Top 10 Things to Look for When You Buy Your First Home
If you're thinking about buying a home, this list can help to get your search off on the right foot. While the number of rooms, the...
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Helping You Plant Your Roots
Selling Your Home
The secret to getting the most money for your home? A strategic plan, informed property prep, a master digital marketer and a realtor who negotiates like a certified pro (because, well, they are).
Buyer Representation
Finding the right house is the first of many steps to buying. Beyond helping you select a home you love, our focus is ensuring you receive the most favorable terms possible and are protected in the transaction.
FREQUENTLY ASKED QUESTIONS
What is a 2-1 buydown?
A 2-1 buydown is a type of mortgage financing arrangement in which the borrower receives a temporary interest rate subsidy from the lender. In this arrangement, the lender agrees to reduce the borrower's interest rate by 2% in the first year of the loan and by 1% in the second year. After that, the interest rate is adjusted to the market rate and remains fixed for the remainder of the loan term. The purpose of a 2-1 buydown is to make the mortgage more affordable for the borrower in the early years of the loan when they may have lower income or higher expenses. This can help the borrower qualify for a larger loan amount or a lower monthly payment. The lender may charge an upfront fee for the interest rate subsidy, which is typically paid by the borrower at closing. It's important to note that the interest rate subsidy is temporary and will eventually expire, so borrowers should be prepared to handle higher payments once the subsidy ends.
Do I need a 20% down payment to buy?
No. You can use FHA and put down a payment as low as 3.5%, a conventional loan with 3% ,or no down payment with a VA loan. The only caveat is that the lower your down payment is, the more your monthly payments will be.
How much is my house worth?
Contact us today and we can give you a free market analysis of your home.
Should I buy or rent?
We're big fans of buying rather than renting if you can afford it. Not only because you get the tax deduction, build equity, and the pride of ownership, but buying a home can get you financially ahead.
How much are closing costs?
For sellers, closing costs are roughly 5-8% of the home's final selling price. These costs can be broke down into 6 categories: real estate commissions, escrow fees, title insurance, county transfer taxes, city transfer taxes, HOA fees, misc. items. Assuming you don't owe more than what your home is worth, your closing costs are paid out of your net proceeds, meaning you don't pay anything out of pocket. For buyers, closing costs are, on average, 2-5% of the purchase price of the home. When you apply for a loan, your lender will give you a loan estimate, which estmiates closing costs on the purchase of a home. Common closing costs fees include: credit report fees, loan origination fee, appraisal fee, survey fee, title insurance, title search fees, recording fee, underwriting fee, settlement fee, etc.
When are property taxes due?
In Kern County, the current property tax rate is 1.05% of the assessed value of the property. If your property taxes aren't added to your monthly mortgage payments, they are due in 2 installments. The first half is due on November 1, delinquent after December 10. The second half is due on February 1, delinquent after April 10. Homeowners can choose to pay their property taxes in full at the time of the first installment.
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