Step-by-Step Home Buyers Guide

Congratulations! You have decided to turn your dream of homeownership into a reality. Because a real estate purchase is one of the largest investments in your life, it is important that you select the right real estate agent, know the neighborhoods, and thoroughly understand the real estate transaction process. We’re here to help guide you through every step of your transaction and ensure a smooth closing experience. Our home buyers guide is an important tool for you to buy your dream home.

How Much Home Can You Reasonably Afford? 

Before you begin the search for your dream home, decide how much you can comfortably spend. Get Pre Approved for a loan. Mortgage lenders most often will take into consideration all of the following:

• The size of your down payment
• Your job stability
• Existing debts
• Credit references
• Payment history

Knowing your credit status and how credit agencies rate your credit also may be a deciding factor, especially when you begin talking to lenders.  With the largest amount of repeat business in the Los Angeles, you can be assured a smooth and enjoyable transaction when purchasing through Faruk Bhuiyan. Follow home buyers guide.

Get Quote From Three Mortgage Lenders

Getting a rate quote is a good starting point for comparing loan offers. Because mortgage rates change regularly and can vary considerably from lender to lender, aim to get rate quotes from at least three lenders. Often, you can get a quote for free through the lender’s website if you provide some basic information, like the loan amount you’re looking for, your down payment and credit score range. In general, you’ll want to pay the lowest interest rate because that means less money spent monthly and overall. Follow home buyers guide.

Go Shop For Your Home

This is the fun part. Talk to your real estate agent about your budget and top requirements so that you don’t waste time looking at homes that don’t meet your needs. If possible, visit homes in person, and avoid buying a home sight-unseen, even if it seems like the perfect fit based on an online description and photos. Use Home Finder to locate your home. Choose the right location.

During showings, tour the home and the neighborhood. How would you feel if you discovered the neighborhood was too congested with traffic, is near an airport or the nearby schools are underperforming? The location is often just as important as the home itself. For a home in a homeowners association, get a copy of the HOA documents so you know what the rules and fees are. Follow home buyers guide.

Make an Offer

You may already have an idea of where you want to live. Utilize our neighborhood comparison chart to find the Los Angeles community that best suits your needs. Look at the surrounding houses in the neighborhood. Are the homes and yards well kept? The condition of these homes will affect the value of the home you buy. Whatever you do, don’t be afraid to ask questions. Your real estate agent will be very happy to provide you with as much information as possible. Remember, this may be the largest purchase you will ever make. Ask questions until you are satisfied with the answers.

Getting Keys and Moving In 

Congratulations! The day of funding is usually the “get the keys” day. But at least one more thing has to happen: recording. Recording is when the county or local government puts the new ownership on the books. Once the recording is confirmed, you now own the house. Within 24 hours of closing, you’ll do a final walkthrough of the property to make sure repairs, if any, were made and that the home is vacant. At the closing table, you’ll sign a lot of paperwork to finalize the loan and transfer ownership of the home from the seller’s name to yours. Follow home buyers guide and tools.