Now is an excellent time to consider buying your first Orange County home. Interest rates are at record lows and home prices are still well below peak levels. For many first time buyers the process of buying a home can seem daunting – let’s have a look at the key steps first time home buyers will need to take to make their home buying dreams a reality.
Personal Finances and Preapproval
It’s important to review your current finances to determine how much home you can comfortably afford. In doing so, it is essential to look at both the purchase price of the home, the closing costs, the mortgage payment, and the ongoing recurring costs including property taxes, insurance, and maintenance. A typical down payment is 20%, but other loan options such as an FHA loan allow buyers to put as little as 3% down.
It is important to work closely with your lender to gain preapproval. Your lender will review your financial situation and provide a preapproval letter that will formalize the maximum purchase price and mortgage amount that you qualify for – this letter is very important and most sellers will expect to see it on any offer that you make.
Searching for a Home
Now that you are preapproved, here comes the fun part – searching for and finding the perfect home. As an Orange County Real Estate Agent I have worked with many first time buyers and always get satisfaction in finding them the right home that fits their lifestyle and budget. I work very closely with first time buyers to ensure that they are receiving new listings that match their needs in terms of price, neighborhood, features, etc. Buying a home is very competitive right now and a sense of urgency is required by all involved – buyers, agents, lenders. Once we find your Orange County dream home it’s time to make an offer.
Making an Offer
It is important to structure offers for acceptance. In the current seller’s market I highly advise making offers as clean as possible. Clean offers may allow first time buyers to gain seller acceptance and avoid multiple offer situations which almost always drive the purchase price higher. I will guide you every step of the way ensuring that your offer meets your needs and stands the best chance to get accepted.
Once your offer is accepted you are well on your way to owning your first home in Orange County. As the Broker Owner of Ventana Coastal Properties I look forward to working with you to help you buy a home. I am professional and easy to work with – give me a call any time at 949-500-0484 or you can email me at dave@ventanacoastalproperties.com.
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