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  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 ne home.

Want a general idea of what you qualify for? Get Pre-Qualified and we will give you a quote based on a few pieces of information. The information you submit is secure through 128bit SSL military encryption.

If you would like to know exactly what you qualify for, Apply Online, and we will give you an accurate assessment of what you qualify for. The information you submit is secure through 128bit SSL military encryption. If you feel more comfortable filling out a written application, you can print out the Uniform Residential Loan Application and the credit release form and fax them to 650-685-5821 or send them to: Bay Financial Company 220 Baldwin Ave, San Mateo, CA 94401 .

If you have any questions, just click "Contact Us". You can contact Bay Financial Company by calling 650-685-5815 or sending a fax to 650-685-5821 . You can email us at info@bayfin.com .

If you received an error message when trying to download either of the above forms, you might need to first download the acrobat reader.



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. You can use calculators and tools to help you with this.

In addition, you should consider both the up-front and ongoing costs associated with purchasing a home in the planning stage.

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
    • Maintenan
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.

You can use calculators and tools to find the home loan that meets your needs. Then, you can continue and get on-line Get Pre-Qualified or , Apply Online.





 

Bay Financial Company 220 Baldwin Ave, San Mateo, CA 94401
Tel. 650-685-5815, fax. 650-685-5821
info@bayfin.com