Profile.

  • Clients

    Mr. BB

  • Location

    Bonita

  • Necessities

    Purchase of a home with enough room for two adults working from home, a pre-teen child + two dogs

  • Days in Escrow

    28 Days

  • Obstacles

    Initially, credit posed a challenge to qualifying for the best rate and term on a mortgage as well as sufficient money for a Down Payment.

Their Story.

Mr. BB and his family had been renting for many years and were eager to purchase a property to call their own. They were seeking a home with tons of potential for future growth that was situated in or near their current neighborhood as it was of utmost importance to have their son remain in his school.

We initially met two years ago for the initial consultation. After discussing their goals took the next step to qualify them for a mortgage. Due to some credit hiccups, their mortgage rate was less than ideal, and they did not quite have the money for down payment. We considered pairing an FHA loan for first-time buyers with a down-payment assistance program, as this would have allowed them to purchase at that time.

However, after analyzing the numbers, the interest rate was too high and the mortgage insurance cost too substantial for them to buy in the price range that would allow them to live in the neighborhood they desired. Seeing that this would over-extend them and add massive amounts of stress on their lives, I recommended that they hold off.

We devised a plan that cures minor credit issues in order to enhance the opportunity to obtain the best rate and terms, along with a savings strategy to have a sizeable down-payment.

Two years later, they fulfilled every goal, and we closed a lovely property in an even better neighborhood. Moreover, even with the interest rate hikes that have occurred over the last two years, Mr. BB was able to attain a lower rate than what was initially quoted two years prior. There’s something to be said for patience and discipline! Good things do come to those who wait!

Miguel Contreras

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Dominion West Properties CA DRE #01872063

Miguel Contreras CA DRE #01443317

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Copyright © 2019 Dominion West. All Rights reserved. Dominion West, Dominion West Capital, Dominion West Financial and affiliated entities independently owned operated. The Dominion West ® name and symbol are service marks of Dominion West Properties, Inc. CalDRE: 01872063 Equal Housing Opportunity