Gloria Ledesma

This article is the first of a series of handouts I provide to my new clients--usually first time home buyers. These articles are informative and have been appreciated by my clients.

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1. Decide what you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.

2. Develop your home wish list. Then, prioritize the features on your list.

3. Select where you want to live. Compile a list of three or four neighborhoods you’d like to live in, taking into account items such as schools, recreational facilities, area expansion plans, and safety.

4. Start saving. Do you have enough money saved to qualify for a mortgage and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment. Also, don’t forget to factor in closing costs. Closing costs — including taxes, attorney’s fee, and transfer fees — average between 2 and 7 percent of the home price.

5. Get your credit in order. Obtain a copy of your credit report to make sure it is accurate and to correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments.

6. Determine your mortgage qualifications. How large of mortgage do you qualify for? Also, explore different loan options — such as 30-year or 15-year fixed mortgages or ARMs — and decide what’s best for you.

7. Get preapproved. Organize all the documentation a lender will need to preapprove you for a loan. You might need W-2 forms, copies of at least one pay stub, account numbers, and copies of two to four months of bank or credit union statements.

8. Weigh other sources of help with a down payment. Do you qualify for any special mortgage or down payment assistance programs? Check with your state and local government on down payment assistance programs for first-time buyers. Or, if you have an IRA account, you can use the money you’ve saved to buy your fist home without paying a penalty for early withdrawal.

9. Calculate the costs of homeownership. This should include property taxes, insurance, maintenance and utilities, and association fees, if applicable.

10. Contact a REALTOR®. Find an experienced REALTOR® who can help guide you through the process.

Reprinted from REALTOR® magazine (REALTOR.org/realtormag) with permission of the NATIONAL ASSOCIATION OF REALTORS®.

Copyright 2008. All rights reserved.

Fontana homes for sale...if living in one of the the premiere cities of the Inland Empire is your choice--you will not be disappointed!

Located in an area that is freeway close to shopping , employment, schooling and vacation centers, is one of the cities in Southern California that has a robust economy. With it's many parks and community facilities, Fontana has much to offer its residents. In addition, businesses are also finding that Fontana is a great place to call their home.

Fontana has some of of most highly rated schools in the entire Inland Empire.

Home buyers in Fontana are buying much larger homes than they could afford in the coastal counties of Southern California.

So visit my website, www.glorialedesma.net, search for Fontana Homes for Sale and contact me to get started on finding your "Dream Home " in Fontana.

Rancho Cucamonga homes for sale...if living in the premiere city of the Inland Empire is your choice--you will not be disappointed!

Located in an area that is freeway close to shopping , employment, schooling and vacation centers and is one of the safest cities in California and has a robust economy. With it's many parks and community facilities, Rancho Cucamonga has much to offer its residents. In addition, businesses are also finding that Rancho Cucamonga is a great place to call their home.

Rancho Cucamonga has some of of most highly rated schools in the entire Inland Empire. In addition to these schools, Rancho Cucamonga is also home to Chaffey College--a two-year community college, and satellite campuses of the University of LaVerne and the University of Redlands.

The Rancho Cucamonga Quakes have been with the City for over 17 years and have regularly scheduled games at The Epicenter.

Home buyers in Rancho Cucamonga are buying much larger homes than they could afford in the coastal counties of Southern California. Research shows that a 3,000 square foot house in Rancho Cucamonga ($515,000) would cost less than the $588,000 to $840,000 for the same home in Los Angeles, Orange or San Diego counties.

So visit my website, www.glorialedesma.net, search for Rancho Cucamonga Homes for Sale and contact me to get started on finding your "Dream Home " in Rancho Cucamonga.