First Time Home Buyer - 5 Steps To Get Ready

August 18, 2017


First time home buyer successfully purchases his dream home, with the intention of building his wealth overtime through his new investment. His dreamy home – 1733 Brockton Ave – was a rare find, a pristine 2 bed, 4 bath town house in the coveted West LA neighborhood.


Our wonderful first time home buyer client had diligently saved up enough money for a very healthy down payment and then got pre-qualified for a loan through our preferred lender, Mortgage Capital Partners. After spending several months looking for the right first property, we found his perfect home. He had been holding out for a town house style unit with the living area and bedrooms above the ground floor along with ample space for a gaming room complete with wet bar! Once we found his perfect home, we had to prevail in a multiparty counter offer situation, in which we were competing with all cash buyers. With good communication and a calm and measured approach, we were selected as the winning buyers and sailed through a straightforward escrow and closed in under 45 daysThinking about purchasing your first home?


 Consider these 5 steps:

  1. Strengthen your credit score – one of the most important factors that a lender will look at to see if you’re a good candidate for a loan.

  2. Create a budget – keep in mind the maximum price you can afford. Create a list of you needs vs. your wants, understand you may not find one property with everything you desire.

  3. Save for a down payment and closing costs - Lenders usually like to see a 20% down payment before they'll give you a loan.

  4. Do your research – start thinking about where specially you want to live. What neighborhood? Does the school district matter? What’s the proximity to you work? 

  5. Find a trusted advisor - working with a real estate agent can make navigating the entire process much easier.

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