TIPS FOR BUYING NORTHERN CALIFORNIA REAL ESTATE

1. Plan ahead.
   Before you're ready to buy a home, you'll need money for a down and closing costs, and you'll have to qualify for a mortgage loan. So, save up, and establish good credit.
2. Know what you can afford and stick to your budget.
   Don't set your sights too high and look at you can't afford. You may not be able to afford your dream home right now. Read "How Much House Can You Afford?" and use our calculator to help you determine your price range.
3. Give yourself time.
   This is a big decision, and you don't want to overlook anything important. Think carefully about what you need and want in a home. How long will you live there? Is your family growing? Will you be able to sell it when you want to? Do you like the neighborhood? How about the schools? Make sure you're satisfied with all aspects of the home you will live in. And, then, don't be afraid to make a commitment.
4. Make a carefully-considered offer.
   Don't offer too much. Before you make an offer on the house you want to buy, have your real estate agent prepare a comparative market analysis showing recent sale prices of similar homes in the area. Make sure you include any necessary contingencies (like mortgage financing, inspections, repairs, or sale of your home) in your offer. And don't be afraid to negotiate.
5. Choose your mortgage (and your lender) carefully.
   The 30-year fixed-rate, while the most common mortgage, is not the only one on the market. And it may not be payment the best for you. Know all your options! And find out what different lenders can offer you. Read "Which Mortgage Loan is Right for You?" And have your lender show you your options on paper.
6. Consult with your lender about paying off bills.
   Don't assume that doing so would help you qualify for a mortgage. You may need to, but the cash you have might serve you better. Or, partially paying off some debts could help you immensely since debts that will be paid off within 10 months are usually not considered part of your long-term debt load. You might be able to pay down a loan or two so that remaining balances will be repaid within 10 months. Your lender can evaluate your situation and advise you.
7. Don't change jobs.
   Stable employment history will help you qualify for a loan. A lender will look unfavorably on a cut in pay. And, during the loan process, verification of income from a new job can create delays.
8. Don't move money around.
   New homes accounts will complicate the loan application process, since a lender has to verify all your sources of funds, and will want to know that you have had that money for several months.
9. Don't increase your debt.
   Don't make any major purchases, like a car or furniture for the new house. If these purchases increase your debt load, you might be prevented from qualifying for a mortgage loan.
10. Time your move well.
    If you are selling your previous home, do you need to close on that sale before your purchase closes? If you are renting, make sure your move coincides with the end of your lease.

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