Buying a home is both exciting and intimating.  With many different things to consider when you decide to buy, it is important to educate yourself on the important implications homeownership creates.  Do you know if you’re prepared both financially and emotionally to own a home?  Here are 5 important questions you should ask yourself before going house hunting. 

Whats My Total Budget?

First things first, you need to establish your budget.  What can you afford?  Do you feel safe enough to commit to a 30-year mortgage?  Typically, you’re taking out a loan, often times for hundreds of thousands of dollars, and promising to pay it back over the next 30 years.  Do you have enough money in your savings to cover your mortgage for a couple of months if

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     The Tri-Valley Region is made up of the Amador, Livermore, and San Ramon valleys.  Which includes the following cities: Livermore, Pleasanton, Dublin, San Ramon, and Danville.  It has long been Silicon Valley's sleepier and more suburban cousin, but the Tri-Valley has steadily been growing economically and luxuriously, all while keeping its small suburban feel.  

     According to a 2018 report by the Bay Area Economic Council: in the last 4 years alone, the Tri-Valley region has seen a 12% job growth and an 8% population jump.  The area is now home to over 450 tech companies, fueled by around $4 billion in investments over the past 10 years.

 

   

     Relative to other parts in the Bay Area, there are still good Real Estate deals in

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1) Just Look for who has the Lowest Rate!

Getting a low interest rate by itself means very little. Virtually every bank or lender can offer any interest rate, but the difference is made up in the cost or “points” associated with each rate. For example, if we look at a sequence of interest rates, you have the option to select the rate based on the cost or credit associated with it.  4.25% -$2,000 Cost or “Points”  4.375% -$1,000 Cost or “Points”  4.5% $0 Cost or “Points”  4.625% +$1,000 Credit or “Points-back”  4.75% +$2,000 Credit or “Points-back” 

 

2) Closing Costs are Expensive.

Now I’m not going to completely put this in the category of “myth” as the closing costs can certainly be expensive, but they can often appear…

1.  Take Control of your Housing Expense

Landlords can pretty much raise your rent whenever your lease expires and often times by more than you can handle, forcing you to relocate.  A predictable home expense will give you stability and control over your housing expense.  Consider how much rent costs you over a 10-year period.  A $3000/month rental payments will add up to $360,000 over that 10-year period when the same amount of money could have gone toward paying off 1/3 of the debt on a 30-year mortgage! 

Owning a home has a high upfront cost, such as a downpayment, appraisal fee, and homeowners insurance.  However, over time owning a home is cheaper than renting which is a great benefit.   

2.  Built Equity through the Forced Savings that

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1) Browse Available Homes

Browse homes available in the area you want to live. Use our free mortgage calculator to calculate your monthly payment based on your downpayment. This will allow you to be realistic about how much a home will cost you.  

2) Decide on your Goals

Decide on your goals and timeline for buying a home. 

 

3) Get Preapprove

Fill out our easy, online application to get pre-approved for your mortgage. Within 48-hours, you will receive a formal pre-approval letter, and be ready to begin your search.  

4) Continually Check Listed Homes within your Parameter

Easily set up automatic updates anytime a home is listed in your parameters.  

5) Schedule a Tour

When your dream home comes across your inbox, we…