Buying a Home Can Be Simpler Than You Think!

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Your Friendly Guide to Purchasing a Home

Who we are

Reasons Why Homeownership Is a Good Financial Investment

Taking the leap into homeownership can be daunting when you’re used to renting. From house hunting to making an offer to gathering pertinent paperwork, it’s a much more complex process than signing a lease agreement. While quicker financial approval and less responsibility make renting attractive, the numbers suggest becoming a homeowner could be better for your overall financial picture. According to a 2022 Rental Affordability Report, owning a median-priced, three-bedroom home is more affordable than renting a three-bedroom property in 666, or 58%, of the 1,154 counties analyzed for the report.

''Owning a home is one of the most common ways households build long-term wealth, as it acts like a forced savings account. Instead of paying your landlord, you can pay yourself in the long run through your mortgage on a house.''

-RALPH MCLAUGHLIN, TRULIA'S CHIEF ECONOMIST

Reasons to Buy a Home Now

Home Price Appreciation

Forecasts predict a small but positive year-over-year growth for the remaining 2022 housing market. Locking in a home this year could still save you a substantial amount over time.

Competitive Interest Rates

Rest assured in having some of the most competitive rates in the market to put you in the best financial situation in any market.

Equity Ownership

Your mortgage payment allows you to build equity ownership interest in your home. Many consider paying down their house as a forced savings plan, which could be extremely useful when you're ready to retire.

Tax Benefits

Homeowners are able to deduct the interest on their mortgage, property taxes, and other costs involved with owning a home. That's something a renter cannot leverage.

Freedom

Owning a home shields you from rent increases, many pet restrictions and most parameters on how you can decorate. You have the freedom to make many improvements that suit your taste and lifestyle. loanDepot offers a variety of home renovation loans to make your dream come to life.

Homebuying Myths

"I need to save up a 20% down payment."

More than 6 in 10 Americans falsely believe you must put at least 20% down in order to purchase a home. While it's best to strive toward 20% down, that may not be a feasible objective for all homebuyers. According to census data, 1 in 3 (32%) current U.S. homeowners put down just 5% on their home. For those who qualify, loanDepot offers home financing with as little as 3.5% down.

"A 30-year mortgage is always the best option."

When choosing between a 15- or 30-year mortgage, a 30-year may not always be your best option. While the loans are structured similarly, it all comes down to the length of the loan. If you don't mind the higher monthly payments associated with a 15-year term loan, you can accumulate equity in your home at a much faster pace than the 30-year term and save substantially on interest over the life of the loan.

"I need a high credit score to qualify for a mortgage."

Many Americans believe that good credit starts in the 700s, but the truth is that your requisite credit score really depends on the type of home loan you qualify for. There are a number of programs that allow credit scores starting at low 600s.

Factors

5 Factors That Make Up Your Credit Score

Payment History

35% is established from your payment history, collections and public records. The more recent, frequent and severe the lateness, the lower your credit score.

Amounts

30% is established from your credit utilization. This considers the amount that you owe compared to how much credit you have available.

Length of Credit History

15% is based on your length of credit history. It is better to have credit for longer time frames so that history is built up on your record.

New Credit Inquiries

10% is established around your credit inquiries, meaning that every time you apply for credit, your score is impacted within certain FICO rules. Opening several credit accounts in a short amount of time represents greater risk - especially for people who do not have a long credit history.

Types of Credit

10% is established around the type of credit you have. Your FICO score considers your mix of credit cards, retail accounts, installment loans, finance company accounts and mortgage loans. It is not necessary to have one of each, and it is not a good idea to open a credit account you don't intend to use.

loanDepot's Mortgage Menu

Conventional

Conventional loans are the most common type of mortgage. They are best for borrowers with strong credit scores and a stable income.

Attractive interest rates and lower costs for those who qualify
No PMI with 20% down
Down payment as low as 3%
Can be used for second homes and investment properties
Broken down into "conforming" and "non-conforming"

FHA

FHA loans are suitable for first-time homebuyers as well as buyers with low credit scores. They're typically a more affordable, government-backed financing option.

VA²

VA loans are primarily for active-duty military service members, veterans, and surviving military spouses.

203K³

203k loans are used for doing renovations or repairs on a home. FHA 203k Limited loans are used to finance non-structural repairs under $35,000, while FHA 203k Standard loans are used to finance major remodels in excess of $35,000

Jumbo

Jumbo loans are larger than the conforming limits on conventional loans. These are best for those looking for luxury homes or residences in high-cost markets.

