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Buying your first home in SoCal is an exciting event, and from a financial standpoint, it’s also a terrific investment. Home ownership – particularly in Southern California – can help you to obtain many of your future goals and dreams, as real estate is historically a terrific investment.
It’s true that Southern California’s housing market is competitive, and it is a high-cost state. But home values in SoCal also consistently increase over time, even if there are periods in the market where they temporarily decline. With that said, if you’re ready to buy first your first home, condo, or townhouse in Orange County, Los Angeles County, Ventura County, Riverside County, San Bernardino County, or San Diego County, the steps you’ll take to start the process are simple.
5 Easy Steps to Finance Your First Home in SoCal
- Meet with a Top-Reviewed Mortgage Broker/Direct Lender
Spend some time researching mortgage brokers in SoCal. Look for customer reviews online and look for experience. It’s a wise move to work with a broker, because they can shop for the best loan programs, and the best interest rates in Southern California. Mortgage brokers in SoCal who are also direct lenders offer even greater benefits, as they can not only shop for the best interest rates from multiple lenders; they can also fund your loan directly if their own programs are the best fit for your financial needs.
- Calculate How Much Money You Can Provide for a Down Payment
In some cases, first time homebuyers in SoCal are helped by family members when it comes to a down payment. Keep in mind that the larger your down payment, the lower your monthly mortgage payments. Do your best to determine how much you can provide as a down payment.
- Decide How Much You Want to Pay in a Mortgage Payment Each Month
Many first-time home buyers think they should decide what price range they should look for in a home. This is actually not the best barometer for deciding on a home. Instead, you want to look at your overall finances, and determine how much you feel comfortable spending on a mortgage payment each month. That will help your mortgage broker, and your REALTOR® in your search for your first home.
- Obtain Your Pre-Approval
Through working with your SoCal mortgage broker, you’ll be providing necessary documentation for them to find the best loan for your needs. Once you’ve chosen which mortgage loan you’re most comfortable with, your mortgage broker will secure a pre-approval for you. Having a preapproval is vital in SoCal’s real estate market, as you’ll need it to make sure you can compete with other buyers.
- Hire a Top-Rated REALTOR®
Look for a REALTOR® who has experience in the neighborhoods where you would like to live. A local buyer’s agent will be well versed in the homes currently on the market and are often even aware of homes that are going to be coming on the market soon. An experienced SoCal buyer’s agent will be invaluable, as they will help you to not only find the perfect home to fit your budget, but they will negotiate and advocate on your behalf to make your offer stand out from others.
If you’re ready to buy your first home and need financing in SoCal, contact Summit Lending today. As top reviewed SoCal mortgage broker and direct lender, we provide low interest rate mortgage loans, including VA loans, first time homebuyer loans, government loans, and more. Our top-rated Huntington Beach mortgage brokers have decades of experience and all five-star reviews online.
Contact us today at 888-451-9006 or by clicking here