Now is the time to buy for many millennials. Many are first time home-buyers looking to make an investment into their future. Downtown San Diego is a prime location for millennials looking to stay where the action is and also own a piece of the American dream. Millennials are poised overtake the baby boomers and become our largest group of home buyers in 2015.
Today people are more educated than ever before, with websites such as Zillow, Trulia, and Redfin buyers are constantly in the know about what homes are for sale, current interest rates, and are gearing up to make their purchase. Here are some helpful tips to making your first time home buying experience a smooth one.
- Know what you qualify for
- Sit down with a loan officer and go over your finances before you start looking.
- Bring everything your loan officer asks you for to determine what you qualify for – Every document that is requested is important so try to be a thorough as possible.
- Decide what type of loan will work best for you – will this be a long term home for you or just a short term investment? The answer to this will help determine what loan works best for your individual situation.
- Start looking at homes in your qualified price range
- Understand the process
- Once you have found the perfect place you will sit down with your realtor and make an offer based on your budget and the listing price.
- If your offer is accepted be sure that all of your documentation that you have given to your loan officer is up to date.
- Your loan officer will get started on your loan and order the appraisal on your new home.
- Once your loan has been approved, the mortgage company’s underwriter may ask for some additional supporting documentation.
- Loan Documents will be sent over to Escrow to be prepared for you to sign with a notary to get you one step closer to completion.
- Once the mortgage company has received the signed loan documents back from the escrow company they will finish the loan process and get your loan funded.
The first time you go through the loan process you may feel a little overwhelmed, but if you know what to expect it may make things a little easier on you. Stay in communication with your realtor and your loan officer so that you are aware of any issues or can help if they have question.
Are you a first time home-buyer? I would love to help you answer any questions that you may have. Please call me today and lets sit down and chat about what your options are and get you started on your road to owning a home.