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Jun 13, 2022 · Whether you’re building a house in Boston, MA or a home in El Paso, TX, a new construction walkthrough is an important step in the process. During the walkthrough, use your checklist, ask plenty of questions, and examine every corner of the house to avoid costly repairs down the road.
- Assess your financial situation and future goals. We can’t always predict what the future holds — let’s be honest, we probably didn’t see ourselves locked down because of a pandemic or foresee the crazy real estate market that followed.
- Determine how much you can afford. Living in California isn’t cheap, but you probably already know that. Determining how much you can afford in California isn’t as easy as it is in some other states due to special considerations such as additional homeowners insurance and Mello-Roos facilities districts.
- Research special programs for down payment assistance. There are organizations in California that offer down payment assistance and first-time homebuyer programs to help make the dream of owning a home a reality.
- Shop for a mortgage and get preapproved. When you start your homebuying process in California, you will want to apply for mortgage preapproval to get a good idea of how much you are qualified to borrow.
Oct 31, 2022 · This guide provides a detailed walk-through of the home buying process in California and is geared toward first-time buyers in particular. We’ll start with the basic steps that occur during this process, followed by some frequently asked questions.
Mar 17, 2024 · This checklist walks you through how to prepare to buy a house, with 10 steps you can work on right now to get off to a running start. 1. Review your credit scores. Your credit scores play a vital role in whether a loan officer will approve you for a mortgage.
- Down payment. The keystone to the cost of buying a home, a down payment is a percentage of your house’s cost that you pay to your loan provider. California homebuyers typically pay about 5.3% of the house’s cost, but a down payment can be anywhere between 3.5% and 20% of the house’s cost.
- Earnest money. If you find a home you love, the sellers may ask you to pay what’s called “earnest money.” Earnest money is one of the upfront costs in the process and establishes your interest in the home and signals to the sellers that you won’t change your mind at the last minute.
- Home inspection fee. Before you finalize your home purchase, it’s always wise to make an appointment with a home inspector. This is a crucial step when buying a house in California.
- Home appraisal fees. Home appraisals are one of the most financially-savvy things you can do before buying a home. It provides a sound estimate of the value of the home so you can be sure you’re getting your money’s worth.
The Department of Real Estate launched the First Home - California podcast in September 2023, with the goal of helping consumers get to a place where they know what to expect during the homebuying process, and to help them make sure they're ready to make informed decisions about what will likely be the biggest purchase of their life.
Jul 15, 2020 · A new house is also a new beginning for yourself, your financial goals, and your aspirations. To put it simply, you’re not just buying a house—you’re finding a place to build a home and a future. If you’re ready to become a homeowner, you’ll need to know how to buy a house in California that you love and can afford.
