10 Steps to Buying a Home
Most people in the market for Los Angeles real estate loans are looking to buy a home. We've broken the home-buying process into ten simple steps to help you along the way:
- Check your credit score. The interest rate and terms you get on your LA real estate loan will depend heavily on your credit score. Make sure you know yours going into the process.
- Figure out how much home you can afford. Sit down with your budget and calculate what kind of home payment you can comfortably afford.
- Think about pre-approval. Pre-approval on Los Angeles real estate loans will give you an advantage over other homebuyers.
- Hire a real estate agent. Ask family, friends, or neighbors for their recommendations on a trustworthy and effective realtor.
- Search for your home. Make sure you make your wants and needs abundantly clear to your real estate agent so he or she can make your search more efficient.
- Make an offer. Always consult with your realtor when making an offer, and, if you have pre-approval, be sure to include that in your offer. Don't forget to mention that your offer is contingent upon a successful home inspection.
- Choose the right loan. You have many Los Angeles real estate loans from which to choose. Primarily, your choice will depend on how comfortable you are with risk and the interest-rate climate at the time you close.
- Lock in your interest rate & points. If interest rates change during the closing process, you don't want to have to pay the price with your home loan. Ask your lender to lock in your interest rate and points for a certain period of time, usually 30 days.
- Have a home inspection and appraisal performed. Your real estate agent and/or lender can recommend a company or person to complete these tasks.
- Closing. Closing on Los Angeles real estate loans can be an expensive, time-consuming endeavor. Make sure you have enough cash saved up to complete the process and read over all documents carefully so no mistakes are made.