First-time Home Buyers

Are you first-time home buyer in Palos Verdes, Rancho Palos Verdes, Rolling Hills, Rolling Hills Estates, or the surrounding South Bay area?

Follow these tips from HGTV

Part 1: Evaluate your life and finances

Compare the pros and cons of renting versus buying

Create a Wish List

Calculate a monthly mortgage payment you can afford

Create a budget for monthly homeowner expenses

Research the market where you want to buy

Figure out how you will get a down payment and pay closing costs

Start off small

Know your rights as a homebuyer and borrower

Part 2: Shop for a Loan

Study your financial picture

Learn the basics

Shop for the best mortgage rate and loan terms

Get pre-approved

Look into programs that will save you cash

Research homebuyer assistance programs

Figure out the impact on your taxes

Arrange financing for the home you want to buy

Protect yourself

Part 3: Find a House

Choose a neighborhood, type of house, and style of house

Research online to see what’s available

Look for a Realtor that is right for you

Work with the Realtor and discuss what you are looking for and can afford

Narrow down your choices and see the houses again

Caluclate the home’s market value

Make an offer

Part 4: Close the Deal

Finalize the purchase and sale contract

Choose a title company that will research the title and coordinate the closing

Get an appraisal

Get a professional home inspection

Get homeowner’s insurance quotes and pay the premium

Consider home warranty coverage

Do a final walk-through of the house

Review each closing document carefully

Get to know the HOA

Plan your big move!

 

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