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Buying Your First Home
Pride of ownership is the number one reason why people desire to purchase their first home. Owning your own home means you can paint the walls the color you desire, decorate your home according to your own personality and preference, and gives you and your family a sense of stability and security. It is truly making an investment in your future. Besides, you will be putting your money into your own mortgage and not the landlord’s!
No matter how well you think you’ve prepared yourself for this major step, figuring out whether you are ready to buy a home is an exciting and stressful time. However, doing some basic homework will definitely pay off for you in the long run.
Prior to actually undertaking the purchase of your first home, there are many questions to be answered in order to get the peace of mind you need to move forward toward the realization of your dream - questions like where should I look for my new home? How much house can I afford? How much should I have for a down payment? What about closing costs? What will my payments be?
First Time Homebuyer To Do List
Figure out how much house you can afford. Pre-qualification for a mortgage is an important first step in the process. This tells you how much house you can afford. Once you know how much you can pre-qualify for you'll want to get pre-approved for a loan. When you make an offer on a home you'll need to include a pre-approval letter with the offer. It gives the seller assurance that you’re a “serious” buyer. Pre-approval also shortens the time to bring the purchase to a close. Be sure to shop around for the right loan.
Learn about local and federal homebuying programs. For example, the San Diego Housing Commission offers specific programs to qualified first-time home buyers to help them realize their dreams of owning their first home. Seeking the help of a San Diego real estate professional will ensure that you are aware of all the financing alternatives that could be available to you.
Make a list of the features you desire in your home. Save yourself some disappointment by making a note of the features that are non-negotiable and the ones that are desirable, but not necessary. Be flexible on the features that are merely desireable.
Share this information with your San Diego real estate agent so they have a clear idea of what you’re looking for. These professionals are trained to assist you with all your questions, as well as to help narrow down the selection of properties that are available in the area. Once you find the home you desire, your real estate agent will help you present an offer.
Make sure your first time home purchase goes smoothly. Give me a call at 858-829-1989, or use the form below to send an email. I can save you time and heartache by making sure you have all the information you need about neighborhoods, market trends, and financing alternatives to make an informed decision. Before you know it, I'll be saying:
Congratulations! You will soon be moving into your first home!
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