Buying a Home in California

Google Tech Talk May 18, 2010 ABSTRACT Presented by: Stephanie Savides,Real Estate Broker, Savides Real Estate; Steve Papapietro and Ahmad Ghavi, Senior Mortgage Loan Officers, Bank of America -Determine which price home you can afford to buy -The difference between mortgage Pre-Qualification and mortgage Pre- Approval. -General Mortgage Information and Guidelines of Importance - mortgage types, loan limits for 2010, minimum down payments for 2010, DTI, PITI, mortgage deductibility, buy vs. rent analysis, gift funds, closing costs, etc. -Search for a home you can afford to buy -Search on-line to get a general sense about property values in different neighborhoods and get an idea what areas you could potentially afford -Fast forward to the Future and determine whether now is the best time for you to Buy. -Consider re-sale Value when you make a purchase. Work productively with your realtor. -Purchase the property - Once you have found the property you want, make an Offer, go into Contract, and close Escrow.