Purchasing your first home might be the greatest decision some people will ever make. Although it can be daunting to think about the biggest investment you make in your life, if you take the appropriate steps it can be a smooth ride. A first time home buyer is actually in a great position to take advantage of many opportunities that will benefit them. One of the most important differences between renting and purchasing is that you OWN your home. When you rent and sign that check, that money is gone permanently. On the other hand, when you purchase you allow the money to be put to good use and you will save tons! Here’s a rent vs, buy caculator from THE NEW YORK TIME BLOG.
One of the most common problem facing buyers is bad credit, but there are other options that are available. Federal mortgage programs like FHA, local home buying programs and housing counseling agencies can assist buyers. The key is to stay positive and not lose hope.
To become familiar with the home buying process a real estate broker is the best idea. We cover the entire process from A-Z and keep your stress at a minimum while they keep the entire experience simple and easy. If you have questions about a particular neighborhood, traffic volume, safety, etc., we will have the answers. Almost anything that you can think of the broker will be able to determine, especially the important financial questions that can be confusing. Home buyers in Contra Costa County have access to a lot of this data online though all the City websites and other blogs.
Another topic that worries most buyers is the amount of money they need to buy a home. This depends on a number of factors and is looked at by the mortgage programs available. The rule of thumb is the buyer needs to come up with three costs: the initial deposit, down payment, and closing costs. This can range from 3% to over 20% depending on the loan program and your individual situation. We will also be able to point you in the right direction toward getting a loan and finding the right lender. We are familiar with the market and what lenders are offering. Typically the mortgage approval process takes 3-6 weeks.
The current real estate market in Contra Costa County offers opportunity to all buyers and sellers. If this is your first time buying a home or if you are buying up to a larger home or if you’re down-sizing the San Francisco Bay Area real estate market is very attractive.