7 Steps To Becoming A Successful Home Owner On The Central Coast
Steps To Homeownership
With interest rates on the rise, many buyers are jumping into the market in order to lock in historically low rates on their mortgages. As interest rates rise, your monthly mortgage payment rises, impacting your debt-to-income ratio, a metric that lenders use in determining how much you can borrow. This may lead to some buyers getting priced out of the market based on changing interest rates alone.
If buying a home was on your 2022 goals list, here are the 7 steps you can take to become a successful home buyer on the Central Coast today:
Request a consultation with us to identify your real estate goals and review the home buying process in current market conditions. Notice, we didn’t start with “look at houses”? The market is moving quickly and as real estate agents we educate you on the things you need to learn and get in place before you find “the one”. If you are planning to buy a home anytime within the next 12 months, it’s not too early to reach out.
Get pre-approved for a loan. Or better yet, get fully underwritten so that you can compete with all-cash offers and expedite the closing process.
Tour properties and neighborhoods that fit your criteria. Whether at an open house or private showing appointment, get out there and see properties. It is the best way to learn and refine your search.
Submit an offer. Once you identify a home you love, you can submit an offer. We will review all of the contract terms with you and help you strategize so that you can be both confident in your purchase and, hopefully, successful in a multiple-offer scenario.
Once your offer is accepted, escrow is officially open.
Home inspections and appraisals. During escrow, you review loan terms with your mortgage company, conduct home inspections, and order an appraisal. Typically an escrow period is about 30-45 days.
Closing Day! You've closed on your new home. Congratulations, you’re now building equity in your very own home.
We know this can feel overwhelming. From start to finish, this process may take a few months, a year, or even longer. We work on your timeline and are here to be your resource through the highs and lows of your home-buying journey.
To get started schedule a one-on-one consultation with us.
