Congratulations you have decided you want to buy an East Bay home in the Bay Area! Now what?
Step 1: Check Your Credit
Your credit score plays a big determining factor in your ability to get a conventional loan in the Bay Area, an FHA loan in the Bay Area, or any type of Bay Area home loan. The law states that you are allowed to get one free copy of your credit report each year. You can go to https://www.annualcreditreport.com/index.action and get your copy of your free credit report.
Step 2: Find a Danville Mortgage Broker or Alamo Loan Officer and Get Pre-approved
It is important to meet with a Bay Area loan officer to determine exactly how much you can afford, what your down payment needs to be, and what your rate will be. Your Bay Area loan officer will analyze your income, credit score, amount of savings and retirement, and a few other items in order to determine the amount of home you can afford.
Step 3: Find a San Ramon Realtor
Now that you know how much you can afford you are ready to find a San Ramon Realtor to help you find that dream home. Realtors are a source of knowledge when buying a Bay Area home. Not only can they provide you with information on schools and neighborhoods they are your negotiating partner when you find the right Walnut Creek house.
Step 4: Shop for the Right Home
Make a list of items that a Walnut Creek house must have and a list of the items that you could live without. This will help you in your search for the right Bay Area home. Buying a home in the Bay Area it’s important to take into account commute times and convenience of shopping. If you are considering homes in neighboring cities like buying a home in Danville or buying a house in San Ramon take into consideration all the absolute must haves on your list and discuss with your real estate agent which city checks more of those boxes.
Step 5: Make an Offer
You have found the house of your dreams! Based on the guidance of your real estate agent you find a price that you are comfortable offering and submit it to the seller. Make sure to pay attention to the details of who pays for what when you are drafting the contract. These are all items that you can discuss with your agent when evaluating the purchase of a Bay Area house.
Step 6: Get a Home Inspection
It is important during your contingency time frames to get any inspections on the East Bay home that you may want. Common ones to get are a property inspection and termite inspection. If you do not have a preferred company for these, your Danville real estate agent will be able to provide you with one.
Step 7: Work with Your Bay Area Loan Officer to Find the Right Loan
Your Bay Area loan officer is there to help guide you through the best loan to fit your financial needs. They have access to a variety of different lenders to find you the perfect fit so you can purchase your East Bay home.
Step 8: Get Homeowner Insurance Quote
You are going to need to get homeowners insurance on the Bay Area home before you can close. Do your research and find a quote that best fits your needs. Be sure to send the quote over to your loan officer as they will need it. Important tip: Keep a page of your insurance policy handy as it will be required if you refinance your Bay Area home.
Step 9: Close on Your Home
After all the inspections and paperwork, comes the closing. Your escrow company, Bay Area loan officer, and East Bay real estate agent will all coordinate with you the closing date. There will be costs associated with closing, so be sure to talk to your Bay Area loan officer to find exactly what will be needed. Another tip: this is also a great time to ask your East Bay loan agent when your first Bay Area home mortgage statement will be due.
Step 10: Move In!
It’s time to move all those boxes into your new Bay Area home and enjoy it!