process. I recommend them highly and will never go to another lender for future requirements. The company and employees are very good and do excellent work."
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"I've been wanting to write a review about Vision Quest Lending, however family and work have kept me occupied. My husband and I closed our loan in April. We had the pleasure to work with Rick Villa. He was extremlely knowlegable and made the process painless. Our situation was unique as we took over our in laws home and all lenders we spoke to previously told us we would need to be on title for 12 months. Right away Rick said that was not the case. We trusted him and are glad we did. He closed our loan within 30 days and provided us with an excellent rate along with no closing cost. I have already recommended a co-worker and family member to Rick and Vision Quest Lending."
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"I recently did a loan with Tony Nguyen at Vision Quest Lending and had an exceptional experience. Tony walked me through every step of the loan process and made it very easy for me to understand. He was also able to get me the interested rate that he originally promised and gave me several options to buy down my rate. As we finalized the loan, Tony worked closely with my purchasing agent and was able to reduce the price on my home by 10%! I am still amazed he how willing he was to go the extra mile to accommodate this. I since have referred him to over 10 people, including family members, who have all had great experience’s with him and the associates of Vision Quest lending"