Mortgage planning helps buyers secure new home

Mortgage adviser: Tom Banducci. Property type: Singlefamily home in South San Francisco. Loan type: $732,000 Jumbo 30-year fixed; 4.125 percent with a .122 percent point fee (4.181 percent APR). Purchase Price: $920,000. Backstory: Banducci’s clients were first referred in 2014 by Brian Boisson at Berkshire Hathaway Home Services in San Bruno when he and Boisson helped the clients purchase their home.

Like many Bay Area residents, they wanted a larger home for their growing family, but they were concerned about what they could afford in today’s Bay Area real estate market.

Upon learning about the client’s financial goals for their new home, Banducci plugged in the anticipated cash proceeds from the sale of their home to pre-qualify them for a new purchase. He sent estimates of interest rates, monthly payments and closing costs for a number of different programs so the clients were aware of all their options and could make an informed decision about the purchase price and loan programs.

Boisson sold their listed home in the first week it was on the market. As part of the plan, the clients negotiated a rent back to give them time to find a new home. On March 24, the clients ratified on a new home purchase. Being a direct lender, Banducci was able to rush the appraisal and get the new purchase into underwriting quickly. The happy clients closed on their new home 25 days later.

Tom Banducci, Guaranteed Rate,

(415) 694-5522, tom.banducci@rate.com.