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First time buyer guide

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Major steps for First time home buyer and associated information

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First time buyer guide

  1. 1. First Time Home Buyer A Simple Guide June 1, 2016 www.InvestinSouthBay.com
  2. 2. ❖ Pre-qualify for a home loan ❖ Determine the maximum purchase price and amount of down payment required by consulting with a local lender. Click here for a list of lenders in South Bay with proven track record. Obtain a pre-approval letter from your lender. Click here for a list of recommended lenders in the South Bay area. ❖ Find a local Realtor ❖ Finding the right home and the home buying process is best handled by a well-trained and experienced Realtor, who is willing to commit to your needs. You should choose a Realtor who you feel comfortable and willing to take the time to explain everything every step of the way. Click here to contact us. ❖ Find the right home and submit an offer ❖ Let your Realtor show you homes to fit your needs and determine an appropriate purchase price for you. An experienced Realtor is equipped with the latest data to determine a reasonable purchase price for the property. You will need a pre-qpproval letter, a deposit check (about $3,000), a copy of a bank statement and a purchase offer prepared by your Realtor. ❖ Open escrow once an offer is fully accepted ❖ Your Realtor should guide you through the entire process of buying a home, including opening of an escrow, getting you all the necessary documents and disclosures. (Continued) Basic Steps of Home Buying
  3. 3. ❖ Get a professional inspection done for the property ❖ This is a very critical step in finding out all the defects and particulars of a property. A good property inspector can discuss all worthwhile deficiencies and details about the property and provide you with a comprehensive inspection report. Of course, the inspection is normally performed at your expenses (approximately $300 for a house). The findings about the property allows you to make a decision to continue with the purchase, cancel the offer, make repair requests to the seller or make an adjustment in the price. Click here for a list of recommended property inspectors in the South Bay area. ❖ Complete the loan process ❖ Your lender will order an appraisal for the property (at your expense). ❖ Get a loan approval (or conditional loan approval). Remove all loan contingencies detailed by your lender ❖ Sign loan docs (approximately 5 days prior to closing of escrow). ❖ Deposit remaining funds to close the escrow. ❖ Close escrow and obtain keys ❖ Enjoy your Dream home! Don't forget your Home Warranty! Basic Steps of Home Buying
  4. 4. Contact us for more information Click here to contact us for home buying inquiry Visit our website at: http://www.investinsouthbay.com Call: (310) 528-4271 email: salim@InvestinSouthBay.com
  5. 5. Recommended lenders in South Bay Area Nicholas A. Costa II Branch Manager NMLS# 485760 Office 310.602.3912 Cell 310.941.1666 2790 Skypark Drive Ste. 116 Torrance, California 90505 NickCosta@eaglehm.com http://www.NickCostaII.com Jonathan Caguioa Mortgage Advisor Allianz Mortgage Services Phone: 949-241-2527 Fax: 866-296-9115 lenderguide@gmail.com Tony Gonzales Sales Manager NMLSR ID 942323 Wells Fargo Home Mortgage | 3400 Torrance Blvd, Suite # 104 | Torrance, CA 90503 Tel 949-378-6322 | Fax 866-630-2712 tony.gonzales@wellsfargo.com | www.tglending.com Jerry Friedman Platinum Home Mortgage Mortgage Lenders 20501 S. Avalon Blvd., #A Carson, CA 90746 310-901-5726 JFriedman@ephmc.com
  6. 6. Recommended Property Inspectors in South Bay Del Fine Inspections Vince Del Fine Owner/Inspector Cell: (424) 264-4719 Email: delfinehomeinspections@gmail.com www.delfinehomeinspections.com Facebook: Del Fine Home Inspections Greg Terry Diamond Property Inspections (951) 351-1855
  7. 7. • Recommended Home Warranty Providers in South Bay First American Home Buyer Protection Kara Ratelle Area Manager cell: 310.617.5486 kratelle@firstam.com
  8. 8. • Want more details? The following website will provide you with a detailed discussion of home loan and the buying process. HOme Buying Tips & Tricks The following website will provide you with a detailed discussion of home loan and the buying process. Home Buying Tips & Tricks The following website will provide you with a detailed discussion of home loan and the buying process. Home Buying Tips & Tricks
  9. 9. http://www.nytimes.com/interactive/business/buy-rent-calculator.html
  10. 10. • Want more details? CALL SALIM PATEL FOR MORE INFORMATION OR QUESTIONS (310) 528-4271 Salim@InvestinSouthBay.com

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