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Home Buying Guide
Important Steps For Getting Started
Get Pre-Approved
- To prepare for loan pre-approval, just review the booklet BluePrint to Homeownership,
- Review the loan steps and gather the information described in it. This is a very important to do, you will learn and also save time, and a lender will need the information you've gathered.
- If you feel ready, next start by securing a mortgage pre-approval to understand your budget and strengthen your offer when you find the right home. Online sources may work out but are often geographically remote, so get a local referral from trustworthy source--a REALTOR who already has several contacts, or other trusted person.
- Find the booklet at the link below. It is a free download outlining down payment sources, credit resources, financing challenges, checklist of documents for loan officer.
Meet With a REALTOR
- In person meeting or a Zoom call with a REALTOR is the time to discuss your plans, needs and wants.
- Some buyers meet with an agent first, then go through the loan approval process afterward.
- Ask questions.
- Learn about pricing in neighborhoods, discuss all buyer criteria for a new home.
- How to see properties, house or condo?
- Have the buyer-broker contract reviewed and explained, and why it's necessary.
- Everything a REALTOR does to work on the buyer's behalf.
- Buyer agent compensation and how a buyer and seller may negotiate with each other.
- Learn the basics of the buyer's investigation and seller disclosures during escrow.
- Looking at properties online may be an introduction, an experienced REALTOR after the client meeting will know more areas that may also meet a buyer's needs
- After buyer receives loan officer approval pricing, discuss where will that fit in the buyer's search?
Showings and Making An Offer
- Your REALTOR will set up all showings per listing agent instructions in the MLS
- Seeing prospective homes (or investment properties) is the opportunity for the buyer to make an ultimate decision of choice.
- It may take more than one viewing or one trip to find the right property.
- Important to remember that the buyer keep communication open with the agent about home choice criteria and if it changes, which it sometimes does after showings.
- The offer is the multi-page foundation for negotiating: terms, price, concessions and more. Market, area, property status are just a few aspects. Do you like AI? Remember it's not a party to your contract or any transaction. Research is fine if it's accurate and local, but my REALTOR expertise is based on 30 years experience, and my job is to be your agent.
Schedule Inspections
- Arrange professional inspections to identify any issues and ensure the home meets your expectations before finalizing. They are not legally required, but highly advised.
- The buyer is hiring the inspector, who is often sourced by the REALTOR, who comes to the property, physically inspects the major home systems and then issues a report which is given to both the buyer and the seller.
- The buyer should attend the inspection if possible, and review the report. The purpose is for the buyer to know the condition of the property, whether or not the seller agrees to any repairs.
- The buyer may wish to request additional inspections during the investigation period.
- Any termite damage noted is handled by the pest control company, not the physical inspector.
Finalize Financing
Close the Sale
Common Questions About Buying Your First Home
Buying a home can feel overwhelming, but understanding key details helps you move forward with confidence. Here are answers to questions we hear most often from first-time buyers.
How much should I save for a down payment?
Down payments typically range from 3% to 20% of the home price. The exact amount depends on your loan type and lender requirements. Saving more upfront can reduce monthly payments and improve loan terms.
What credit score do I need to qualify for a mortgage?
Most lenders look for a credit score of at least 620 for conventional loans. Higher scores often secure better interest rates. Checking your credit early allows time to improve your score before applying.
How long does the home buying process usually take?
From pre-approval to closing, the process often takes 30 to 60 days. Factors like market conditions, inspections, and financing can affect timing. Staying organized helps keep things on track.
What are closing costs and how much should I expect?
Closing costs cover fees like appraisal, title insurance, and lender charges. They typically add up to 2% to 5% of the purchase price. Your agent and lender can provide an estimate early on.
Should I get a home inspection?
Yes. A home inspection identifies potential issues before you finalize the purchase. It gives you a clearer picture of the property’s condition and can be a negotiation tool if repairs are needed.
Can I buy a home without a real estate agent?
While possible, working with an experienced agent offers advantages like market knowledge, negotiation skills, and guidance through paperwork. Agents help protect your interests throughout the process.
Ready to Start Your Home Search?
Explore available listings in Long Beach and connect with our team to find a home that fits your needs and budget.
