The loan process of purchasing a home today is tighter than ever, that is why you would want to work with a mortgage professional who is properly licensed and has many years under their belt in the lending industry. For the first time homebuyer to the move up buyers, at times during the process it may be tempting to either just go with the first house that is within your price range or continue to rent. To assist you with what might seem an overwhelming process and get the biggest bang for your price point, lets examine what you will need to consider before you purchase a home.
Things to considerations before you purchase:
The first thing you will need to determine is what your short and long term goals are on owning a home. It could can be that you are looking to change your status from renter to homeowner to actually give you something of value. Or you see homeownership as a sign of independence and enjoy the idea of being a landlord. Honing in on the big picture of your homeownership goals will point you in the right direction. Here are a few questions to ask yourself before purchasing a home in California:
How much mortgage do you qualify for?
Before you start shopping, it’s important to get an idea of how much your budget will handle towards a mortgage payment. You may think you can afford a $300,000 home but the numbers may only extend a purchase amount of $200,000 depending on factors like; how much other debt you have, your monthly gross income, your ability towards the down payment amount and closing cost and what your overall credit profile looks like. DeragatoryCredit_Nathan.pdf
Where will my budget allow to purchase? After you are pre-approved to purchase a home in California, what Real Estate Professional should I be working with that will find my ideal first or move up home, you will need to interview them as you did me or any other Mortgage Professional. You will need to have a Realtor that works for you to find a home that will fit your needs. They will need to be contact in the area you are looking in, communication, etc. Once you have chosen a home to buy, these professionals can assist you in negotiating your offer to present to the seller. An experienced real estate agent can protect you from any pitfalls you might encounter during the process.
- What type of home best suits your needs?
You have several options when purchasing a residential property: a traditional single-family home, a townhouse, a condo or a multi-family building with two to four units. Each option will have their pros and cons, depending on your goals, so you need to decide which type of property will help you reach those goals. You can also save on the purchase price in any category by choosing a fixer-upper, although the amount of time, sweat equity and money involved to turn a fixer-upper into your dream home might be more of bargain.
- Purchasing a property your will need professionals:
Purchasing a home today and with our tight real estate market in California, you should demand professionals who are working everyday in the business that will give you the best loan, find your right home in the right area and make this process as smooth and stressfree as one can. Important Notice.pdf
I welcome the opportunity to be a part of team when looking for a home to purchase!