California First Time Home Buyer’s Checklist
Is the California real estate market really that much different than the markets in other cities? Home buying can vary greatly from place to place, and California has some unique considerations that need to be made. What if you’re a first time home buyer in California? What should you know before you approach an agent or a lender to help you make the right decision for your purchase?
We’ve put together a simple checklist that can help you stay organized throughout the process.
1. Qualify For a Mortgage
Many people don’t consider placing this action at the top of their list. Home buying can be an emotional process and you may start by looking at photos and online house shopping and then drive by homes to dream of living inside. But qualifying for your mortgage can take a lot of the guesswork out of the equation and help you avoid future disappointment.
Step one should be talking with a mortgage lender to help you determine what you can afford and the best possible program for your future goals.
2. Determine Your Monthly Payments
Your choice of loan may depend on how much you can afford monthly for your mortgage. There are a variety of options, more than we can go into here. But not only should you consider the monthly mortgage payment, including interest, but also additional expenses like property taxes and utilities.
The best way to work through these numbers is by talking to a financial expert, like Prime Mortgage Lending. Our experts can talk with you about solutions that will work with every aspect of your monthly budget and help you get into the home you love in the Bay area.
3. Consider the Home You Want
Once you know how much house you can afford, it is time to start narrowing down the possibilities. What do you want out of a home? How many rooms and bathrooms should it have? What is your primary goal? Do you see yourself entertaining often? Do you have children or plan to expand your family? Do you expect to stay in this home for a long or short term? Ask yourself questions related to:
Also consider the things you don’t want in a home so you can rule out properties that won’t be a wise use of your time.
4. Find an Agent
After you’ve completed the process of qualifying for a loan, get a recommendation for a buyer’s agent. This expert can help walk you through the process, as well as homes for sale, so you can make the most informed decision.
Real estate agents are deep in the culture of homes for sale throughout the Bay area, so use their expertise to your advantage. Talk to them about the things you want and don’t want in a house and give them an opportunity to research properties to present to you.
Are you a first time home buyer near San Francisco, Oakland, or San Jose? Contact Zachery Adam and the team at Prime Mortgage Lending and Equity Services Inc.to learn more today.