Rental prices in areas such as Orange County, Los Angeles County, Ventura County and San Diego County are widely predicted to continue to rise for the next two years. With continuing rent increases, many in SoCal are planning to buy their first home. If you're like countless others, who are preparing to buy a home, a how-to-buy a first home checklist is undoubtedly going to be helpful.
Here are steps to take when you're preparing to buy your first home in Southern California.
Contact a Top-Rated SoCal Mortgage Professional
Southern California's best mortgage brokers will be happy to help you prepare to buy your first home. At Summit Lending, we frequently work with first time home buyers for months or even years before they purchase a home. We work with future first time home buyers to increase credit, plan for paying off other debts, and saving for a down payment, which are necessary steps to take.
Review Your Credit
When you're starting to think about buying your first home in SoCal, you'll want to review your credit with a top mortgage professional, to ensure that everything is reported correctly, to correct any errors, and to look for ways to improve your credit. Even paying off one credit card, or other loan can help your credit to increase significantly within just a few months.
Determine How Much You Can Pay Each Month
Again, when working with a top-rated SoCal mortgage broker, you'll be able to determine how much you can truly afford to spend on a mortgage payment each month. This will help you to determine what price point you should be looking for, when it comes to buying a home.
Continue Saving for a Down Payment
There are wonderful programs available to first time home buyers in SoCal which offer low down payments. However, it is smart to try to save as much as you can before you find a home so that you have more options when it comes to financing. For example, you may find that it is in your best interest to secure a loan with a larger down payment in order to have lower monthly payments. On the other hand, perhaps for your unique situation, you need a low down payment loan, but are able to pay a higher monthly mortgage payment. A top-reviewed, respected SoCal mortgage broker will be able to help you to decide what works best for you and your family.
Obtain Your Pre-Approval
Secure your financial pre-approval through your mortgage broker or mortgage lender, so that you're ready to hit the ground running once you find the home you've been working so hard to buy. A pre-approval letter will ensure that once you do find the house that you want, your offer has the greatest chance of being accepted, because your financing is all in place.
Find a Top, Local, SoCal REALTOR®
Experienced, local REALTORS® will make the process of finding your first home much simpler. Their knowledge of the local markets, their access to homes coming on the market, and their ability to weed out homes that won't work for your needs and/or budget will save you endless hours of research.
If you're ready to begin the process of preparing to buy your first home in Orange County, Los Angeles County, San Diego County, Riverside County, San Bernardino, or Ventura County, contact Huntington Beach based Summit Lending today. We are here to help you through the process of buying a home, by working with you to improve your credit, planning for your down payment, and finally securing your mortgage loan at a low interest rate, so that you can buy your first home in SoCal.
As top a Yelp! reviewed Orange County, CA mortgage broker and direct mortgage Summit Lending provides low interest rate mortgage loans, including refinance loans, VA loans, first time homebuyer loans, FHA mortgage loans, conventional mortgage loans, reverse mortgages and more to Southern Californians. Our top-rated Huntington Beach based team has all the loan products available to meet your home financing needs, whether you're a first-time homebuyer or you've bought and sold multiple homes. Summit Lending can be reached online, on Facebook, or via phone at 888-451-9006.