First Time Homebuyer

As your local Camarillo Realtor, our team has helped countless first-time homebuyers achieve their real estate goals. Helping a first-time homebuyer realize their dreams of owning a home is a truly wonderful experience for everyone involved. If you have been hesitating on purchasing your first home because you feel it is out of reach, we are happy to help put you on the path to home ownership! See below for the general steps of becoming a first-time homebuyer.
1. See if you are pre-approved: Before you try and deny yourself the opportunity to own a home you should speak with a lender. Submit all of your financial information in its current state and see what comes back. There are so many loan opportunities available that it is likely you will qualify for a variety of scenarios. Some loans even require little to no money down. If you do not qualify for at least one loan your loan officer can explain to you why and the best and fastest way to work on your situation so that you will qualify.
2. Start searching within your budget: Once you receive a pre-approval letter it is time to get house hunting within your budget! In the current market you will want to look just below your budget so that you have the ability to offer above asking should the right opportunity present itself.
3. Open Escrow: This is an exciting time! You have found the perfect home, submitted an offer, and it was accepted! Now it is time to officially open escrow and move forward with the process. You will want to start by transferring in your good faith deposit into an escrow account set up by the title company you will be working with.
4. Contingencies: Once escrow is open you will have 3 different contingencies. First will be the inspection contingency that you will want to make sure the house is thoroughly inspected. Appraisal contingency in which the home needs to be valued at, at least the purchase price in order for the loan to flow smoothly. Finally, is the loan contingency in which your loan officer will give the final green light that all is good to go on your loan approval.
5. Sign your paperwork: There are dozens and dozens of forms and papers you will have to sign with a notary to make the process official.
6. Transfer final funding: Make sure you have the rest of your down payment ready to go and when you are given the green light go ahead and put that in the escrow account.
7. Get the keys: The day has finally arrived! You officially own your home. As a local Camarillo Realtor, this is our favorite part of the process!