A lot of preparation, especially with regard to money, is required when you buy your first house, which is a significant life event. Famous mortgage banker and broker Eric Rotner stresses the significance of budgeting before buying a home. In this article, it will go over the most important things that a first time home buyer in Walnut Creek, CA, should do to be ready for this big purchase.

Getting to Know Your Financial Situation

Taking stock of your current financial status is the initial stage in getting ready to buy a home. This involves checking your bank accounts, investments, obligations, and credit rating. Having a high credit score is crucial because it determines the interest rates that mortgage lenders are willing to provide, says Eric Rotner. Always check one's credit score early on so there's time to make any required adjustments.

Creating a Purchase Budget

When buying a house, it's crucial to have a budget. The purchase of a home is not complete without other outlays of cash, such as the initial investment, closing costs, home inspection fees, and relocation expenses. Avoiding private mortgage insurance (PMI) requires saving 20% or more of the home's purchase price, according to Eric Rotner. Don't worry if there's no 20% down, because there are many other mortgage programs out there, each with its own requirements and benefits.

Building a Rainy-Day Fund

Saving for a down payment can be one of the most difficult aspects of planning to purchase a first house. Discipline and, often, sacrifices are required. One way to keep motivated and on track is to open a dedicated savings account specifically for the down payment. If someone wants things to be more consistent and easy, Eric Rotner says to have the savings account automated.

Looking Into Mortgage Choices

A variety of mortgage plans are on the market, and each one has its advantages and disadvantages. In order to choose the best one for a specific financial situation, Eric Rotner stresses the need of researching and understanding these possibilities. Knowing in advance about eligibility for a conventional loan, an FHA loan, or any other type of mortgage, will help not waste time or money applying for the loan.

Obtaining a Mortgage Pre-approval

An essential first step in purchasing a property is obtaining a mortgage pre-approval. In addition to assisting in calculating someone's affordability, this will put them in a better position to make an offer on a property. To get the greatest deal and understand all the terms and conditions of the mortgage, work carefully with a mortgage broker in Walnut Creek, CA.

Securing Your First Home With Eric Rotner | Mortgage Banker and Broker

Getting finances in order to buy a first home is an involved process that requires a lot of planning and consideration. One may greatly improve their chances of becoming a homeowner by taking stock of their financial situation, creating a purchase budget, saving up for a down payment, learning about the mortgage options, being pre-approved, and anticipating additional expenses. Navigating the path to a first home can be a pleasant and gratifying experience if they work with specialists like Eric Rotner, Mortgage Banker, and Broker.

Contact Information:

Eric Rotner | Mortgage Banker and Broker

1501 N Broadway Suite 460
Walnut Creek, CA 94596
United States

Contact Eric Rotner | Mortgage Banker and Broker - NMLS: 338424
(925) 788-1644
https://ericrotner.com/