Are you ready to buy your first home? Here are tips to know what steps you should take to make your dream true. There are four steps to prepare to buy the house, according to the release of domicile properties.
The first step is to figure out your price range. Rather than looking at a mortgage calculator online, it's best to find a mortgage person that you trust, that's experienced and primarily does loans in San Francisco. Loans are extremely difficult to get in the current environment and you need expert help to navigate the process. Even if you are super qualified, it's still difficult. Interest rates are based on your credit score, your income and your down payment. If your credit score is below 700, your interest rate will generally be affected. No one can quote you an exact rate until they know your credit score. Don't base your choice of a mortgage person only on interest rates.Obviously, this is the most important factor in your decision but service and experience will factor in as well.
The second step is to have your financial information available to a mortgage person. You will need copies of your banks statements, your pay stubs, and tax returns, if self employed. Your mortgage broker/lender will give you a list of documents you will need to supply.
The third step is to choose a real estate agent to work with. Find someone that you like, trust, and that has experience in the areas of San Francisco that you want to live in. You require a real estate agent that will take the time to teach you the current real estate market and ensure you get the most for your money. When you pull the trigger to buy, you should totally understand that you've spent your money wisely. You should also feel confident that you've made the right choice given your location requirements and financial parameters.
Finally, you also want to find a real estate agent that looks at a lot of property. When you find a property to buy, you will want to see comparable sales and you can only get an accurate valuation of price if your real estate agent has actually seen many of the comparable properties. Many prime properties in San Francisco end up in a multiple offer situation. You want to make sure you pay the right price to get what you want and don't leave any money on the table.
SOURCE Domicile Properties
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