The Scoop San Joaquin Market Update December 2018 Call 209-762-3552 For More Information It's Still A Seller's Market In 2017 on the market there were 783 homes. December 2018 closed
First Time Home Buying Process Explained
First time home buyer process explained
Are you tired of renting and not being able to take advantage of the many benefits of owning your home? Perhaps you don’t know where to start. The first time you purchase a home may seem like a daunting task. You may be getting dragged in different directions with people telling you different options or routes but rest assured once the process is laid out in front of you, it is step by step process that if done with the correct amount of communication necessary, it can be a smooth transaction for you, the buyer, and the rest of the people that are involved.
Things to keep in mind before starting off
When you first start thinking of purchasing a home, for many people it will be one of, if not the biggest purchase you will make in your life. With that in mind, you can get a general idea of the amount of total costs that you will need to spend and can get a sense of how much you can start saving for down payment, closing costs, and for escrow. Along with that, you will need to make sure your credit score is as high as possible. That means staying on top of current bills, no major purchases, not canceling credits as the better your credit score is the lower your interest rates will be.
Once you have started that, it’s time to begin looking for a mortgage lender to get a mortgage pre-approval. It is a smart idea to shop around to see which loans are available, the qualifications needed, the down payment amounts, and at what interest rates. During this time, you should be forming a solid idea what you are looking for in a house, amenities that you may seek, one or two stories, etc. Once your loan is approved, it is time to choose a realtor!
With your realtor, that is the time to sit down and explain what features you would like to have in your dream home. Your realtor can provide helpful information on homes and neighborhoods that the public may not know about. There will be many different homes that you will explore on your own and with your realtor that will fit the criteria. It is important to visit neighborhoods on your own as the neighborhood may not be of your liking, the commute to your workplace may not desirable, there may be a railroad track nearby, or another factor that may influence your decision not to be interested in the property. Going at different times of the day helps gauge traffic, noise, but when you narrow your choices and find the house that you like, next is making the offer!
Submitting offer and closing
When you make an offer on a home, you submit all your paperwork that you have gathered and include any contingencies opt-outs. Contingences may include if the home appraises less than the mortgage, the inspection reveals flaws that the owner chooses not to fix, etc. Once the offer is accepted, a home inspection is conducted a few days after. If there are no major damages and you are satisfied, the correct loan for your preferences at the time, while also thinking about the future is obtained. Your mortgage lender will then arrange an appraisal to provide an estimate of value on the home you will be buying. Once the appraisal is complete, you make a final walk-through, checking windows, make sure doors work, light switches and make sure nothing has changed since your last visit. The last major step will be the escrow company to do the final paper work and make sure the seller is the rightful owner with no liens on the home also known as the closing process and the distributing of funds is made. After closing and the change of title is recorded, you are ready to move in!