Are you considering buying a home, but you do not know where to start? Then you will be glad you found Berkshire Hathaway HomeServices. You can contact us at (310) 373-0021 to get answers to your questions directly, you can check out our mobile resources, or you can keep reading to get answers to some of the most commonly asked questions about buying a home in California.
What’s the First Step to Buying a Home?
Unless you have the money to pay cash for your home, you will want to start the home-buying process by getting pre-approved for a loan. Once you have done so, you will have added leverage when negotiating, and you will have an accurate idea of how much you can spend on a home.
Is Pre-Qualifying for a Loan the Same as Being Pre-Approved?
No. when you are pre-qualified, a bank will give you a general idea of how much you are likely to be approved to borrow. It is a good way to start to look in that you will have a general idea of how much you can spend. However, a pre-approval is a step further and involves a bank actually agreeing to work with you and financing you for a specific amount.
How Much Money Do I Need for a Down Payment?
If you think 20%, then we have good news for you – you do not necessarily need 20%. In some cases, you might need as little as 3% down. That said, if you put less than 20% down, then you will be required to pay mortgage insurance until you have paid off 20% of your loan.
Is it Possible to Buy a Home While I’m Selling a Home?
Yes, most people who are buying a home already own a home and are planning to sell it. This transition can be a challenge, and it is one of the many reasons to work with a real estate agent who can include contingencies in any contracts that helps prevent you from being stuck paying two mortgage payments at the same time.
I Love the First House I’ve Looked At – Should I Look at More?
That’s up to you. On average, people look at hundreds of homes online but generally see ten or fewer in person before they write an offer. If you see a home that you instantly fall in love with, it might make sense to make an offer sooner rather than later to prevent someone from buying it out from under you. Then again, if you have only seen one house, then you will not have anything to compare it to.
How Can You Help Us Buy a Home?
We will start by understanding exactly what you are looking for in a home. We will then narrow down the many options on the market to show you tailored results. From there on, we will be with you every step of the way to answer questions, do the research, and get you the home of your dreams. Contact Berkshire Hathaway HomeServices now at (310) 373-0021 to get started.