Buyers, Finance/Lending

10 Ways to Prepare for Home Ownership In Palm Springs, CA

The time to buy a Palm Springs Area home is right NOW….. interest rates are at their all time low and the values are amazing.

Here’s what you need to know:

1. Decide what you can afford. Generally, you can afford a home equal in value to between two and three times your gross family income.  To be sure, consult your lender or check out our lending partner listed on the Home page.

2. Develop your home wish list then, prioritize the features on your list so that when you go out with your Realtor to view homes, you and he will both know what is important to you.

3. Select a neighborhood(s)where you want to live. Your realtor can help with that or read about it HERE;  Compile a list of three or four neighborhoods you’d like to live in, taking into account items such as schools, recreational facilities, area expansion plans, proximity to downtown and safety.

4. Start saving. Do you have enough money saved to qualify for a mortgage and cover your down payment?  Ideally, you should have 20 percent of the purchase price saved as a down payment.  Also, don’t forget to factor in closing costs including taxes, attorney’s fee, and transfer fees — average between 2 and 7 percent of the home price.

5. Get your credit in order. Obtain a copy of your credit report to make sure it is correct and to correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments.  And don’t make a major buying decision just before you want to apply for a mortgage or after you’ve applied for one.  It will surely mess up the process.

6. Determine your mortgage qualifications. How large of mortgage do you qualify for? Also, explore different loan options — such as 30-year or 15-year fixed mortgages or ARMs — and decide what’s best for you.

7. Get pre-approved.  Organize all the documentation a lender will need to pre-approve you for a loan. You might need W-2 forms, copies of at least one pay stub, account numbers, and copies of two to four months of bank or credit union statements.

8. Weigh other sources of help with a down payment. Do you qualify for any special mortgage or down payment assistance programs? Check with your state and local government on down payment assistance programs for first-time buyers. Or, if you have an IRA account, you can use the money you’ve saved to buy your fist home without paying a penalty for early withdrawal.

9. Calculate the costs of home ownership. This should include property taxes, insurance, maintenance and utilities, and association fees, if applicable.

10.Finally,  Contact a REALTOR®.  As an experienced REALTOR® me and my team can help guide you through the process and make the home buying experience an enjoyable one.  Call us today!

Information About Buying or Selling Palm Springs Area Real Estate

 

Buying or Selling in today’s real estate market is a challenge and a process that is easily accomplished with the help of a Real Estate professional. You will need an expert who has lived in the desert and knows the lifestyle and the unique housing market.

The market in the Greater Palm Springs Area is alive and the values are exceptional for those who are looking for an ideal investment or a vacation/retirement property. We have many choices for every need, budget and amenity list.

Is this to be your primary residence? We have what it takes to get you settled into a great family home in the neighborhood of your choice.

Selling your home in the Greater Palm Springs Area? I will make sure the experience easy, friendly and professional. Our mission is to offer outstanding service while utilizing the best practices and Internet technology available.

If you are plan to rent your new home, we have the staff partners who will help with any project or property management while you are away from the property.

For more information on how I can best serve your Greater Palm Springs area needs, please fill out the online contact form give us a call at 760-413-2871.

I won’t just sell you a house but I WILL help you find the home you will LOVE!

 

Ron is a Greater Palm Springs Area Realtor® specializing in Palm Springs vacation homes, investment properties in Palm Springs and primary single-family Palm Springs Homes for Sale. He has the long-term knowledge necessary to make the buying and selling of Greater Palm Springs Area real estate a smooth enjoyable process.

WHY DOES RON JESSER LOVE PALM SPRINGS?

Why Does Ron Jesser Love Palm Springs