Posts Tagged ‘Bay Area’

Are You Ready To Buy a House?

So, you want to buy a house? Of course! It’s the American dream. You can paint the walls the colors you like. You can plant what you like in your backyard. Maybe you’d like a pool in your backyard. You can remodel your house to show off your style, to make it your own, to make it a comfortable and comforting place for your lifestyle. You can make it a home.

Okay, what’s the first step? Well, let’s find out how much house you can buy. To do that you need to talk to a lender and get pre-qualified. You can do that over the phone. But is that good enough to start shopping? Not any more. These days, now that lenders have suffering in their history, they aren’t as lenient or as open minded as they used to be. One Realtor said recently, speaking of that bygone era, “all you needed was to be able to fog a mirror to get a loan.” Those days may be gone, but the good news is that lenders are still in business to make money and they do that by selling loans.

Ask a lender to get you pre-approved for a loan. This entails enabling the lender to request and look at your credit report, and learn your FICO scores. You will also fill out a loan application form. He or she will ask you to bring in a couple recent pay stubs, bank statements, and tax returns. That lender now has a pretty good idea about your income, your debt, and your payment habits. Ask the lender to give you a pre-approval letter. Now you’re ready to call a Realtor and start shopping for your new home!

Yes, It’s Time To Buy!

There has always been much demand for real estate in the Bay Area. Lots of people live here, and most of us want a place of our own. That demand for homes pushed prices up. Then, when the economy fell apart, prices came down. Several factors were involved, which resulted in short sales and foreclosures, and then the large amount of foreclosures itself became a factor. For a while buyers just sat and watched, but when they saw others buying homes at greatly discounted prices, they have come back into this area/market, looking for bargains. This is a great time to buy, especially for people who couldn’t afford to buy here before. Not only have prices come down, but interest rates are at historic lows. An unbeatable combination!