First Time Buyers

First Time Buyer

First Time Homebuyers: Want to know how much you can afford?

Let's Talk: (805) 496-5415

YES! First Time Homeowners can still afford to buy a home. It really is a great time for first time buyers to enter the market. Sherwood Mortgage Group can help.

Call or email us for a free analysis by a mortgage professional. We are not a call center and will not call you constantly. Sherwood Mortgage Group are fully licensed professionals who help first time home-buyers attain the American Dream, everyday.

Many first time home buyer programs still available for California homes and properties.

Where do I start?

First of all, congratulate yourself for arriving at a decision that will enrich you in many ways. Then, try to remember that any home buying process can be a fun, yet sometimes stressful and uncertain endeavor. This can be especially true when everything is new to you and you don't know what to expect. After all, this will probably be the biggest and most complex financial transaction of your life to this point! Try to always think in the longer term and know that you'll eventually succeed whether it goes perfectly or not. The less you worry the more you will tend to understand, plan for and enjoy the home buying journey.

This site is an excellent place to start learning and will teach you a great deal about the home buying process, building credit, what loans make sense for different situations and what to look out for. You should read as much as you can about real estate so you understand the logistics and the jargon and so that you don't get caught unaware. The rest of your success will come by assembling a team of solid and reputable professionals who know what they’re doing and who are looking out for your best interests and not theirs.

First Timers Checklist:

1. First, take a step back and take a deep breath! This will turn out just fine (in fact, it's going to be GREAT!) and you CAN afford to do this! It's your turn to get a piece of the American Dream and the incredible life long wealth building machine that is Real Estate!
   
   
2. Find out about your credit in advance and fix any problems. Allow yourself 3 - 6 months to do any credit repairs.
   
   
3. Determine a price range, payment range and down payment range that are comfortable for you. Calculate your mortgage payment!
   
   
4. Find a good lender and get pre-qualified.
   
   
5. Find a good Realtor. Ask us for referrals, do not use the trial and error method or you may wind up regretting it. DO NOT try to buy your first house without a Realtor, you will not save any money and will potentially get yourself into trouble.
   
   
6. Be diligent in your searching and don't give up, it's out there! Go to open houses, search the internet and ask your agent for MLS or CrisNet access (these services are set up to give consumers free access through a Realtor).
   
   
7. Try not to get too caught up in any “hardball negotiating tactics” or you will probably end up wasting your time and your Realtor’s time. This is still a Seller’s Market and if you ignore that it will cost you the home you're bidding for.
   
   
8. Try to get the sellers and their agent to agree to a 45 Day Escrow (provided it doesn’t weaken your offer). That way any potential stresses are relieved vs. trying to get the entire thing done in 30 days your first time at this. Also, always try to allow yourself an additional two week cushion in which to move, etc.
   
   
9. Plan on unexpected costs (you haven't been through this before) and time needed to complete the transaction. Since no one can predict with certainty what to expect it is good to be prepared. Every transaction is unique.
   
   
10. DO NOT apply for any other credit during the process, DO NOT charge up any more debt and DO NOT make any late payments. Many people make these mistakes and they pay for them dearly.
    
    
11. Don't forget, RELAX. This is the fun part! When you move that last box into your new home you will be elated and you would do it all over again!
    

When you have good people on your side, buying a home can be painless and even easy.

Give us a call when you’re ready to get started and we'll walk you through the process.

What about my Bank?

Bankers work business hours, M-F, take breaks, attend meetings, go on vacations & holidays, open new accounts, fill in at the window, deal with irate customers, shuffle paper and do the other things that bankers do. There's an incredible amount of work that goes into the origination, processing and funding of any loan, especially a purchase loan and much of it takes place on the phone. Loan Officers need to take calls from selling agents, listing agents, appraisers, title companies, escrow companies, lender representatives, underwriters, contract coordinators and most importantly, YOU! That just doesn't happen efficiently (or sometimes at all!) at a bank.

What about LoansRus.com?

Internet sites prey on your inexperience and will often look too good to be true and then deliver on very little if anything at all. Sites that have lenders "compete for your business" charge those lenders for every loan they get through the site. Guess who pays that cost in the end? Other sites like Instafi.com (remember them?) have gone out of business from corrupt and inept business practices. Internet Reps are no better than bankers and they tend to be less experienced, more impersonal and even less accessible. The experience between using our services and using an internet service could not be more different.

Internet rates and terms are very misleading and usually not competitive, ASK US.

BOTTOM LINE: If you think you can save a few bucks by going to a bank or doing your mortgage online you're setting yourself up for frustration and possibly failure. Your first home buying experience (as well as the next, etc.) requires that you have advocates on your side who are with you every step of the way. Bankers and Internet Reps can’t handle the sheer volume of calls it takes to close a transaction which often results in transactions that don’t close on time, if at all. Don't get caught in a transaction that was supposed to close in 30 days but takes twice that long! Just think of the added costs and headaches associated with giving notices, arranging moving companies & utilities, carpet and paint companies, etc. Don't gamble with your biggest expense every month and risk costly mistakes from fly by night companies and disinterested bankers!