Are You Ready to Buy Your First Home? Find Out!

Are your finances squared away?

Before looking at potential homes, you need to make sure you can afford all the costs associated with buying a property. For a conventional loan, you can expect to save 20% of your home’s purchase price as a downpayment to avoid paying private mortgage insurance—an extra cost usually added to your monthly mortgage payment. However, options like the FHA loan allow buyers to put down as little as 3.5% and still get them into the home of their dreams, so that may be something to consider if it better suits your financial needs. Closing costs vary based on the terms of your loan, but you can expect to pay 1% to 2% of the purchase price. The more money you have saved for your first home, the lower your mortgage payment will be, so ensuring that your finances are squared away is a must to ensure a smooth buying process.

Do you have a great credit score?

While the number associated with your credit worthiness might seem insignificant, it can significantly impact the home-buying process. When you’re being pre-approved for a loan, your mortgage lender will check your credit report and score. This will give them pertinent information about your financial situation, including your payment history and outstanding debts. A high credit score significantly increases your chances of getting approved by a mortgage company, as it shows your lender a high probability you will repay your loan on time. The higher your credit score, the lower your interest rate will be on the mortgage loan, which overall increases the amount of home you can purchase within your budget.

Do you have an idea of where you want to live?

San Francisco’s East Bay area is home to an eclectic assortment of neighborhoods offering a variety of amenities, so determining what communities best suit your lifestyle can help speed up the process. Are you interested in moving to Dublin, CA? A gated community? City living? Take a moment to reflect on where you want to live so that you can hit the ground running when it’s time to start looking at homes.

Have you gotten in touch with a realtor?

If your finances are settled and your credit score is at an all-time high, it’s time to get in touch with a realtor. You've found an area you'd like to buy in, so now it's time to find a real estate agent. With San Francisco realtor Prema Subramanium’s invaluable knowledge of the buying process, you can expect a smooth, professional real estate experience. Whether you’re perusing luxury homes in Danville, CA, or setting your sights somewhere else in the East Bay, Prema can help you find a home you'll love and cherish for years to come. Contact her today to start your journey to becoming a homeowner.

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Prema understands what it is like to stand in her client’s shoes. Buying and selling houses of her own, has afforded Prema a sensitivity towards her client’s journey. Meeting new people and helping clients find the right house to call home is her passion.
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