Sure, driving around the trivalley on a nice sunny day is a great way to spend a Sunday afternoon if you are in the house hunting phase. But what should you make sure you have in your back pocket before getting in the car? Prior to following the open house arrows or getting together with your trivalley real estate agent, you want to make sure you have talked to your mortgage broker or bank to get your prequalification letter.
Loan programs and rates are changing constantly. 100% financing wasn’t around when your grandparents were buying their first home. And while the banks have pulled most of these programs back, 100% financing programs still exist for certain borrowers, including special first time homebuyer programs. And that’s just the tip of the iceberg for there are many different options that determine how long your interest rate remains the same and how that affects your monthly payment.
In addition to the changing loan programs out there, you should really find out how much home you can afford before looking at the big homes on the hill. Knowing the exact price range of homes you should be looking at makes the process much more efficient, seamless and enjoyable.
Wouldn’t it be nice to know the monthly mortgage payment of each individual home on your list before you actually got out there in person? If you are looking for a referral to some of the top mortgage brokers in the trivalley, contact me!
Chris Kamali is a TriValley Real Estate Agent, helping clients buy and sell homes in Dublin, Pleasanton, San Ramon and Livermore.
