Houtan HormozianExpert on Real Estate, Finance and PropTech

Fresh tips for Home Buyers!

12 Dec 2024 · 1 min

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0:53

In this concise video, the speaker delivers two essential tips for prospective home buyers. Tip #1 emphasizes the importance of obtaining a mortgage pre‑approval before house hunting, explaining that it signals financial readiness to sellers and can be a prerequisite for working with realtors in many markets. Tip #2 covers down‑payment fundamentals: a minimum of about 5% of the purchase price is typically required, buyers should retain funds for closing costs and an emergency reserve, and those unable to put down 20% should expect to pay private mortgage insurance (PMI). The speaker concludes with a call‑to‑action, directing viewers to the website www.crestico.com and phone number 818‑784‑2929 for further assistance.

Chapters

Tip #1: Get pre-approved. If you want to be taken seriously in your home search, you need to be pre-approved by a lender. This will tell sellers that you've taken the necessary steps financially to qualify for a mortgage. In some markets, realtors won't even work with buyers who haven't been pre-approved. Tip #2: Understand down payments. At minimum, you'll likely need 5% of the selling price as a down payment. Also, you'll want to keep some money on hand for closing costs and an emergency fund. If you can't put 20% down when buying a house, you may need to pay private mortgage insurance. Visit www.crestico.com or call us 818-784-2929.