Know These: Before Buying a House in California

Buying a home in California for the first time can be overwhelming for many first-time buyers. Very few homebuyers know where and how to begin the search to find a suitable one. You, as a first buyer, must know certain facts before buying a house in CA.

1. Budgeting-Budgeting for a CA home is the first most important step. There is no point wasting time and energy in house hunting before you know what you can afford. Therefore, the first step is to assess your finances.

2. Get pre-qualified for loan-Banks, mortgage lenders finance loans and mortgage brokers process them. Fill-up an application with all documents, and see how much you will get as loan and what is the processing cost. Compare and bargain between different mortgage brokers. 3. Consult your lender, if you have a bad credit-Your lender is able to advise you, whether your credit history will prevent you from qualifying for a loan or not and what are the alternatives.

4. Different mortgage types-With so many options available for CA mortgage loan types, it is important to determine if you are a risk taker or prefer more stability in financial dealings.

5. Down payment-It varies with the type of loan you are taking. Many down payment programs exist in CA. Consult your lender for assistance.

6. Closing costs-It varies from transaction to transaction, from area to area. These are the charges for services related to the closing of your real estate transaction. These include escrow fees, property tax, homeowners insurance, loan originating fees, title policy insurance etc. You can get a loan for financing the closing costs.

7. Mortgage interest rate-As you start shopping for a home loan, CA mortgage interest rates will become an important factor in your new home?s affordability. If rates are high, it is wise to take an adjustable rate of interest, since subsequent rate drops will reduce your monthly payments. If rate of interest is low, take a fixed rate to protect yourself against the possibility of rising.

8. Special programs for low/moderate income homebuyers-These loans are available through private lenders, as well as local and state housing agencies in CA.

9. Government loans-Apart from conventional loans, this includes Federal Housing Administration (FHA) fixed and adjustable rate mortgage loans and Veterans Administration (VA) fixed rate mortgage loan.

10. Points-A point is a loan origination fee or commission. Some lenders charge lower interest rate with high points. Compare between various lenders while shopping home.

Before you make your mind to buy a house in CA, go with these points in detail to avoid inconveniences later.

Posted by Shannon Albright on December 13, 2008 at 12:00 AM

About Shannon Albright
Shannon Albright is affliated with RE/MAX Realty Plus, which is located in Sebring, FL. For further assistance please use the contact information located on the right.

As of 05/22/12 the Shannon Albright RePage is ranked at 1,691 with 495 points.

Local Information for Sebring, FL

Latitude: 27.495623 -- Longitude: -81.444373

ZIP Codes for Sebring, Florida	33870 33871 33872 33875 33876
Area Code for Sebring, Florida	863
Time zone for Sebring, Florida	EST

Other Area Cities: Sebring, FL Avon Park, FL Lake Placid, FL

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As of the census of 2000, there were 9,667 people, 3,969 households, and 2,305 families residing in the city. The population density was 727.6/km² (1,883.7/mi²). There were 5,024 housing units at an average density of 378.1/km² (979.0/mi²). The racial makeup of the city was 75.81% White, 15.69% African American, 0.57% Native American, 0.74% Asian, 0.10% Pacific Islander, 5.06% from other races, and 2.02% from two or more races. Hispanic or Latino of any race were 11.00% of the population. There were 3,969 households out of which 23.1% had children under the age of 18 living with them, 42.0% were married couples living together, 12.0% had a female householder with no husband present, and 41.9% were non-families. 36.0% of all households were made up of individuals and 21.0% had someone living alone who was 65 years of age or older. The average household size was 2.25 and the average family size was 2.91. -- Source: Wikipedia.com

Florida 2000 Census Population Profile Map

	Sebring	Florida	United States
Population	9,667	15,982,378	281,421,906
Median age	42.5	38.7	35.3
Median age for Male	39.3	37.3	34
Median age for Female	46.5	40.1	36.5
Households	3,969	6,337,929	105,480,101
Household population	8,936	15,593,433	273,643,273
Average household size	2.25	2.46	2.59
Families	2,306	4,210,760	71,787,347
Average family size	2.91	2.98	3.14
Housing units	5,024	7,302,947	115,904,641
Occupied units	3,969	6,337,929	105,480,101
Vacant units	1,055	965,018	10,424,540

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Know These: Before Buying a House in California

Local Information for Sebring, FL

Latitude: 27.495623 -- Longitude: -81.444373

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