George L. Duarte - Mortgage Loans Fremont California Horizon Financial Associates

3 Useful Tips for First-time Homebuyers Trying to Navigate the System Whether you’re tired of renting, need more space or want to make an upgrade, buying your first home is the solution. However, if you have never participated in the market before it can be a bit daunting at first. Let’s explore a few useful tips that are helpful for first-time homebuyers who are new to the process of buying real estate.

Tip #1: Begin With The End In Mind

Before you start exploring local home listings and shopping around, it’s worth asking yourself both what you ‘need’ in a home and what you ‘want’ in a home. For example, are you single or married? If you are married or are likely to be in the near future, are you planning on having a family? Will you need space for pets? What area of the city is most convenient for your commute? And so on. If you start by knowing exactly what you need, it will be that much easier to narrow down your options.

Tip #2: The Market Determines The Value Of A House

The second tip to keep in mind is that your local real estate market is what determines how much a home is worth. What you can afford has nothing to do with a home’s value, nor does your opinion of its current condition. In some cities, homes will sell with the intention of being torn down after the purchase completes.

Tip #3: Go Low, Start Slow

Finally, when you’re ready to make an offer, it should be one that is as low as possible without insulting the homeowner. Buying a house is not like buying groceries or clothing. The price isn’t fixed and is certainly going to be open to negotiation. Conversely, you shouldn’t be surprised if and when the seller makes a counteroffer against yours. The more you’re prepared for a lengthy back-and-forth to hammer out a final price, the more likely you are to be successful.

When you’re ready to buy your first home, contact us and we’ll be happy to help.

Speed up Your Mortgage Closing Process With This Handy Four-step Guide Are you in the market for a new house or apartment? If you are financing the purchase by taking out a mortgage, you’ll want to know how to make this transaction run as smooth as possible. In today’s article, we’ll share a quick four-step guide to speeding up the mortgage closing process.

Step #1: Check In On Your Credit Score

The first step before applying for your mortgage is to check in on your credit. Request a copy of your credit score and history from one of the major reporting firms. Go over this report, paying close attention to any old or outstanding items that you may have already dealt with. Many individuals have old delinquencies that must be challenged to be removed from the report, so take care of these first before applying.

Step #2: Have All Your Documents Prepared

As with any loan, taking out a mortgage requires a small mountain of paperwork. The best way to speed this process up is to have all of your financial documentation ready for inspection and use by the lender.

Note that each mortgage provider has different requirements for what you’ll need. A brief list of some items which are commonly requested includes your current employment details, recent pay stubs, recent W-2 forms or tax returns, proof of self-employment or other means of income, asset details such as bank accounts and investments and debt information such as other mortgages, student loans and more.

Step #3: Have An Offer Ready

If you have already settled on the home that you want to buy, it’s best to get your offer prepared in advance of being fully approved for mortgage financing. Your real estate agent will be able to help with crafting an offer that is subject to the home passing an inspection. It’s especially important to have an offer ready in the event that other buyers are competing for the same home that you are.

Step #4: Get The Inspection Finished Promptly

While your lender is completing the home appraisal process, you should be having the home inspected. Getting the inspection completed promptly will prevent any delays due to problem areas that might be uncovered. For example, a pest problem like termites may need to be dealt with, or minor repairs to the roof structure may need to be scheduled.

Following the steps above will help to ensure that your mortgage closing process goes as smoothly as possible. To learn more about your mortgage options or to get the pre-approval process started, contact us today. Our friendly mortgage professionals are happy to assist.

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