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Getting started in the real estate market

On Behalf of | Sep 16, 2019 | Residential Real Estate |

Home buyers in California have many things to consider when preparing to purchase their first home and enter the housing market. There are a number of major decisions as well as a huge financial commitment involved in a purchase of this type. Home shopping can be exciting but also stressful, and many people are concerned about potentially making the wrong decisions. There are some steps that people can take to help make their home-buying process better and more productive for everyone involved.

It can be important to meet with a mortgage lender before getting started visiting homes, making offers or choosing a budget. The bank will provide a preapproval for a mortgage. This can give people a ceiling to their real estate budget. In addition, people can be prepared to make a firm offer with a mortgage preapproval in hand, particularly important in hot housing markets. Showing up with a preapproval helps to make clear that a buyer is serious about committing to a home. At the same time, potential buyers may want to consult with multiple mortgage lenders. By comparing offers for fees, interest rates and terms, people can find the best mortgage before committing to the loan.

At the same time, the upper limit of a mortgage preapproval should not necessarily be people’s target purchase price. Some people find themselves in difficult financial situations when they purchase a home that is too expensive on an ongoing basis, even if they get a mortgage approval. It’s important for people to consider all of their monthly expenses when choosing a home that fits within their budget.

When people think about buying a home, the process can be challenging and confusing to many even as it represents an exciting time. A residential real estate attorney may help people to negotiate and complete the transaction successfully.