tips for buying a home: What is Considered Qualifying Income When Buying a Home?
- 02/20/23 12:01 PM
Buying a Ventura home involves many components. You need to save up for your down payment and closing costs. Then, do you choose a fixed-rate or adjustable-rate mortgage? As of the writing of this post, 30-year fixed-rate mortgage sit at an average interest rate of 6.32%. One of the aspects lenders consider when deciding whether to approve you for a loan or not is affordability. One of the biggest factors of affordability is your income-to-debt ratio. You need to show two years of steady income to qualify for a mortgage loan. But it might surprise you about what lenders consider "qualifying … (2 comments)
tips for buying a home: Fixed-Rate Mortgage vs Adjustable-Rate Mortgage
- 12/19/22 12:22 PM
If you plan on financing your Ventura County home purchase, you have a few different choices to make in regards to financing. Conventional? FHA? VA (for the veterans and current military)? Then, there's fixed-rate mortgage vs adjustable. Each one offers its own set of pros and cons. So, how do you decide between the two? Mortgages: Fixed-Rate vs Adjustable-RateFixed-Rate Mortgage (FRM)Fixed-rate mortgage loans (FRM) does exactly what it says. It offers one set interest rate for the life of the loan. However, your property taxes and homeowner's insurance premiums may change. Therefore, your total monthly payment could change from year-to-year. However, your … (2 comments)
tips for buying a home: Your Guide to a Ventura County Home Appraisal
- 07/18/22 12:35 PM
You’ve found your dream Ventura County home. Now it’s time to cross all your T's and dot all your I's before it’s all your own. One of the first items on your closing checklist is the home appraisal. This also happens to be one of the fees buyers pay that you might not have been aware of before now. So, what exactly is that? What happens during it? What does the lender do with after they receive it? Your Guide to a Ventura County Home AppraisalWhat is It?The home appraisal essentially provides a value assessment of the home and property. A certified … (0 comments)
tips for buying a home: Which Down Payment Strategy is Right for You?
- 06/06/22 10:29 AM
You’ve most likely heard this rule: "save for a 20% down payment before you buy a home". The logic behind saving 20% is solid. It shows that you have the financial discipline and stability to save for a long-term goal (like buying a Ventura home). It also helps you get favorable rates from lenders. But there can actually be financial benefits to putting down a smaller down payment—as low as 3%—rather than parting with so much cash up front, even if you have the money available. How do you decide whether the smaller down payment strategy is the right decision for … (5 comments)
tips for buying a home: Top Tips for Ventura House Hunting Online
- 05/17/22 09:29 AM
Hunting for a new Ventura County home online is a great place to start your search. In fact, the National Association of REALTORS® found that 90% of home buyers used their computers at some point during the home buying process to look at properties for sale. But this should not be your end all be all. Good listing agents are excellent at highlighting the best features of the home, However, you need to keep in mind that there may be more than meets the eye. To make the most of your time and efforts and gather a well-rounded picture when house … (0 comments)
tips for buying a home: Hidden Fees to Be Aware of When Purchasing a Ventura Home
- 04/18/22 12:20 PM
Purchasing a home is arguably one of the biggest financial decisions you will make in your lifetime. As you start your hunt, don't forget there will be costs associated with your purchase other than the price of the Ventura home. Here are five hidden fees to keep in mind as you begin to budget. Hidden Fees to Be Aware of When Purchasing a Ventura HomeHome InspectionThis is a crucial step in the home buying process. The findings that come from the inspection can help you negotiate price and repairs. Generally, you can expect to pay between $300 to $500 depending on the … (1 comments)
tips for buying a home: Home Buying Tips for Newlywed Couples in Ventura
- 03/21/22 11:32 AM
According to wedding blog Maroo, California couples pay an average of $39,000 for their wedding. If buying a Ventura home falls next on your list, you need to save up even more money. For an $800,000 home, that means saving anywhere from $24,000 to $160,000 for your down payment alone. Tack on another 3% to 6% of the sale price for closing costs. That may feel a bit overwhelming. Keep these home buying tips in mind before you start looking for your newlywed pad for a smooth, successful transaction. Home Buying Tips for Newlywed Couples in VenturaWhat's the Score?Most lenders look for … (0 comments)
Buying a Ventura home involves many components. You need to save up for your down payment and closing costs. Then, do you choose a fixed-rate or adjustable-rate mortgage? As of the writing of this post, 30-year fixed-rate mortgage sit at an average interest rate of 6.32%. One of the aspects lenders consider when deciding whether to approve you for a loan or not is affordability. One of the biggest factors of affordability is your income-to-debt ratio. You need to show two years of steady income to qualify for a mortgage loan. But it might surprise you about what lenders consider "qualifying … (2 comments)
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