Meet with a mortgage broker and find out how much you can afford to invest for your new home.
While knowing how much you can afford is the first step, sellers will be much more receptive to potential buyers who have been pre-approved. You also will avoid being disappointed when going after the homes you are interested in that may be out of your price range. With Pre- Approval, the buyer actually applies for a mortgage and receives a commitment in writing from a lender. This way, assuming the home you're interested in is at or under the amount you are pre-qualified for, the seller knows immediately that you are a serious buyer for their home. Costs for pre-approvals are generally nominal and lenders will usually permit you to pay them when you close your loan.
Conventional Mortgage: General requires a down payment of 20% or 5% with Private Mortgage Insurnce.
VA- Veterans Administration. Often Requires No Money Down. For more Details click. VA Loans Eligibility
FHA- 580 Credit Score Requirement & 3.5% down. Requires Mortgage Insurance. For More details Click. FHA Loan Requirements.
10 First TimeBuyer Programs & Grants. Click For Details:
Make 2 lists. The first should include items you must have (i.e., the desired bedrooms, bathrooms, square footage,etc.). The second list is your wishes, things you would like to have (Backyard, Pool, additional upgrades,etc.) but that aren't absolutely necessary. Realistically for first-time buyers, you probably won't get everything on your wish list, but it will keep you on track for what you're looking for.
Buying a home is not only the biggest purchase of your life, it can also become one of the most complex. A trained professional real estate agent will help you navigate the process, safeguard your interest, and help avoid costly and potentially life altering mistakes.
Today's buyers and sellers need a trusted resource that can guide them through the complex world of real estate. With my extensive training, knowledge, and commitment, backed by California 's largest family-owned, independent real estate company I am your go-to source for all your real estate needs. Buying or selling a home is more than just a transaction: It is a life-changing experience. Contact me for all your real estate needs.
When searching for your new home ask yourself the following questions. Does this home really meet your needs? Does it financially make sense? Be Thorough: A few extra dollars well spent now may save you big expenses in the long run. Don't forget such essentials as:
- Include inspection & mortgage contingencies in your written offer.
- Have the property inspected by a professional inspector.
- Check to see that no changes have been made that weren't agreed on (i.e., closing cost, repairs, etc.). All the above may seem rather overwhelming. That's why having a professional represent you and keep track of all the details for you is highly recommended. Please email or call me directly to discuss any of these matters in further detail.