Down payment as low as 5%
No mortgage insurance
Loan amounts up to $3 million
Both fixed and adjustable types
USDA - Rural loans 0% down
Non QM mortgage option which allows us to use non traditional forms of income through 12 or 24 bank statements, 1 year of tax returns
DSCR - Debt Service Coverage Ratio investor loans starting at 20% down

Buy a Home with as Low as 0% Down with an FHA Loan

Tips and tricks

Tips for Making a Successful Offer

Being well prepared to make a solid offer when the perfect home comes along is key to realizing your homeownership dream. Here are some tips to ensure you get the competitive edge when making a purchase offer on a home:

Get a pre-approval

It's crucial to take this step before you even consider making an offer since being pre-approved assures the seller that you are a serious buyer and have access to financing, loanDepot's mello smartloan™ allows you to digitally connect your income, employment and assets for a swift and secure data verification process.

Act fast

The inventory of starter homes listed for sale has remained relatively low with buyer demand continuing to out- pace the supply of homes for sale. This of course causes buyers to compete with each other for their dream home, so make certain you move as quickly as possible with presenting your offer to the sellers. It's not uncommon for homes to sell above the list price in competitive markets

Put down a healthy earnest money deposit

Put down a healthy earnest money deposit A larger earnest money deposit shows you are serious and willing to put your cash on the table. Sellers may feel you are more committed to follow-through with a 3% deposit versus a 1% deposit. This serves as an assurance that you'll be less likely to walk away from the deal

Make a solid offer

You and your real estate agent can determine an offer that shows you're serious but also willing to negotiate. Offers will likely be comparable with other sales and listings in the neighborhood.

Why a Pre-Approval Should Be Your First Step

What is a pre-approval?

Before you go any further, it’s important to get pre-approved. Getting pre-approved for a loan means that you know how much money a lender is willing to give you, at what rate, and on what terms. Pre-approval involves submitting a preliminary application to a lender that will then review your credit, your income and other factors, and tell you what loans are available to you. loanDepot’s mello smartloan™ allows you to skip the paper-chase by digitally connecting your income, employment and assets** – making it one of the most swiftest and secure data verification process you’ll ever experience

Budget

A pre-approval lets you know your actual budget. Understanding what you can afford from the start helps you and your real estate agent better focus your efforts to keep within your financial comfort zone.

One Step Ahead of Other Buyers

Being pre-approved may provide you with the advantage over other buyers because it assures the seller that you are a serious contender and have access to the loan necessary to back your offer

Our Value

Simple. Secure. Smart.

Mello smartloan™ virtually eliminates all of the legwork and stress currently associated with obtaining amortgage, enabling you to stay competitive in today’s market. Within minutes of submitting your application, mello smartloan™ will identify the loan that will provide you with the optimal cost- and/or time- savings. With mello smartloan™, you can expect more certainty when it comes to closing on your home.

Our process

Simple Guide

Step 1

Get Started

First, we gather some of your basic contact information.

Step 2

Get Connected

Then, rather than asking you to find paper files, we digitally collect income, employment and asset information.

Step 3

Get Smart

In minutes, we can share with you just how much you may be able to save in time and/or money on your loan.

Testimonial

Client Feedback

★★★★★ 4.7/5

To say that I have been working with Cristan Beltran for a few years now, and Cristian always goes above and beyond, an understatement! Beltran literally goes into detail... read more

lucy chavez

Gracias a IoanDepor por contar con excelentes profesionales y capacitados para estos grandes proyectos . En especial a Cristian Beltrán por hacer posible este sueño.

Angela Ramirez

Exelente

Ana camila Galvan leon
Excellent people to work with and provide great service!

leonor alvarez

Awesome work! Very satisfied!

Salvador Alvarez

Great experience! Anytime you call they answer and are happy to help with any questions. 100% Recommended

Erick Gutierrez
Highly recommend Cristian Beltran and his team at loanDepot for their dedication and exceptional service. They genuinely invest time in understanding their clients unique needs and are always readily available... read more

Mauricio Rios

Gracias muy atentó y responsable en su trabajo muchas gracias y nos dio mucha confianza trabajar con usted muchas gracias

Alberto Santos

I cannot express enough how impressed I am with the exceptional service Cristian provides to my clients. As a real estate broker, it is crucial to have a loan officer... read more

FRANCIS VASQUEZ
Words on a Google review is an extreme understatement for the level of appreciation and respect I have towards Cristian as a person alone. On the business end of things,... read more

Uriel Oropeza

Cristian Beltran and his team are amazing! I decided to refinance my home and with no hesitation at all I called him. Thank you so much for making the process... read more so smooth.

Yazmin Ortega

I always have a phenomenal experience with Cristian and his team. The process is always seamless, transparent and efficient. I highly recommend their services for anyone seeking top-notch real... read more estate lender.

Nancy Granados

About

Meet Cristian Beltran, Your Trusted Loan Officer at loanDepot

Cristian decided to get into the mortgage business because he was looking for both a change in his routine and a job that would challenge him. After ten years in the industry, his favorite part of his job is all the people he both works with and gets to meet every day.

Are you a first-time homebuyer, an investor, or someone interested in qualifying for down payment assistance or grants? You’re in the right place. Cristian Beltran, with many years of experience at loanDepot (NMLS#174457), is here to guide you through every step of your mortgage journey.