Never bought a house before... Live in California?

Question

I was wondering if there are any tips or things too look out for when buying a house.

We (my husband and I) are first time buyers
We have been pre-qualified for a loan (step one)
And we know what we can afford and not afford

I talk to friends at work and they are always telling me new things... I want and NEED to know more.... any and all help is GREATLY appreciated. (past experiences are great too)

Yes, we are per-qualified by a licensed broker. (not by mail)So we have that part covered

We are also not willing to move out of state because it is cheaper, it would be harder to get a job (and become established as we are now) I believe it would add to stress. I know that houses are cheaper else where but so is the pay. I know California is high (believe me i know *smiles) but to us this is worth it.

Answer 1

Find a good deal, usually through a Realtor, and make sure you don't overpay. Most first-time homebuyers end up overpaying for a house they "fall in love with". Don't let that happen to you. Find several homes you like, then make several offers at YOUR price and have in mind what you would pay MAXIMUM for each house. Stick to that figure.

Answer 2

We bought a house 2 years ago in another part of the country. We use to live in CA and I know the high cost of housing. One thing to remember is, what ever the amount they say your mortgage is, count on a lot more. You must add in taxes, insurance, higher utilities, lawn care, pool care, etc. Do not pay so much that you can not afford to update, or buy new pieces of furniture for your home. I've seen so many buy a house and the house is empty, because they can not afford to buy furniture. Another important thing is buy the lessor priced one in the neighborhood, it is more likely to appreciate in value. Small improvements, i.e. painting, landscaping can add a substantial increase in value. Enjoy your home when you get one. You want it to be a home, not just a house. Take care. Rea

Answer 3

Put down at least 20% of the cost of the house, if you can. Then you won't have to pay Private Mortgage Insurance or PMI. It's a huge ripoff. It's basically insurance you pay, if you have less than 20% equity in your house, so that if you default on you loan, the mortgage company will be paid in full. Also, get a mortgage that will escrow your property taxes and homeowners insurance. It increases your monthly payment, but when the bills come in you don't have to worry about them.

Answer 4

first of all seek out a "buyers agent" they will look after your best interests!! after you find the house you love... make sure you stipulate in the contract that a home inspection be done and make that a contingency on the sale if the owners refuse to repair or replace anything found. hopefully, the house will come with a home warranty which means the owners have purchased an insurance plan that will cover anything major within the first year. this will not cover dishwashers, washer/dryers.

Answer 5

be sure to get a copy of your good faith estimate and be sure that you know what the interest rate is that they are quoting you. then go and find two other mortgage brokers or better yet...take the good faith estimate to your credit union or your bank...see what they can do for you...if you fall below thier guidlines then check the fees with two other brokers...be sure that it is a blind test ( don't give them the other guys good faith estimate)...compare...go with who quotes best...but if you have a non-family member that is somewhere in the real estate business...ask for their opinion on who would be best to walk you through this...buying a home is the biggest decision and investment you will ever make...be comfortable with whom you chose to close your deal...if you can't trust the person the experience will be a nightmare!
i am a mortgage broker in california...if you need a third party expert opinion feel free to contact me...no charge!
good luck!

Answer 6

From what I have seen, California is the most expensive place to try and buy a house. I have compared the market here in Texas to what is comparable thre and it blows my mind.

Is there any possibility you could move out of CA? You would pay less for housing and also not have to worry about earth quakes.

Answer 7

If you're "Prequalified" because of all of those letters that you get in the mail, you havn't actually been approved for a loan. That's how lenders direct market to everyone.

I would speak with an EXPERIENCED loan broker--they can shop around for the best deal for you,

Answer 8

don't get the remington. The ruger 10/22 has greater aftermarket areas and is greater stable. Your nevertheless going to could wait 10 days. Sucks. i might say the main suitable thank you to income is to flow with somebody who has journey with weapons. hassle-loose saftey measures are first to be discovered like continually checking to confirm if the gun is loaded, factor the gun in a secure direction do no longer factor it at some thing your no longer prepared to injury, continually think of of it as loaded and on no account factor it at yet somebody else ever. i do no longer comprehend the 4 in terms of quoting them yet i comprehend them. A .22LR isn't a sturdy protection gun. it is going to do the interest yet there are greater suitable possibilities obtainable. I shop a mossbeg 500 12 gauge next to my mattress and a 50 shell bandoleer on the bedpost. it is loaded and that i make particular no person touches it yet me. I even have defined it to the kiddies that come by on social gathering. touch it and your out of my abode for sturdy. stages do have training however the basics could nicely be study online. journey is fundamental, no longer something beats it. I even have in simple terms these days been waiting to get my ar15 out and that i want artwork with it. 2.5" groupings kneeling are no longer sturdy at 25 yards.

Answer 9

If you are leaving i do not blame you since home price are so dam high. They have made a bubble that is breaking now. I would hang in there a few years and stay out of debit and save.
also check out this web site to see is the market s honest and open, it is not since they made a bubble.

http://www.breakingbubble.com/index.htm

Answer 10

Find a good real estate agent to work with. Somebody who you trust and who is not too busy. There is absolutely no cost to you. Make sure you tell her you want to take time looking. You want somebody who is from a large brokerage firm who offers clients full access to MLS listing online so you can look for listings on your own.