How To Buy A House in Los Angeles
Buying a home in Los Angeles County can be one of the scariest things in your adult life.
The idea of I want to buy a house in Los Angeles sounds exciting and new!
However, the amount of paper work that is involved, needs to be reviewed and signed before you buy house in LA can be daunting, confusing and quite frankly – tiresome!
Funny enough most first time home buyer Los Angeles always say that you’re basically signing your life away and half of what you are signing doesn’t really make sense. As they say … hope for the best!
Tips to Know BEFORE You Buy Home in Los Angeles
A range of new responsibilities are heading your way as a first time home buyer and just as many questions on how to buy a house in Los Angeles California.
Below you’ll discover 10 Secrets For Buying a House in LA that are hardly ever talked about.
This information on how to buy a house in LA may surprise even the savviest of home buyers!
First-Time Home Buyer Tips
1: As a first time home buyer, make sure not to change jobs, become self-employed or quit your job when looking to buy a house in Los Angeles California
You have to show a minimum of two years of income from your job. Additionally, it’s not uncommon for the financial institutions to verify employment the day of (even hours before) closing on your Los Angeles home.
2: Don’t buy a car, truck or van (or you may be living in it!)
Adding an auto loan could clearly drop your score, resulting in: a) debt ratio being too high and you no longer qualify for your loan or b) your credit score will drop meaning you may end up paying more interest on your home in Los Angeles. As mentioned in tip #1, banks will pull your report before closing. So hold off on buying the new Cybertruck right before you buy a house in Los Angeles.
3: Do not use charge cards excessively or let your accounts fall behind before you buy house Los Angeles California
When charging on your charge card(s) your debt ratio will change causing one of the consequences to happen similar to Tip #2.
4: A major no-no to remember. Do not spend money you have set aside for closing
To clarify, this is for your closing, not a weekend get away trip.
If you no longer have money to close on your Los Angeles home … how is the deal supposed to close?!
5: Please do not omit debts or liabilities from your loan application when looking to buy houses for cash Los Angeles
They will pop up throughout the home closing process while you’re looking to buy a house in Los Angeles area.
For example, most home buyers get pre-qualified first.
This process is typically done by having a loan officer call and ask you a series of questions about debt, income, credit card history, car payments, etc.
We are humans so of course there may be some income (or debt) that we forget to include while speaking with the loan officer.
Later when you go through the pre-approval process, the bank will actually verify all of your information and be able to find your true debt and income.
From here, if the information that you provided in your pre-qualification is wrong then your loan could be a) denied b) you may find yourself paying higher interest or c) may have to completely change the type of loan you have – which can include a larger down payment.
As of the day of this writing, I highly recommend home buyers in Los Angeles to get pre-approval vs pre-qualified.
Why is this?
Pre-approval means you’re serious.
When Craig, as your buyers agent, presents your offer to the home seller it is a much stronger offer and gets you that much closer to closing on LA real estate for sale.
As your real estate agent, these are all topics we would have a deeper conversation prior to helping you find a home in Los Angeles.
Buy Home In Los Angeles The Smart Way
More Tips for First-Time Home Buyers Los Angeles
6: Do not go out and buy new furniture just yet
Here is a remarkable story …
A few years back I witnessed a client of mine open a new store credit card and start purchasing new furniture for their home a few weeks before closing.
When the bank pulled their credit report, their score had dropped significantly enough that the bank decided to decline the loan 2 hours before closing!
The client had to wait an additional 3 years to buy a home.
This can clearly ruin or slow down your chances to buy house Los Angeles.
Make sure you wait until after closing to buy any new furniture.
7: Don’t open up any new credit or store cards. You do not want to originate any inquiries into your credit
Remember that your credit report is pulled the day of closing.
If your credit score has gone down or debt ratio has gone up, you could be left paying more interest or the loan being denied and closing not happening.
8: Remember not make large deposits without first checking with your loan officer when searching to buy luxury house in Los Angeles
If you make a large deposit you will have to explain to the loan officers/banks where it came from.
For instance, if it is from a job then it is more than likely ok.
However, if it’s a gift – there are limits depending on who it’s from.
This could alter numerous things like your debt ratio.
Which could lead the bank to deny your loan all together or make you pay more interest on the LA homes for sale you find.
9: Stay in place. Do not change bank accounts!
This goes back to your history. Loan officers and banks want to see a minimum of two years of records before you buy home Los Angeles CA.
10: Do not co-sign a loan for anyone before
When you co-sign for a loan this will effect your credit score and debt ratio. Leading you down the same road towards loan denial or higher interest when searching to buy a home in Los Angeles county.
Looking to Buy House Los Angeles? Work With an Expert.
Buy House in LA Confidently.
Craig Thomas is a highly knowledgeable realtor near you in Los Angeles for buyers who – from years of experience – has put together the 10 Secrets For Buying a House in LA.
Hopefully you discovered these 10 Home Buying Tips are hardly ever talked about BUT they are just as important for all potential buyers looking at buying a home for the first time in Los Angeles.
Additionally, if you’ve been living in your home for some time, it’s safe to assume you may want to sell and buy a house in Los Angeles area.
After all, it’s not uncommon to want to sell your current house and buy home in Los Angeles depending on your job, personal/family life or other major events.
Buy a House in Los Angeles Area (Easily)
Regardless if you’re a first time home buyer Los Angeles or have already done this once before, these 10 Tips for Buying a House in LA apply to everyone.
