Home Buying Tips
Home buying tips from the Author of How to Buy a House and Walk Away a Winner, Dawn Anderson. Dawn Anderson is the Broker of Midas Realty Group in Southern California. You may purchase her book either in paperback or Kindle version at Amazon.com by clicking HERE. You may contact her via her website at Midas Realty Group
Buying a home is one of the largest investments you will ever make. If you are buying a first home, it is most likely the biggest investment you have ever considered. Closing escrow is a rewarding achievement. It is a relief when the quest for a home is over, and you have finally attained the American dream. But the process to get to that closing can be stressful, intimidating, and sometimes traumatic. I have seen marriages tested, and friendships and family relationships strained during the course of purchasing a home. Most of the anxiety comes from:
1- Not understanding what is affordable
2- Unfamiliarity with the loan process
3- Unexpected costs and curveballs
So first and foremost, understand how much you can afford to pay toward housing expenses each month, and obtain a mortgage with payments that correlate to that loan amount. Even though a lender or an agent says you can afford more, stick to your budget.
In terms of the loan process, it’s best to know what documents are going to needed and have those gathered ahead of time. Be prepared to be patient. Your lender may receive hundreds of applications in a single day. Understand your file will not be reviewed the same day it is received. It’s also best to familiarize yourself with loan terms, credit, and your rights prior to submitting an application. If you are armed with information, you will understand why you are quoted a certain rate and if you feel you deserve better terms, you will have information to back up your point of view.
Lastly, understand that there may be unexpected expenses so have a financial cushion. If a loan does not close on time, there may be pre-paid interest you weren’t expecting. A home inspection may reveal a need for additional tests and inspections to determine if the purchase is still a good idea. A number of unexpected small things may pop up. But planning ahead will make the obstacles more manageable.
- For additional tips, feel free to pick up my book or contact me direct via our website Midas Realty Group. I am very familiar with the Zero Down California™ program. I have represented many homebuyers throughout Southern California who would not have been able to purchase a home with a zero down program. This program is superior to many on the market today because there are no maximum income restrictions on the borrower. It also makes life easier when the entire loan process can be completed with one lender AND within a 45-60 day escrow!