First Time Home Buyer - 5 Steps To Get Ready

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.