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Granada Hills Home Buyer

Granada Hills Home BuyerThe Buying Process

Do you feel you are at a point in your life where you are ready to buy a home? The process can be time consuming and stressful. There are a few things that you want to keep in mind when you start the process. There is a lot of research you want to conduct, and not just looking at homes online. There are a few steps for you to take if you want to find the home of your dreams.
Broken down in more detail below are steps you can take to help you with the buying process. By following these steps, it can make your real estate purchase go smooth, and get you into your new home in no time.
How can you determine what you can afford when buying a home?
You already know what you pay in rent if you are renting now. Will your monthly payments be the same? How much money down will you need to supply? Generally, there are two things that will answer the amount you can afford question.
First, you need to determine the mortgage amount you will be in a position to secure. There are many available mortgage calculators on the internet that can help you determine this. You can get pre-qualified for a mortgage, or shop around for different lenders before they run your credit to determine what your mortgage amount will be or the interest rate you will receive.
Second, in addition to the mortgage, you will have to place some money down when purchasing the house. This can be as much as 3 percent. The more you put down, the less your mortgage will be, and the easier the monthly payments will be. Try to save up as much as you can to make home buying easier. But this is not the only expense when buying a home. Other expenses may include:
• The earnest money anywhere from one to five percent of the cost of the house. Consider this the deposit. It will go towards the payment of the home provided there are no issues.
• The mortgage insurance which many lenders require you to obtain if you pay less than twenty percent in a down payment.
• The closing costs, which can be three to four percent of the house for all of the paperwork involved.
Further, there may be the regular expenses of owning the home from the beginning. These include utilities, homeowner dues, property taxes, and city or county taxes.
What do you do when you are ready to shop for a home?

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At this exciting time in your life, you will find there are many options out there. But how can you determine what is best for you and your family? At the beginning, looking at homes on the internet can help you narrow down what you are interested in looking for. Remember you want to find the most up to date websites, because homes for sale and those sold can change quickly.
The internet search may help you narrow down what you are interested in finding. You will look for the right features and price range. Once you have a list of houses that you are interested in, you will want to see them for yourself. Make a checklist of things you are interested in the home having when you go to look to make the trips more worthwhile.
How can you find a quality real estate professional to help you purchase your home?
Finding a real estate agent to help you, although not necessary, will make the buying process much easier on you. A real estate professional understands the market, and knows about homes available in your area you might not have found on the internet. There are many advantages to utilizing the skills of a real estate agent that include how to save money, and how to guide you through the paperwork.
You should do your research on real estate professionals in your area. Read reviews and speak to friends and family. This can help you find the right agent for you.
How can I set up my mortgage?
The mortgage rates today vary greatly. There are fixed and adjustable interest rates. There are also government programs to help you. Did you know your mortgage will depend on various items such as your credit score, your employment status, and the current state of the industry?
There are also loan terms from fifteen to thirty years. Your real estate agent can help point you in the direction of a great mortgage broker, as there are many options out there for them as well.
What happens when you find the house you want to purchase?
When you find the right home for you, what are your next steps in the buying process? This is the point where you make an offer. This can be done through your real estate agent to make sure that it is done correctly. But how do you determine what offer to make? A real estate agent will help you by determining these items:
• Whether the price is fair considering today’s market and similar home choices
• Whether the house is in good condition
• How long the house has been on the market
• What the market it like, a buyer’s or a seller’s
Once this is all determined, the offer will include the following information in the paperwork:
– A complete report of legal description of the house
– The amount of earnest money
– The down payment and other financial details
– The move in date and closing date
– The price you are offering
– How long this offer is valid for
– And any other details of the deal
The negotiating process may be long. Once you submit the offer, the seller can counter-offer, accept or reject your offer. This may go back and forth several times before a deal is made.
What other steps are there in the buying process?
Once an offer is accepted, there is a contingency period to allow time for financing and any other contingencies in the offer to be completed. This is also when you will have an inspection done of the home. You must also have a homeowner’s insurance in place and have proof of this at the time of closing. Once closing arrives, you will have your final walk through, and then sit down and sign the papers and pay the down payment.
This is an exciting time. Once this is done, you will get the keys to your new home.

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