Buying a Home in Silicon Valley, CA
There are a few things more challenging than buying a home in the Silicon Valley. Marketing people will tell you as a salesperson you should never make what you are trying to sell seem difficult to obtain, but the truth is you just can’t sugar coat the experience of buying a home here. Nevertheless, if you are gonna make this place home you better hunker down and find a home, cause they typically just get more expensive with time.
Before you get started here are somethings that you will want to consider.
Find a Lender
Chances are you are going to need financing. Not only that you’ll want to know what you can qualify for and what you want to qualify for. Your lender will probably qualify you for a lot more than you want to spend, so eventually will want to set a budget. Keep in mind the other costs associated with home ownership such as property taxes, utilities, maintenance, insurance, and HOA fees. Once you establish your qualifications you’ll want to get pre-approved. This is where the lender will verify your income, assets, credit score and any debt you have and pre-approve you for a loan. You will need this pre-approval before you submit an offer.
Other things to consider are the different types of lenders that exists, what are their advantages, what loan products do they offer, and which one is right for you? There are a number of different types of lenders that exists such as direct lenders, mortgage brokers, big bank direct lenders, and credit unions. Depending on your financial situation, who you bank with and what existing relationships you have with any financial institutions you could get better deals and rates. From my experience the best rates are obtained from the big banks.
Find a Realtor