How to Prepare to Buy Your First Home in 2022

In this post, I will cover everything you need to know about buying your first home including how to prepare to buy your first home in 2022. My book - My First Home was a #1 best-seller on Amazon.com and I have personally helped hundreds of First Time Home Buyers prepare to buy their first home. First Step - Choose the Right Loan Officer/Lender The first step of preparing to buy your first home in 2022 is to find the right loan officer and lending company. You should look for a Loan Officer…
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4 Things Every Home-Shopper Should Do Before They Hit the Market

Buying a home is a big deal. It’s typically one of the biggest financial transactions that many Americans undergo in their lifetimes. It is not something you just do. You need to get your ducks in a row. You absolutely have to prepare if you want to ensure your home-buying success. How do you prepare? You prepare by following these 4 simple steps that are guaranteed to make your home buying experience smoother. Get pre-approved Check Your Credit Scores Your credit scores ultimately play a key role in determining your mortgage rate, so…
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Common Documents Required For A Mortgage Pre-Approval

Even though many mortgage lenders are still quoting quick 10 minute pre-qualification over the phone or online, a true mortgage approval that holds any weight is one that has been issued by an underwriter who has had an opportunity to review all of the necessary documents. With a constant stream of new lending guidelines, volatile mortgage rates and tightening regulation from Washington, very few real estate agents will show new homes to a First-time-buyer without at least a pre-qualification letter. A Pre-Approval Letter will help you in three ways: It lets you know…
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$10,000 California First Time Home Buyer Tax Credit may be extended

As reported in my blog posted on Jan 14th the California governor is considering to extend the $10,000 First-Time Home buyer Tax Credit that expired last year. Here is the link to that blog post that gives you all the details - CA Proposes extension of $10,000 First-Time Home Buyer Tax Credit Download our FREE eBook "How to Buy Your First Home in the Bay Area - A Step-by-step guide to the Home ownership" by entering your information in the form below. Get the eBook NOW First Name: Last Name: Email: State: AL…
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Stimulus Deadlines Threaten Rates and Affordability; Act NOW!

The great author and speaker Og Mandino once said, "I will act now. I will act now. I will act now." This is great advice for prospective homebuyers over the next 45 days, as two key government programs that have kept home ownership more affordable than ever wind down to their completion. First, the Federal Reserve's Mortgage Backed Securities (MBS) purchase program will come to an end on March 31, just two weeks away! Without this program home loan rates could have been at least 1.00% higher...and potentially even higher...over the last year.…
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9 Benefits of Home-Ownership

Home ownership is the greatest American Dream, is it not? Even in this era of record foreclosures, the percentage of U.S. households that now own, rather than rent, is an all time high. It's not a surprise given several benefits of homeownership. Rent vs. Buy No Matter what you are currently paying for rent, your total cash outlay over a period of several years will probably add up to a much higher total than you may have realized. Compare a renter who pays $1800/month with 5% increase in rent every year and a…
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Documents needed for San Jose First-Time Home Buyer Mortgage Pre-Approval

As a San Jose First-Time Home Buyer you should get a mortgage pre-approval done before you start looking for a house. Pre-approval helps you in 3 ways: It lets you know how much mortgage you can qualify for. This will help you search for homes in the same price range It gives you an estimate of what your total housing payment would be, and If you like a house and would like to make an offer; a "Pre-approval" letter makes your offer stronger. You start the process by completing a loan application. You…
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California proposes new $10,000 First-Time Home Buyer Tax Credit

In the final state of the state address of his gubernatorial career, Gov. Arnold Schwarzenegger proposed a second round of $10,000 first time home buyer tax credit. The previous tax credit depleted eight months before the deadline after benefiting almost 10,700 California home buyers. The Franchise Tax Board stopped taking new applications at the start of July, 2009. What this means is if this proposal is indeed passed California First Time Home Buyers can potentially get $18,000 in Tax credits. At a press conference in Fresno this is what the Governor has to…
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Mortgage Rates go up sharply for Bay Area Homes

In last 3 weeks, 30 year fixed mortgage rates have gone up 34 basis points for San Francisco (SF) Bay Area homes. In the latest results of its Primary Mortgage Market Survey® Freddie Mac reported 30-year fixed-rate mortgage averaged 5.05 percent with an average 0.7 point for the week ending December 24, 2009. The 15-year Fixed Rate this week averaged 4.45 percent with an average 0.6 point. The 5-year adjustable-rate mortgage (ARM) averaged 4.40 percent this week. These rates are for conforming loan amount $417,000 and lower. Higher loan amounts come with higher…
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