What Home Buyers Need to Know When Buying a Home
Buying a new home is much further complicated than viewing homes and choosing one. It's one of the biggest. Because it is one of the greatest financial that most of us will ever make. Preparing and research the process will make the transaction flow smoothly. The Hugh Lilly and Maria Estrada at PMZ Real estate offer these suggestions to help you in you search.
Initial Steps Before You Look at Homes
- Discuss with you family how much you can afford and budget for it.
- Make a list of those things that are essential in a home and then consider features that you would like to have.
- Choose several locations that fit your lifestyle and security concerns.
- Take a look at your financial situation and determine if you have the funds for the initial down payment and additional funds for closing costs that usually average between 3 and 6 percent of the purchase price.
- Determine you credit score (FICO) most lenders in today’s market want to see a credit score of at least 620 but some lenders such as Wells Fargo have put together special FHA programs that may consider 500 to 579 with a 10% down payment.
- Not all mortgage lenders are the same and research several lenders is important. A good mortgage lender will pre qualify you for a loan and discuss with you the different loan programs that will best suite you needs
- The lender you choose will ask for your financial documents: tax returns, w-2’s verification of employment and checking and savings with this information they will compute the overhead of owning a home.
The potential for owning a home will be one of your greatest financial investments and can bring many years of satisfaction and in the long run substantial financial rewards. But keep in mind that it is important to do the research up front and assemble the best real estate team available. The Real Estate Team of Hugh Lilly and Maria Estrada at PMZ Real are knowledgeable real estate professionals. They can help you buy or sell a home throughout Stockton, Lodi, Elk Grove and the Central Valley, contact us at Homes in Stockton For Sale.
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