There are always new rules, regulations and laws being brought forward which may cause old paperwork to be updated.
Therefore, if you’re a first time home buyer and go to buy a house in Los Angeles county and are not up-to-date on current rules, this can hurt or slow your chances of buying your ideal Los Angeles home.
Have questions on how to buy a home in Los Angeles?
Text or call LA real estate agent Craig Thomas at 817.584.7846
Plan Accordingly Before You Buy Homes In Los Angeles
These Are Important Rules for Home Buying
When looking for houses in LA, every single one of the tips mentioned above can certainly affect your chances of closing on your dream home.
So why risk it?
To make matters worse, some of these points are so simple that anyone can accidentally make them by mistake when searching for homes to buy in Los Angeles California!
For example, who would know that by going out and charging up all these purchases on your dream kitchen, living room and patio before you close on your home could have an adverse affect?
I Want To Buy House Los Angeles, What Are My Options?
First time home buyer Los Angeles – as well as seasoned buyers – can expect to find the following types of homes for sale in Los Angeles CA.
Types of Houses for Sale in LA
- Single Family Homes in LA: This is the classical idea of a family home that may come to mind. Single family homes in Los Angeles are situated in their own plot of land and usually feature front and backyards, fences or gates, and depending on your budget, even a pool or jacuzzi. Reach out to Craig if you need help finding some of the cheapest place to buy a house in Los Angeles.
- Townhomes in Los Angeles CA: While looking to buy house in LA you may have come across townhomes. These properties are usually attached to neighboring units and act like condos in that the residents of the townhomes share the land and pay monthly H.O.A’s for upkeep and amenities. In general, townhouse tend to offer the space and overall vibe that single family homes do.
- Condos for Sale in LA: When you buy a condo, you are essentially buying an apartment instead of renting one. Buying a condo in Los Angeles could be a great idea if you’re looking to divide amenity and upkeep costs with the other condo owners in the building. This is done in the form of H.O.A (Home Owner Association) fees – which are monthly fees paid for by the condo residents.
- Did You Know: Both the land the condo building sits on and the building itself are co-owned by the residents who have purchased a condo within the building? Let Craig help you locate flat Los Angeles sale.
- Duplex and Triplexes in Los Angeles County: These types of properties could be great for those needing to buy home in Los Angeles for investing reasons. These types of homes feature more than one individual unit. However, each unit does come with its own bathroom and kitchen for its individual resident. Making it a prime option for individuals needing Los Angeles real estate for sale as possible investments.
Explore the full options of Los Angeles housing by contacting Craig Thomas.
Use the contact form at the bottom or text/call 817.5847846 for a quicker response.
Down Payment for a House in Los Angeles
Typically home buyers need to have on hand a 20% down payment for when looking to buy house in LA.
However when buying a home in Los Angeles County the down payment may prove to be rather difficult depending on where the home is in LA due to high housing costs.
Luckily, there are a number of resources available for LA home buyers who don’t have the down payment money to buy a house in LA.
- For active service members and veterans alike, you can look into possible VA Loan options when searching property for sale in Los Angeles USA.
- If you’re a first time home buyer Los Angeles you can take advantage of the available Federal Housing Authority loans.
- Are you looking to buy a house in Los Angeles county and have low to mid income levels? You also can look into Home Possible Mortgages.
- Additionally, there are numerous first time home buyer programs Los Angeles including First Home Mortgage Programs and California’s First Mortgage Program to look into before starting to search for property for sale Los Angeles.
Best Places To Buy A Home in Los Angeles
- Buying a home in Beverly Hills:
- Homes for sale in Brentwood: Let Craig help you find and buy house Brentwood Los Angeles with a large yard, pool or in gated communities.
- Condos and homes for sale in Culver City
- DTLA real estate for sale: Downtown LA may be a good option for those looking at houses for sale in Los Angeles California. With its walkability and access to entertainment, bars and dining, living in DTLA peeks the interest of many home buyers.
- Echo Park homes for sale in LA: Relatively speaking, Echo Park has some c
- Luxury Hollywood Hills homes for sale: Buy house Los Angeles Hollywood Hills if you are looking for homes tucked in the hills and surrounded by sweeping city views.
Stop Dreaming About How To Buy House Los Angeles
Ready To Buy A Home In Los Angeles?
When looking to buy house in LA it’s crucial – and to your benefit – that you work with realtors nearby who listen, guide and exceed your expectations.
These professionals in real estate like Craig Thomas walk you through the entire process and are still around after the closing to help with any other situations that may come up.
LA realtors need to be more than just agents nowadays.
For example, Craig has a network of professionals that are available for everything that may come up including remodeling, yard work, pools and beyond.
Conclusion on Buying A Home In Los Angeles County
- Planning to move to LA? Read The Guide!
- Have questions on how to buy house Los Angeles?
- Want further clarification on the tips mentioned? As you search houses for sale Los Angeles USA, Craig wants to you be confident knowing what you’re getting into. Ask for help.
- Ready to start the process of buying a home in Los Angeles County? There are nice houses for sale in Los Angeles that may fit all you are needing. Lets start your search together!
Move Forward and Contact Craig Thomas to Buy
As one of the top real estate agent in Los Angeles, Craig will help you figure out where to buy a house in LA and make the process enjoyable.
Contact Craig Thomas by using the contact form below.
Alternatively, text/call him at 817.584.7846 for a quicker response.
Tip: Discover various real estate services in Los Angeles provided by Craig for free.