A simple 10-step guide to buying a home in California
Buying a real estate property in California is very complicated and difficult process. Thankfully, you can always follow 10 very easy steps and make the process much more straightforward:
- Are you prepared to own a house?
Regardless of whether it is a first house you are buying or perhaps you had to purchase one before, the process is both financially and emotionally tough and you will need an experienced team of experts by your side.
- Find a real estate agent
Buying property involves inspections, financing, various forms, pricing, marketing and negotiations, it is only natural that you will want to work with the industry’s experts, who are aware of the process. Real estate agents are the right experts for you.
- Obtain a mortgage pre-approval
Majority of people, who are buying a house for the first time will need to finance the purchase, so consulting a mortgage broker is imperative in this process. Discover what you can actually afford prior to starting to look for a house. Please refer to a list of documents required to apply for a mortgage loan in California.
- Browse through homes
A brief search online will reveal thousands of options. You will need to educate yourself regarding the market as well as work with a real estate agent in order to make the process more transparent as well as more understandable.
- Pick a home
Choose a house that will satisfy your needs and requirements.
- Find the necessary funding
A price of financing a purchase is at times more expensive than a price of a house itself – it includes closing costs, taxes and after interest. Learn as much as you can about the mortgage options as well as any additional fees.
- Make an offer
Although plenty of attention is given to the asking price of the house, the offer to buy will include both the terms and the price. At times, the terms could represent thousands of dollars of additional value or even additional cost for the buyer. (Learn more about new 2022 conforming loan limits in California)
- Get proper insurance
No well-minded driver will drive the car without insurance and it is only natural that a home requires one as well. Property insurance will protect owners against unforeseen or tragic situations.
The closing process is also referred to as settlement or escrow, is largely automated and computerized. The process will bring all parties together to complete the transaction.
- What is to follow?
You made it! You checked properties, made an offer, got finances and closed the transaction. The house now belongs to you. So what is next? It depends on whether you are a first time buyer or perhaps are planning on obtaining yet another property as well.
One way or the other, completing the deal and proceeding to the next one will be much more straightforward if you will have a team of professionals and experienced California mortgage broker by your side during the entire process. Contact LBC Mortgage to learn more about your loan options, or follow our guides for first time home buyers, second time home buyers, no closing cost mortgages, investment property guide, non-qm loans, no ratio mortgages, cash out refinance, guide on how to reduce mortgage payments or no doc no income verification program.