Coldwell Banker Hallmark Realty
Zohrab Z Ashikyan
818 259 9909818 259 9909

Buyer’s Guide

Home Buying Basics!

Home! Dream Home! Home buying process is very exciting and the biggest purchase in the family life. Associated with high emotions home buying makes lot of dreams come true. While calculating mortgage payments it is important to figure out monthly payment that is easy to afford. Some properties, especially condominiums (condo) or townhouses have home owners association (HOA) fees that is an addition to the purchase price.

Next step in home buying process is loan qualification. You are qualified for a loan based on your income, credit, down payment and purchase price. If you can afford all cash, you don’t have to worry about monthly mortgage payments. Loan officers will help you to choose the right loan type based on your income-debt ratio, credit score, savings – available cash and the market rate.

For writing a successful offer it is important to have
• Pre-approval letter from the lender
• FICO score
• Proof of Funds
• In some cases copy of the 3% earnest money deposit

After the acceptance of the offer escrow is opened. Escrow’s main duty is to pay sellers and transfer property to buyers. Closing has costs associated to it and is done by an attorney or an escrow company.  Based on the down payment and the loan type closing costs can be different. To make this process transparent escrow company provides net sheet to buyers and sellers, which includes the expenses and costs. From the buyer prospective it is important to know closing costs. When the property is closed the seller gets the money, and the buyer gets the keys of the property. Looking to buy a home? Contact me to schedule an appointment so I can help you get the house you want, in the neighborhood you want. Won’t that be great?