La Jolla Real Estate: La Jolla Luxury Homes

• Most recent two years complete tax returns with all schedules.
• Most recent two years W-2's, 1099's, etc.
• Most recent pay stubs covering one month period.
• If Appplicable: Self-Employed wiill need Two Years Tax Returns and YTD Profit and Loss Statement. 

• Most recent three months complete bank statements for both checking and savings accounts.
• Most recent statement from retirement, 401k, mutual funds, money market, stocks, etc.

• Most recent statements from your credit cards and other monthly revolving charges, indicating minimum payments and account numbers.
• Copy of complete Bankruptcy and Discharge Papers.
• You may be required to provide the origin of your down payment. If money for down payment is a gift from a relative, bring to the interview a copy of gift letter and copy of gift check. The gift letter states that the money will not have to be repaid.

• Name, Address, and Phone number of your landlord
• 12 months cancelled rent checks

•        Copy of Drivers License
•        Copy of Social Security Card
•        Copy of complete Divorce, Palimony, Alimony Papers
•        Copy of Green Card or Work visa

REFINANCE DOCUMENTS

All of the above and

 

• Your Credit Report, Banks run their own copy, but you need to get your own Credit Report to verify that it's squeaky clean, and fix it if it's not.
  • Consumer Information About Credit Reports
  • Equifax: 800-685-1111; www.equifax.com
  • Experian: 888-EXPERIAN (888-397-3742); www.experian.com
  • Trans Union: 800-916-8800; www.transunion.com
• Bank statements for the last 2-6 months. 3 months is typical.
• If you had a bankruptcy, collect all the paperwork together.
• Last 2 consecutive pay stubs. Get 60 days worth, some banks ask for more.
• Monthly statements or coupon books from loans you are paying off.
• Last 2 W2 Forms. Some banks ask for your previous 2 tax filings.
• Property tax statement from last year if you paid any.
• If you are a recent graduate, get your transcripts, they will ask for them.
• A form from your utility company stating that you are current on your bills.  Most utilities have a standard form ready to fax out.
• Income from divorce, alimony, Social Security, gaming, lawsuits, inheritance.
• Your driver's license and social security card.
• Car titles, if you own your car 100%.
• Retirement plan statements for the last 3 months.
• Statements from your Stock, Mutual Fund, or IRA accounts.
• Any other 1099 forms that companies sent you for doing work for them.
• Your last 3 credit card statements showing nice low balances.  They will check your credit report for this, but have it ready in case they ask for it.
• If any income is derived from ownership in a corporation, banks ask for the corporate tax return, even though earnings appear on your Schedule K. They verify income because if your down payment was from an illegal source, the government can seize your house, leaving the bank stranded.
• If you are doing a VA (Veterans Administration) Approved Mortgage:
• A certified copy of your DD Form 214 "Certificate of Release or Discharge from Active Duty".
• Within about 3 weeks VA will send you Form 26-8329 (CG) "Certificate of Eligibility for Loan Guaranty Benefits.

Escrow Facts for Downtown Luxury La Jolla Real Estate

You'll probably hear the word escrow many times during your luxury La Jolla Real Estate buying transaction, and the term can be confusing, because it is used to describe different events that take place before and after the luxury La Jolla Real Estate settlement, the day of closing when the property becomes yours.

Let's take a look at the definition of the term escrow and the different ways it comes into play during your luxury La Jolla Real Estate transaction. 

Escrow: Documents or something else of value, often money, held by a neutral third party in order to be used at a later date to fulfill an obligation.

Earnest Money Deposits

If you are buying a home, your first exposure to escrow was probably associated with the earnest money deposit that accompanied your offer to purchase the house.

That money likely went into someone's trust account, where it will remain in escrow, protected by that neutral third party, until it is credited to you when the transaction closes (or is dispersed in other ways if the transaction fails to close).

Escrow Agent

You'll hear the term escrow used to describe the title company, attorney or another person who is hired to handle your closing transaction. That person is often called an escrow agent, because she maintains all documents and funds related to the transaction until the day of closing.

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More and more younger La Jollans are making the move to purchase their first La Home in one of La Jollas premier neighborhoods such as La Jolla Frams or La Jolla Shores. Trendy La Jolla neighborhoods are speaking to the interests of young, goal minded professionals. On-line research has proven to be the most effective way to shop, compare, and purchase the perfect La Jolla communities home to suit your lifestyle, at any age. Studies show that the Gen Y buyers will make an impact on the current La Jolla home inventory. See what the economic and social forecasters are saying about this powerful generation and their purchasing habits.

Read more »

So you want to purchase your first La Jolla home!   Congratulations!   The fun is going to start with thinking about the La Jolla home of your dreams.   And now is a great time to purchase with the 1st time tax credit available.

Before getting to the fun part of looking at homes in La Jolla to buy there is some homework you should do first.  Way before you decide it's time to buy you must be sure you have solid groundwork in place regarding your finances.  This will be the key to acquiring your La Jolla home without being "house poor".

• Get a copy of your credit rating. 
• Evaluate your finances and know what you can actually afford for a monthly mortgage payment.  Don't be tempted to go above amount or you risk putting your self in harms way.
• Determine if the above two these two considerations match up with the price range you are targeting in La Jolla.
• Research your lending institution carefully - you'll be doing business with them for a long time. 
• Try to narrow your La Jolla location choices so that you are not all over the map.  In today's La Jolla market this should ensure that you will have enough choices and end up in the area that is beneficial to your needs.
• Go on the web and look at listings so you have a better understanding of what is out there, what features you must have and those that are not important to you.  This will give you an idea of what type of La Jolla home will suit your needs.
• When you select a La Jolla Realtor make sure they have experience in your local market and that you can easily work with.  They represent your interests and should make all offers on your behalf.
• Again, don't buy more La Jolla house than you can afford.

Remember that buying a La Jolla home is a major life event.  The effort you put into research and then making the sensible choice will have tremendous payoffs.