
Dream homes are exciting; financing them isn’t. For that reason, California West Communities presents the following frequently asked questions regarding the purchase of one of their Vista new homes; specifically, those located at the Madison Lane community. However, they can be helpful for buyers everywhere. Take a look:
Q: How do I know how much I can qualify for?
A: Our preferred lender, Pacific Sun Mortgage, will walk you through the pre-qualification process prior to your purchase to help you determine the amount of a mortgage loan that matches your income, credit, monthly expenses and down payment ability. These are the factors that determine your mortgage loan amount.
Q: How do I determine which mortgage and loan program is best for me?
A: The two most common loan types are fixed rate mortgages (where the mortgage rate remains the same over time) and adjustable rate mortgages (where the mortgage features a low start rate, but raises that rate significantly over time). Pacific Sun Mortgage will explain the pros and cons of each during your consultation sessions.
Q: How much do I need to put down?
A: There are loan programs that require smaller down payments, such as FHA and VA financing; but normally, a down payment of less than 20% will require mortgage insurance to be added to your monthly mortgage payment.

Q: After signing documents, what is the next step?
A: Now, it’s time to ensure your application is complete. Your Pacific Sun Mortgage loan officer will review the application and make the final step as seamless as possible.
For more information on the Vista new homes at Madison Lane, contact the community at (760) 724-6030.