Buying a Home

Prequalify | Rates & Terms | Buyer's Agent | Features | Score the homes

Now that you are joining the ranks of hundreds of families who realize that home ownership offers a number of benefits including building equity, saving for the future, and creating an environment for your family, we have a some information for you. When you own your own home, your hard-earned dollars contribute to your mortgage. The equity you earn is yours and over time, your home will increase in value!

Buying a home can be an exciting, yet often overwhelming, experience. Here we have provided you with a few tips that will help you navigate the process with ease.

Prequalify for a loan:
It is important to understand the price range you’re able to afford and specific aspects of your financial situation that may determine your eligibility. When you make an offer on any property a pre-approval or pre-qualification letter also gives you more opportunity to negotiate the price with the seller. This can really move things along when you are ready to make an offer, especially if you aren’t the only interested buyer.

Shop around for rates and terms:
Even a difference of half a percentage point can make a big difference in how much you pay over the life of your loan. Based on a loan for $100,000, the difference of 8 vs. 7.5 percent is about $35 a month and about $12,600 over 30 years. Our Preferred Lendres are some of the top in the area, we always recommend using them because their proven track records.

What a Buyer’s Agent can do for you:
Home buying is not an every day event or even a yearly event. It can be emotional and stressful, especially when you don’t know real estate and understand the laws, rules and regulations involved in transactions. You’ll need someone with knowledge to spell out the details of the transaction. Remember, this is one of the biggest purchasing decisions you will likely make, you should not take this lightly.

REALTORS® Know Real Estate! REALTORS® deal with real estate issues and concerns on a daily basis. They have been educated extensively on the laws and regulations that influence the market. By law agents are required to get continued education to renew their license ensuring they are always up-to-date on the latest real estate news and laws. As Professionals, they have access to tools and an endless array of contacts in the industry to help YOU find your dream home.

Lenders will never lend more money than a home is worth. So, you can rest easy knowing that you will never overpay. But there are other problems that can haunt you if you’re not careful. For example, REALTORS® are trained to ensure all necessary disclosures are given completely and in a timely manner. There are many disclosures differing within each state. Some disclosures may include: natural hazards, mello-roos and bonds, smoke detector, lead-based paint, mold, wildfire zones, inundation zones, and Megan’s Law.

Other potential problems that buyers’ may encounter in the buying process involve homeowner association rules and regulations. For example, you’re a dog lover and have three but you just purchased a condo that doesn’t allow pets. What can you do? Nothing! You can sell the condo but that’s about it. You’re legally bound by your agreement with the association and you’re unlikely to change their rules as a new member. Be smart: Know that as much as you think you know… there is always more to know. Trust that you’ll likely forget something in the process. Hiring a real estate agent will save you the trouble in your attempt to research every problem you may run into during the home buying process. You’ll not only save yourself time researching but help your family avoid potential risks.

Features that help or hinder:
Sometimes in an area a feature can help or hinder the resale. For example in some neighborhoods a swimming pool actually detracts from the value of a home and makes it harder to sell. Same with garages – in an area where there are generally two car-attached garages, a single or detached garage may impact the sale and future value. Ask your REALTOR® for advice on these issues.

Score the homes you tour:
Make up a rating system that will help you narrow down the homes you view. Write down your likes and dislikes, make notes on what stands out to you.