Buying a Home - Get the Help You Need
It's a seller's market, inventory is down, prices are up and the competition is fierce
Should you get an FHA Loan?
Not if you can help it! FHA loans are great for some buyers but they come with hefty fees and mortgage insurance you can't get rid of without refinancing.
30 Year vs 15 Year Loan Term
Which is better? That depends on a few different factors chief among them your long term financial goals.
What Credit Score Do I Need?
Your credit score will have an impact on your mortgage rate and may even keep you from getting a home loan.
How Much of a Down Payment?
That depends. Veterans can buy with $0 down. Otherwise 3.5% for an FHA Loan and more than that if you want to avoid PMI.
Buying a Home - Final Thoughts:
Whether you're a first time home buyer or looking to upgrade here are a few things to keep in mind.
- Get pre approved. With inventory as tight as it is most properties will get multiple offers. Being pre approved for a mortgage loan can mean the difference between getting the home of your dreams and missing out.
- Work with a Realtor. If you aren't working with a Real Estate agent already then I would be happy to put you in touch with one. You can use the online search engines to look for a home but in many cases their data is delayed. The fastest way to view new listings is to work with a real estate agent that knows what you are looking for. They'll set you up with alerts from the local MLS (Multiple Listing Service) and you'll be notified whenever a new listing hits the market. They also have access to listings that may never end up on the MLS.
Get Pre Approved for a Mortgage Loan
The California housing market is one of the hottest in the nation right now. It is not unusual to have multiple offers on a property. Having your mortgage loan pre approved and ready to go can mean the difference between getting your dream home and missing out.