Get Your Buying Questions Answered
From the initial search to the closing paperwork, the home-buying process comes with a lot of questions. It's easy to feel overwhelmed by everything, but don't worry — we've got you covered. From recommending the best lenders to work with to helping you figure out closing costs, take a look at some of the questions we get asked the most frequently by Thousand Oaks area buyers.
Still have some questions? Feel free to give the Doug Ranger Team a call today, and we'll help you out in any way we can!
1. Where Should I Start?
Before you start your home search, it's best to know where you stand financially. Take some time to review and evaluate your finances — including your yearly income, any outstanding debts, and your monthly payments. Once you have this information, you can come up with a general idea of how much you'll be able to afford as far as mortgage and down payment goes.
2. How Do I Know What to Look for in a Home?
Searching for your perfect home is all about you, so there's no correct answer to this question. If you're not sure what you want, take some time to reflect on a few questions: Do you want to be close to work? Is living in a good school district a priority? Are you looking for a quiet location or somewhere close to the action? Do you want an extra room for an office or study? How much yard space do you need? Be sure you know what you want in a home, and it can save you time and money in the end.
3. Why Should I Use a Realtor?
As your local Realtor and expert, I have years of experience in the Thousand Oaks area. I can help you navigate the ins and outs of the market, getting the best possible price for a home and answering all of your questions in the process. Plus, when it comes time to deal with those stacks of paperwork for closing, I'll be there to help you navigate all of that technical jargon quickly and easily.
4. Where and How Can I Get a Loan?
Loans are available through banks, credit unions, lenders, private mortgage companies, and government programs. As your local expert, I can recommend the best lenders in the area. If you choose to find a lender on your own, be sure to shop around for the best rates for you. If you think you might qualify for government assistance be sure to call a local government agency for more information.
5. What if I Have Bad Credit or No Down Payment?
If you find yourself in this situation, there's a good chance that you qualify for a federal mortgage program or home buying assistance. The Federal Housing Administration can offer insured loans, meaning that if you default the lender will still get paid. The Department of Housing and Urban Development also provides a variety of aid services. Take some time to look into these programs more to find out if you qualify for assistance.
6. Once I Find My Home, What Will My Upfront Costs Be?
- Earnest money: Think of this as the home-buying version of a security deposit. It shows the seller that you're serious, and it will eventually be put towards other costs like your down payment.
- Down Payment: This value varies, but it's a percentage of the total cost of your home that you put down right away. Depending on how large your down payment is, your mortgage payment will vary.
- Closing Costs: Since the buyer has a simpler closing process than the seller, your closing costs are usually low. These fees include lender charges and costs associated with paperwork.
7. What Other Costs Will I Pay?
Things like HOA or condo fees, property taxes, and utilities are examples of other costs, but they're typically included in your mortgage payment. If you're worried about additional fees, just ask me for more information!
No worries, just give us a call! Our team is dedicated to helping you find answers to all of your real estate questions, from how much your mortgage payments will be to who the best lenders in the area are.
Want more information? Learn more about buying a home in the Thousand Oaks Area!