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How to Prepare to Buy a Home

Before you start touring homes, get your foundation in place: check your credit report for errors, figure out a comfortable monthly budget (not just what you're approved for), save for both your down payment and closing costs, gather your pay stubs, W-2s, and bank statements, and get pre-approved - not just pre-qualified - so sellers take your offer seriously.

 

Know the words: Pre-qualification, Pre-approval, Debt-to-income ratio, Credit score

Down Payment or Closing Costs — What's the Difference?

Your down payment (typically 3-20% of the price) goes toward the home itself and builds your equity. Closing costs (usually 3-6% of your loan) are separate fees for the paperwork and services that make the sale official - think appraisal, inspection, title insurance, and prepaid taxes. Both are due at closing, so budget for both separately.

 

Know the words: Down payment, Closing costs, Equity, Earnest money

What Happens If Something Goes Wrong? (Contingencies)

A contingency is a condition that must be met before your sale can close - it's your built-in exit ramp if something's not right. The big ones: financing (your loan falls through), appraisal (the home is valued below the sale price), inspection (something's wrong with the home), and title (ownership isn't clear). Miss a deadline or waive one, and you could lose the option to walk away.

 

Know the words: Contingency, Appraisal, Earnest money, Title

From Accepted Offer to Keys in Hand

Escrow is the 30–45 day stretch between your offer being accepted and closing day, held by a neutral third party who makes sure everyone follows through. Along the way: your earnest money goes into escrow, the title gets searched, the home gets appraised and inspected, your loan gets underwritten, and you do a final walkthrough before signing.

 

Know the words: Escrow, Underwriting, Clear to close, Walkthrough

Protect Your Approval Between Now and Closing

Your loan approval isn't final until you sign - small money moves in between can undo it. Don't open new credit cards or loans, don't make big purchases, don't cosign for anyone (it counts against your own debt-to-income ratio), don't change jobs, and don't move large sums of money without checking with your lender first.

 

Simple rule: if it touches your credit, income, or bank balance — call your lender before you do it, not after.

A Few More Terms Worth Knowing

MLS is the shared database agents use to list and search homes for sale. An HOA (homeowners association) sets rules and collects dues in some communities. PMI is extra insurance you may owe if your down payment is under 20%. A fixed-rate mortgage keeps the same interest rate for the life of the loan, while an adjustable-rate mortgage can change over time. And your inspection contingency is your right to negotiate repairs, a credit, or walk away based on what an inspector finds.

 

Know the words: MLS, HOA, PMI, Fixed-rate mortgage, Adjustable-rate mortgage, Home inspection

OUR AGENTS

Moises Hernandez

Agent License ID: 02234724
California's Most Motivated REALTOR. Moises Hernandez brings marketing strategies, clear communication, and innovative ideas to the industry. Moises is a leading REALTOR in Imperial Valley where he was named the top solo agent for DMA Real Estate. Moises is also a proud Imperial Valley College and UCLA Alumnus, he is a community leader and is always looking to serve his community. If you need to sell your home or want to purchase a home in California make sure to contact Moises. 

+1(909) 642-7991

1260 Sandalwood Dr, El Centro, CA 92243, USA

https://moitivatedhome.com

Moises Hernandez