Congratulations in advance !
Answering these questions will be a great place to start after that you can use the process of elimination due to budget and the particulars such as bedrooms bathrooms views etc.
Please let me know if I can assist you in any capacity or if you would just like some friendly advice.
Over 90% of home buyers start online, do your research. If you have a question (like the one you asked here) probably someone else did too and has asked it. If you can't find it ask it yourself.
Get help, ask your friends for referrals to their Realtor and their lender. Have these persons worked with a first time buyer before? What loan products are there, does it make sense to use an FHA loan (less down but will have mortgage insurance)? Call them and ask questions on how to get started. Get your finances together, get pre-approved with a lender. If you have areas you like and think you can afford go to open houses.
Overall, get informed, don't be afraid to ask questions of people you know that have recently bought or sold a home. Learn what you can about the home search, the different types of sales (standard sale, short sale and bank owned or REO), what are the escrow costs for a buyer, does the house have an home owner's association? (HOA), what does the HOA cover, what do you do once an offer is accepted? Do you know your credit score?, have bank statements, income information, tax information for lender and don't make any other large purchases until escrow has closed.
I am sure you will get many other opinions but my short advise is just start. You will discover questions you couldn't have thought of until you do.
Brian Wilson, Realtor
I wish you all the best in your home search, and if I can be of any assistance, please feel free to contact me by phone, text or email:
I noted that your inquiry seems to be at least partially about a home on Stowe, in Irvine.
This is a million dollar+ neighborhood.
I suspect that the information shown here in Trulia is confusing to you, because it talks about $75,000.
This is a meaningless number, so if you are, indeed, wondering about this, we can start the simplification necessary to make the process of owing your first home fun and exciting, instead of overwhelming, by ignoring this info altogether. :+)
I imagine that all of the answers you have received here may confuse the issue further.
The process really should proceed about the same as your initial consultation with a new doctor would proceed.
A skillful professional will interview YOU with insightful questions, instead of expecting you to interview THEM.
At the end of the interview, that professional will be in a position to guide you in the direction your own answers indicate.
THEN you can begin with all of the rest of the mechanics of becoming familiar with the segment of the market that meets your objectives, and becoming prepared to make a credible offer when you see the right home.
This is critical, because you need to be in "pounce" mode (especially in Irvine), since you may miss the right home for you if you are not knowledgeable enough to confidently "make your move" when the right opportunity arises.
It is not useful for me to guess about your financial circumstances, and this public forum is certainly not the place to discuss any of these things.
However, whether you are buying all-cash, or with the minimum down possible, my Buyer Cash-Back Program will be a welcome addition of thousands of dollars to your own funds, so that YOUR money goes into your equity, instead of being frittered away on escrow costs, loan costs, and the like.
Give me a call if you would like to discuss these matters further.
You will likely find it refreshing that I actually answer the phone when you call ;+): 949-278-1595
Best wishes on your home search.
Harrison K. Long, Realtor and broker associate, Coldwell Banker, Irvine, CA.
I'm having a buyer's seminar this coming Saturday in our office in Irvine. We will be addressing many things a buyer need to know. If you are interested, please feel free to contact me.
Cornerstone Real Estate International
5400 Trabuco Rd. #130
Irvine, CA 92620
The real estate consultant will be able to give you an initial consultation, that helps you analyze your options, walk you through the home buying process, where to start, how to get prepared, how the market looks like in the area...etc.
The bottom line is: real estate consultant with a good track record, experience working with first time buyer, integrity, honesty, patience, and great negotiation skills...
If you would like to give us a chance to be interviewed, call me at 626-236-2178 or connect with me at: http://www.aliciaqu.com. You can also email me at : email@example.com
Best of luck!!! You made the right choice towards home ownership.
You also have an incredible amount of information available on the internet. In addition to typical home search sites, be sure to visit the variety of blogs that are written on every imaginable topic. Check out the Trulia blogs but also sources like ActiveRain where you'll find articles written by Realtors, home inspectors, mortgage and insurance agents, decorators and more.
If you need any assistance or have a question, feel free to connect.
Century 21 Award
Start with a Pre Qualification letter from a bank. This will give you and your agent a price point in which you are "approved". In other words - How much you can afford to pay for a house. A combination of items will determine the amount a bank will loan. Factors include credit score, payment history, assets/liabilities & downpayment.
Upon completion - Choose a "go - getter" agent like Piere Pirnejad. Piere has a great reputation in South County. Reputations are earned.
I would be happy to get you a pre qualification letter. Castle & Cooke Mortgage is a direct lender (important). We are top 1% lenders approved by Fannie, Freddie & Ginnie. Please feel free to call my cell to answer any questions.
Best of luck!
Castle & Cooke Mortgage
Cell: (949) 212-4578
#1 decide what you want to pay per month total. Then calculate backwards for the monthly payment. Say if you want to pay $2200 per month, that would be a loan around $400k at $1852 with around $393 for property taxes per month. Realize buying a home gives you insane tax benifits that as a renter you do not have. Then, you need to consider home owners insurance which could be as low as $650 per year and as high as $1400 depending on where you buy.
#2 decided how much money you have for a down payment. If you are getting an FHA loan get it before April or at least get the property and your case number! FHA costs are going way up in April!
Meet with a mortgage professional who had experience, not a bank loan officer.
I have over 23 years owning my own mortgage lending corporation and now I find houses for investors who want great deal. I can answer nearly any question you have. Feel free e-mailing.
Best of Luck,
Note: there is also down payment assistant programs depending where you are purchasing!
Congratulations on your decision to begin searching for a new place. How exciting! With so much information out there I can see where it can become overwhelming. Looking on-line is usually the first choice and a great way to begin processing information about where you may want to settle down. There are so many great real estate sites out there.
Once you get comfortable with the area, cruising open houses on the weekend may be a great way to see some floorplans and get a feel for what may be expected to find regarding amenities, etc. The next steps should be, contacting a lender to see what works for you as far as price point and monthly payments and then locate a Realtor who will take the time to educate you about how to buy a home and navigate you through the home buying process. You may want to ask your friends, family or co-workers for a referral, but ultimately you will be working with your Realtor for a while, so make sure they understand your needs and long term real estate goals.
Congratulations again on your decision to begin looking for a home. It's a great time to buy. If I can be of further assistance I invite you to contact me at MichelleCPhillips@Remax.net. Good luck with your search, once you begin you will get in the groove and it won't feel so overwhelming.
RE/MAX Associated Brokers
Fell Free to call me and I'll be happy to help you through this difficult process from start to finish and put my 15 years of experience to work for you.
You may contact me directly at 949-222-0234 Ext 1
Hope to hear from you.
CFR Short Sale/Foreclosure