Ignite FB Tracking Pixel5 Things to Consider When Planning to Buy a House in California - Tony Vo
5 Things to Consider When Planning to Buy a House in California

by Tony Vo 04/29/2019

When planning to buy a home in California, there are many things to consider. While being able to afford it is essential, it is however not the only requirement that you should have when looking to buy a home. Typically, the steps required to buy a house in California are more comfortable when you are paying all cash, but that is the exception, not the norm. Most people go through a mortgage process that can be quite complicated if you do not know what to look out for and how to prepare for it. Here are some requirements to buy a home in California:

Saving for Down Payment 

One of the critical elements for purchasing a home in California is saving for the down payment. Home down payments can range from 3% to 20% of the selling price, depending on the kind of loan and many other factors. When thinking about buying a home in a few years, you can start saving a part of your salary for it. You can also save cash gifts to meet up the down payment requirements. 

Maintaining Excellent Credit Score

Having good credit matters when it comes to qualifying for a mortgage loan. A good credit score boosts your chances of getting qualified for mortgage financing. You should also consider that the higher your score, the better your ability to buy a home in California with a mortgage loan. 

Managing Your Debt Load

Your debt load plays a considerable role in determining if you can qualify for a mortgage. What you have to consider is the ratio between your total recurring debts and what you earn monthly. If you are paying more in a month than about 50% of your salary, then you need to reduce your debt load before thinking of buying a home.

Rounding up Your Financial Documents 

You need to have your financial documents that will be used to verify your income, borrowing history, and a number of other things. Each mortgage provider has a different set of materials that they will use to assess your eligibility to buy a home. 

Having a Home Appraised 

Any home on the market has to be appraised by the bank's chosen home appraisal officer to confirm that the listing price is within a fair range. A home appraisal also helps you to save money in cases where the lender deems the home lower in value than the listing price.

Speak to a real estate agent today to help you find out if you are ready to buy a home.

About the Author

Tony Vo

"The One Source You Can Trust in Real Estate."  

Tony strives to be recognized in our community as the finest quality real estate services and to exceed the expectations of everyone he meets. Tony is trustworthy, honest, dedicated and knowledgeable.  - Prior to the Real Estate industry, Tony has held the position of Regional Sales Manager semiconductor Services Company in the Silicon Valley for more than 5 years. - Tony has been serving the Northern California Real Estate market since 2003. As a full-time real estate professional, Tony understands that quality is the key ingredient to success in the real estate industry. Therefore, quality services are always the main focus of his attention in every business decision he makes. Tony is serving the real estate industry throughout Los Altos, Cupertino, San Jose, Santa Clara, Sunnyvale, Milpitas, Fremont, Morgan Hill, Pleasanton, Dublin, Livermore, Hayward, Union City. His main area of concentration includes the Fremont, Santa Clara, Sunnyvale, Milpitas, Berryessa, Evergreen, Blossom Hills, Almaden, Cupertino, and the Santa Teresa neighborhoods. However, he is not limited to those neighborhoods and does offer his services to the entire Bay Area.