La Jolla · Buyer guides · Process
Buying a main home in La Jolla: loan type, offer and escrow
A primary residence is the home you plan to make your main home, under your lender’s rules for living in it. When you buy one in La Jolla or coastal San Diego, three things come up. How does your lender treat a main home? How is that different from a second home or a rental? And how do your offer and escrow fit together? Escrow is the period when a neutral company holds the money and papers until closing.
I’m Weston Clark, Founding Member of the Dickinson-Clark Team at Compass. I help buyers in La Jolla and coastal San Diego understand these steps in plain words. Rates, dollar amounts and tax questions come from your lender and your tax adviser. You can talk about fees with Weston directly. This form does not give a commission quote.
Talk to Weston Jump to FAQ Offer strategy
Related: Buying & selling · Offer strategy · Escrow · Guides · La Jolla · Rent-back · Second home
What primary residence means
On this site, a primary residence means a home you plan to live in as your main home, under your lender’s rules. It is not a tax claim. It is not a loan approval. It does not say how long you must live there.
This guide covers:
- How lenders sort homes: main home, second home or investment
- How a main home differs from the other two (check with your lender)
- How the loan, the offer and escrow fit together
- Links to the offer, buying and escrow guides
- What Weston does
Ask your lender about loan rules. Ask a tax adviser about taxes. Ask a lawyer about the contract.
Main home, second home or investment
Lenders usually put a home loan in one of three groups: primary residence, second home or investment property. The group can change what papers you need and how the lender reviews the loan. That review is called underwriting: the lender’s check of you and the home.
| Group | What it means |
|---|---|
| Primary residence | The home you plan to live in as your main home, under the lender’s rules |
| Second home | A home for your own or vacation use, under the lender’s second-home rules. It is not the same as an investment loan. |
| Investment property | A home the lender treats as a rental or investment |
The exact rules depend on your lender and loan. The CFPB (Consumer Financial Protection Bureau, a federal agency) runs Owning a Home and mortgage pages. They are a good place to start when you shop for a loan. They are not advice on your loan.
Offers: offer strategy. Overview: buying & selling.
Three talks to plan for
Buying a main home usually means three talks:
- Loan type: with your lender, confirm the loan group, the papers they need and how you list your plans on the loan form.
- The offer: price, terms, deposits and contingencies, which are conditions that must be met for the sale to go ahead. See offer strategy.
- Escrow: the written instructions, papers during the deal and closing steps after your offer is accepted. See escrow.
If the home has an HOA (homeowners association, the group that runs shared parts of a building or community), see HOA checks. If you are selling, see seller prep.
Weston helps keep these steps clear, so you can ask the right experts the right questions.
What Weston does
Weston helps buyers of a main home with:
- Which loan group to confirm with the lender
- How loan readiness fits with the offer terms (offer strategy)
- How escrow instructions and papers usually work after acceptance (escrow)
- Where the overview and other guides fit (buying & selling · guides)
Weston can’t promise rates, loan approval or tax results. Ask your lender about the loan, a tax adviser about taxes, a lawyer about the contract and escrow about closing.
Related guides
| Topic | Start here |
|---|---|
| Buying a main home | You are here |
| Offer strategy | /offer-strategy-la-jolla |
| Escrow | /escrow-la-jolla |
| Buying & selling overview | /buying-and-selling |
| HOA and condo checks | /hoa-la-jolla |
| Seller prep list | /seller-prep |
| All guides | /guides |
| La Jolla | /la-jolla |
Use them together. None of them replaces your lawyer, tax adviser, lender or escrow.
More on sandiego.homes
- Offer strategy: price, terms, conditions and deposits
- Escrow: papers and closing after acceptance
- Buying & selling: the big picture
- HOA checks: rules and condo papers
- Seller prep: a list for listing a home
- Guides · La Jolla
FAQ
What does primary residence mean?
A primary residence is a home you plan to live in as your main home, under your lender's rules. It is not a tax claim and not a loan approval. Your lender sets the exact rules. Ask a tax adviser about taxes.
How is a main home different from a second home or an investment property?
Lenders usually sort home loans into three groups: main home, second home or investment property. The rules and review differ by lender and loan. Ask your lender which group fits you.
What should I ask my lender about living in the home?
Ask how the lender defines a main home for your loan, what papers they need about your plans, and how that shows on the loan form. Your lender sets the exact rules.
How does a main home fit with my offer and escrow?
Your loan type sits next to the offer terms: price, deposits and contingencies (conditions that must be met for the sale to go ahead). Escrow comes after your offer is accepted. Start with the offer and escrow guides, then check details with your lender and escrow.
What if my plans for the home change later?
Your plans when you apply and how you use the home later can raise loan, tax and contract questions. Talk with your lender, a tax adviser and a lawyer before you count on anything.
Is this legal, tax or loan advice?
No. This page is general information about the buying process. Ask your lender about the loan, a tax adviser about taxes, a lawyer about the contract and escrow about closing. Guides from the DRE (California Department of Real Estate) and the CFPB are a place to start, not advice on your purchase.
Talk with Weston about buying a main home
Tell me where you are in the process. I will help you sort out the loan type, the offer and escrow with the right experts. This form is not a rate quote.
Or call (858) 997-8998 · weston@sandiego.homes · Search on Compass
Weston Clark · Founding Member of the Dickinson-Clark Team at Compass · (858) 997-8998 · weston@sandiego.homes
Weston Clark, DRE #02122466 · Compass, DRE #01527365
Compass is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only, compiled from sources deemed reliable but not verified. Changes in price, condition, sale or withdrawal may be made without notice. All measurements and square footage are approximate.
⌂ Equal Housing Opportunity. This page is general information about places and process — not legal, tax, title, insurance, lending, or financial advice. Confirm funding and occupancy rules with your lender. Confirm tax treatment with tax counsel. Confirm contract language with counsel. Confirm closing logistics with escrow. Brokerage compensation is discussed directly with Weston for the specific transaction.