First things first...go and find out how much house you can afford to buy. Get pre-approved for a loan. Also remember to consider all of the costs associated with owning a home. Property taxes, insurance, maintainance, and HOA fees. Factor in all of the costs associated with running your household. Do not get into a mortgage on a home priced more than 2 to 3 times your gross income. The best scenario for the best rates on a mortgage is a borrower with at least 20% down. One can qualify with as little at 5%..but make sure that you have enough reserve left for emergency situations.
I always ask my buyers to make a wish list. Tell me exactly what is important to you in a home. What features mean something to you? Fireplace? view? large yard? Schools?..just make a list with all of your WANTS...then number one to ten and put in order the top ten things that are important to you. Communicate this with your realtor so that your time is not wasted looking at homes that do not suit your needs. During this process, also decide on which communities you like and where you would feel the most comfortable.
Make sure you understand all of the costs associated with a home purchase. When signing loan documents the most important pieces of paper are the net sheet and the note. This tells you exactly what you are paying for as well as what loan you are committing to. Make sure you understand this completely before signing. Use your head, not your emotions.
There are alot of buyers out there who are frustrated because their offers are not being accepted. Make sure you have everything in order before you start submitting offers.
A pre-qualification letter and proof of funds to close as well as a great agent who will write a clean contract with your best interests at heart. For information on properties in Monterey County, Leslie DeLuca knows this area inside and out.
Comments (2)Subscribe to CommentsComment