Homebuyer Center

Buying a home is one of the biggest financial decisions you are going to make. It’s exciting but there are a lot of challenges. You need to choose the right location, type of home for the lifestyle, and the best mortgage loan option that gives you an easy way to pay back at low-interest rate.

The housing and financial crisis of 2008 and 2009 were serious blows to the U.S. economy, resulting in a national epidemic of low credit scores, bankruptcies, foreclosures and short sales, home buyers in San Jose, in Silicon Valley, in Bay Area, and in California need to take careful steps. There are many types of mortgages available in the market for both new home buyers and those who are looking to refinancing or buy a second home. Even if you were facing any type of challenges in the past, we, at 5Star Capital, can help you choose the best home mortgage option for your current situation. We have an array of loan types for strong credit buyers and for less than perfect credit buyers. We offer attractive loan programs for US citizens and foreign investors. We customized loan programs for self-employed buyers who need not show a full tax transcript. We tailor loan programs that is just for you at the least cost.

How you can prepare for a home loan?

Examine your financial situation – When preparing for your home, check your credit rating with the 3 credit bureaus, Equifax, Experian, and TransUnion. Clean up any errors that may appear on those reports. You should also consider consolidating any debt you may have. Your goal is to have a total debt less than 45% of your total income. It is good to have a good credit but unfortunately if you do not have, we are here to help you. We offer many types of loans to those with not-so perfect credit.

Getting Approved

Before you even look to buy a home, your first step should be to get the credit approved. The credit approval will give you the confidence to look for a new home, know how much you qualify to borrow, and better understand your different home financing options.

Choose the right loan professional
Finding and choosing a qualified and competent loan professional is important, especially for a first time mortgage. The loan professional will help you determine what home financing loan option is the most beneficial for your home needs and lifestyle. As your trusted loan professional, we will help you prepare to feel more confident about your decision to buy a new home. We will educate you on the different types of mortgages available, teach you how to get a mortgage and help you get preapproved for your home loan, relieving any fears about the process and making sure that you are 100% comfortable with your home loan.

How to choose what is best for you?

Your real estate agent can help you find the best house in the best neighborhood, check out our preferred agent 5starcapital.com/homebuyers, but first, you must understand what you and your family need in a new home. You need to make a list of things you will need in your new home. The more details you provide, the easier it will be for your agent to find something that accommodates your lifestyle. We have helped more home buyers in San Jose find their dream home.

Cost associated with your purchase

There are a few different types of up-front costs associated with your home purchase.

  • Earnest Money– Money you put up front to show that you’re serious about purchasing.
  • Down Payment– Money that’s paid toward the total of the home’s price, usually 10-20%, but you can get it as low as 3% if you qualify for certain types of mortgages.
  • Closing Cost – Expenses associated with a home loan, such as processing fees charged by the lender, Title Company, the local government, and anyone else involved with the home sale. We are required to provide you with a “Good Estimate” (GE) which gives you an estimate of all the closing cost fees ahead of time.

Hope you are now equipped with good tips for buying your new home. Call us if you want to speak to one of our mortgage experts about your home buying needs.