Purchase Loans

Compare the full home buying budget before making an offer

A purchase mortgage helps finance a home, but the monthly loan payment is only one part of the decision. Start with the cash you can bring to closing, a housing payment you can manage and the savings you want to keep available afterward.

What should you compare?

• Cash to close: Ask about the down payment, closing costs, prepaid items and any required reserves. A down payment is not the same as the total cash needed.
• Ongoing housing costs: Review principal and interest together with property taxes, insurance, any mortgage insurance and association dues. Plan separately for maintenance and other ownership expenses.
• Loan terms: Compare the rate structure, term, points, lender charges and whether the payment or rate can change. A lower advertised rate alone does not settle which option fits.

Which purchase loan category should you explore?

Ask which programs fit the borrower, property and transaction. Start with our guides to conventional loans, FHA loans, VA loans, USDA loans and jumbo mortgages. Eligibility and documentation differ. No single category is the best choice for every buyer.

Self employed buyers can also compare the documentation questions in our bank statement mortgage guide. Being self employed does not automatically rule out a conventional documented loan.

Does a preapproval guarantee the loan?

No. A preapproval is conditional and based on the lender's review and assumptions. Ask what has been verified, which conditions remain and when the letter expires. The property and final transaction still need to meet the loan requirements.

How can you compare an actual loan offer?

Use the written Loan Estimate to review the proposed loan, projected payment, closing costs and cash to close. Compare offers on consistent assumptions and ask the lender to explain differences. Do not treat a website calculator or general conversation as a loan approval.

Start with a useful conversation

For a Westlake Village or other California home purchase, bring the property location, approximate price range, timing and the payment you are comfortable discussing. Contact Strategic Home Loans with general questions, or use our existing application process when you are ready. Ask for the approved secure channel before sending identification, statements or tax records.

Sources reviewed October 23, 2026: CFPB preapproval guidance and CFPB Loan Estimate explainer. Educational information, not a quote or commitment to lend. Availability and approval depend on borrower, property, lender and underwriting requirements. Strategic Home Loans, NMLS 340445.