Home Buyer's Reference
This section of our website has been designed to give you a complete guide for everything you need to know in order to buy property. Each step in buying property has been outlined below. Please follow the links for further information on each topic.
1) Figure out how much you can afford
In the home buying process, it is essential to know how much you can afford. Before you even go to look at houses for the very first time, speak to a lender to obtain a general idea of what payments will be and what you can qualify for. By knowing how much you can afford you will not get your hopes up for a home that is too expensive, and at the same time you might be able to afford a home that is more expensive than previously thought.
- Pre-qualified vs. pre-approved
- Info about pre-approval
- Lenders - Preferred lender
- Get pre-qualified
- Explore useful calculators
2) Find a Realtor
Working with an agent that you can trust and have a good report with will make all the difference in the transaction.
3) Shop for a home
- Wish List - Know the features that you want.
- Home Shopping Check List - Take this with you when comparing homes.
4) Make an offer
Your agent will guide you though the process of making an offer. They will educate you in different negotiation tactics, help you make decisions that are pertinent to the market, and ultimately help you to meet you goal of buying a home.
5) Escrow Period
The escrow period is the time between when the offer is accepted and when all of the terms and conditions of the contract have been executed.
6) Move in
Now that escrow has closed, the house is yours!
Pre-qualified vs. Pre-approved
Pre-qualification is a quick and less formal way of knowing how much you can afford. It can be done by clicking here or verbaly over the phone with a lender in about 15 minutes.
Pre-approval is a more lengthy and formal process that requires documentation. Only a lender or mortgage broaker can get you pre-approved. For further information about the pre-approval process click here.
Getting pre-approved is the first and very important step in buying a home.
Why should I get pre-approved?
- Knowing how large of a loan you can qualify for will make the search for a home much more efficient and focused.
- There are too many variables to “guess” the amount that you can qualify for (see the next section)
- A lender can help you determine how aggressive you should be. i.e.– A larger or smaller portion of your income is devoted to the mortgage.
- Everybody is different. There is no generic way to figure out how much you can qualify for.
- Rates continuously change according to your specific financial situation.
Some questions that a lender asks to determine how much you can afford:
- Income
- What is your base employment income?
- Overtime income (2 year average)
- Bonuses / Commissions
- Dividends / Interest
- Net Rental Income
- Debts
- Revolving Charge Cards
- Auto Loans
- Other Loans
- Real Estate Loans
- Alimony / Child Support
- How many credit cards do you have?
- What is your FICO score (anything above 700 is good)?
- How long have you been employed at your current job or how long have you worked in a related field (a minimum of two years is vital)?
- How much cash do you have in savings?
- How much do you have in other investments (stocks, bonds, mutual funds)?
- Will any of the down payment be borrowed (if any of the down payment is borrowed, it is best to deposit the borrowed amount into your own personal bank account for at least two months before obtaining the loan??
- Will the property be owner-occupied (owner occupied properties iwll require a smaller down payment and a lower interest rate will be more attainable)?
Tuan Hoang - Senor Loan Consultant, SEHO Group - 310-562-6025 - thoang@sehogroup.com
Here is a list of some common questions that you should ask a realtor during an interview.
1) How many years have you been a realtor?
2) How many years have you been a realtor in this area?
3) How will you be marketing our home to recognize the highest sale price in the shortest amount of time?
4) Do you have any statistics regarding your performance in recent years? (This questions refers to three very important statistics that every realtor should know. Each of these statistics compares their performance to the average of the market. The three statistics are, (1) Number of days a listing is on the market, (2) The ratio of sale price vs. list price, (3) The percentage of listings that acualy sell. Click here to view our statiscits compared to the market average.)
5) Can you give me names and telephone numbers of other people that have used your services?
Common Utilites Services
| AT&T - Land Lines | (800) 310-2355 |
| L.A. County Public Works - Recycle | (800) 253-2652 |
| Southern California Gas Company | (800) 427-2200 |
Glendale:
| Chamber of Commerce | (818) 240-7870 |
| Charter Communication - Cable | (866) 499-8080 |
| City Hall | (818) 548-4000 |
| Glendale Water & Power | (818) 548-3300 |
| Integrated Waste Managenet | (818) 548-3916 |
La Crescenta:
| Allied Waste Services - Trash | (888) 742-5234 |
| Charter Communication - Cable | (866) 499-8080 |
| Crescenta Valley Water | (818) 248-3925 |
| C.V. Chamber of Commerce | (818) 248-4957 |
| Foothill Municipal Water | (818) 790-4036 |
| Glendale Water & Power | (818) 548-3300 |
| Southern California Edison | (800) 655-4555 |
La Canada Flintridge:
| Allied Waste Services - Trash | (888) 742-5243 |
| Athens Services - Trash | (888) 336-6100 |
| Chamber of Commerce | (818) 790-4289 |
|
CharterCommunication - Cable |
(866) 499-8080 |
| City Hall | (818) 790-8880 |
| Crescenta Valley Water | (818) 248-3925 |
| Foothill Municipal Water | (818) 790-4036 |
| La Canada Irrigation District - Water | (818) 790-6749 |
| Southern California Edison | (800) 655-4555 |
Montrose / Verdugo:
| Allied Waste Services - Trash | (888) 742-5243 |
| Charter Communication - Cable | (866) 499-8080 |
| Crescenta Valley Water | (818) 248-3925 |
| Montrose Chamber of Commerce | (818) 249-7171 |
| Southern California Edison | (800) 655-4555 |
Sunland / Tujunga:
| Allied Waste - Business Services | (888) 742-5243 |
| Los Angeles Dept. of Water & Power | (800) 342-5397 |
| Time Warner - Cable | (888) 892-2253 |
