First-Time Home Buyer
Real Estate Guidance Marked by Professionalism
Buying a first home is a milestone event in anyone’s life, and it’s worthy of celebration. There are so many exciting possibilities ahead, and our team is excited to work with you to help you find your dream home. Before you begin the process of searching however, there are a few things you should know. The more informed you are, the easier the home buying process will be!
What First-Time Buyers Need to Know
First of all, make sure that you have properly analyzed your financial situation. If you have bad credit or marginal credit, you will need to speak to a lender to learn if you can still qualify for a home loan. If the cause of your bad credit occurred a long time ago, or if you have a good explanation for it, you may still qualify for a loan. In addition, remember that you will need to make a down payment in order to buy. The amount of down payment you will have to pay depends largely on the type of loan you take out, but plan for at least 20 percent. You may be able to qualify for one of the down payment assistance programs offered in the state of California. Again, this is something you will need to discuss with a lender in your community.
If you can, it is best to get pre-approved for a loan before you begin the home search process. This will make any offers you make much more attractive to sellers and improve your chance of having your offer accepted. Once you have signed a sales contract with a seller, you will need money to pay for closing costs. These charges are intrinsic parts of the real estate transaction and could include county recorder fees, fire insurance, mortgage insurance fees, and more. Your lender can help give you a particular estimate as to how much your closing costs will be.
If you have more questions or are unsure about the financial connotations of buying your first home, consider taking home loan counseling. Many organizations offer this service to help prospective homeowners learn about the process of purchasing their first piece of real estate. This includes classes on choosing a real estate agent, various loan programs, working with creditors, the responsibilities included in home ownership, choosing a home, paying for a down payment, mortgage types, and more.
More questions? Contact us for answers today!
Let our Westlake Village real estate team help! Lydia Gable has helped many first-time homebuyers successfully purchase the real estate of their dreams and do so in a financially aware and responsible way. An award-winning Realtor® who has consistently been in the top two percent of Realtors® nationwide, she believes in making the home buy process as smooth and pain free as possible and utilizing the latest social media and technology to keep the lines of communication open with her clients. Contact our office today to find out how Lydia Gable Realty Group can help you achieve your dream of owning a home!