Home Buying Tips for Whittier, CA - Top 5 Home Buyer Questions
Home Buying tips and answers to common Whittier, California house buyer questions like: How much can I afford? How to buy a house? How to buy a house with bad credit? And more collected from an internet survey of 5,122 home buyer queries. If you have another question, please contact me, your Whittier real estate agent Bob Ulrich, or call 562-947-8125.
Home Buyers Top 7 Questions
#1: "I Want to Buy a New House How Much Can I Afford?"
This question is at the top of any home buying tips list for obvious reasons. Whether you're buying new or old, no one wants to waste time looking at homes they cannot afford.
To quickly estimate how much you can afford use click on the 'Home Affordability' button on the mortgage calculator below. Quick tip: you'll find today's interest rates on the widget just below the calculator.
Powered By Free Mortgage CalculatorMore good tips: Of course your FICO score and other factors such as down payment, income, time in current job and profession will have a big impact on whether a lender will loan the money you want. The only way to find out for sure how much money you could borrow to buy a house is to get prequalified with a lender.
And the best way to find a lender is to contact an experienced Whittier agent like myself who has contacts with reliable and fair mortgage brokers. There are too many loan agents out there who will tell you anything to get your business and then spring surprises on you when it comes time to sign loan documents. I've weeded out the bad ones basically because I REALLY don't like bad surprises at closing time!
#2: "How to Buy a Foreclosed Home?"
One of the best Whittier foreclosure home buying tips that I can give you is forget about buying one in Whittier, California for pennies on the dollar…unless you have all cash.
Most foreclosure properties in Whittier, CA sell at market value, maybe 5% below. And if they've been rehabilitated by the lender they may even sell for more than comparable properties. Contact me to help you determine whether that foreclosed home is really a good deal.
For more foreclosure home buying tips I suggest you read several of the books below to give you a good background.
#3: "How to Buy a House?"
Please contact me or call 562-947-8125 first. I'll walk you through the loan prequalification process, help you conduct an efficient search and make sure you stay on track with everything you need to do before and after closing. I'll even give you tips and reminders like when to turn on the utilities.
Make sure you read a good home buying guide (the ones above are recent and get good reviews) and get a home buying checklist. They will give you necessary general background information and more helpful tips. I'll help you with the specifics like Whittier real estate values, local conditions, current demand and how to structure the best offer that you can make.
#4: "How to Buy a House with Bad Credit and Little Down Payment?"
Here's the best tips: Federal mortgage programs will give you the best chance at home ownership. You may be able to qualify for an FHA loan if you have 3.5% down payment and a FICO score of at least 620. Contact me or call 562-947-8125and I will put you in touch with a reliable lender who has a lot of experience helping people who never thought that they could buy a home.
Get a free copy of your credit report from any or all of the three major credit reporting companies. Scan them for any wrong or negative information. You can write to them and challenge mistakes. Sometimes they can be corrected and your credit score will improve.
You can also save yourself some time by and get your free 3-in-1 (i.e TransUnion, EQUIFAX, Experian) credit score with trial here.
Other home buying resources for people with credit and down payment challenges are talk to a housing counselor and check out the California Housing Finance Agency (CalHFA).
#5: "Can I Use My 401k to Buy a House?"
Here's one of the home buying tips that will save you real money: Mortgage insurance or second mortgages are usually better alternatives than using your 401k to buy a home in Whittier, California.
Don't just withdraw 401k money to use to purchase a home. You have to prove a 'hardship'. And you'll have to pay heavy penalties and taxes in that year on the amount you withdraw.
Many 401k plans allow you to borrow against them. You pay yourself back the interest and capital. The risk is that if you lose your job or change employers you'll have to pay back the full loan within 60 days in most cases.
Contact me, Bob Ulrich, or call 562-947-8125 for the best pricing, marketing and home preparation advice.
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