If you already own a home, simply call your insurance agent and let them know you’re buying a new home. They will handle writing a new policy. If you don’t have an insurance agent, now’s the time to find one because your lender will require homeowners insurance. Even if you don’t have a mortgage, insurance is a critical part of protecting your investment. You’ll also want to give utility companies your move-in date to establish service. There’s nothing like moving into a cold, dark house because you didn’t get an account with the power company!
For lenders, whether it’s a bank, credit union, or other type of lender, a down payment helps offset their risk in making a mortgage loan because it means the borrower immediately has some skin in the game–an investment to protect. The more money you pay down, the less the lender stands to lose if you default on payments and the lender has to foreclose, especially early in the loan term. This is why borrowers who put less than 20 percent down usually have to get PMI, as it protects lenders by repaying the unpaid portion of the loan if the borrower defaults.
Down payments also protect buyers from negative equity if the market suffers a downturn. If you put 3 percent down and the market value of the home soon falls by 5 percent, you’ll be upside down on your mortgage by 2 percent; you’ll owe more than what the house is worth. However, if you had put down 20 percent, then you’ll still have equity in the home. A substantial down payment to reduce negative equity risk is not only attractive to lenders, but is also helpful in the event that owners need to sell the home for some reason.
Oh, and did we mention the Los Angeles weather? With year-round high temperatures that rarely dip below 70 degrees Fahrenheit, it's safe to say that in LA, it's nearly always a great day for a trip to the beach. The only problem you'll have is choosing which beach to go to. Would you prefer the carnivalesque atmosphere of the Santa Monica pier? Or maybe you'd like to experience the vibrant local color of Venice beach? If you're feeling swanky, put on your best designer swimsuit and spend the day sunning on Manhattan Beach. The choice is yours. And speaking of choices, when it comes to real estate, Los Angeles homes for sale truly have it all. Whether you're seeking to purchase an affordable starter home in an up-and-coming neighborhood, an immaculately restored historical bungalow, a mid-century masterpiece or a chic, modern mansion, the city of LA has just what you're after. Not quite ready to buy? No problem. You'll also find plenty of apartments for rent in Los Angeles in our rentals section, ranging from affordable to opulent. Great places go fast in LA, though, so make sure you have your checkbook ready. The world-famous Los Angeles lifestyle is waiting for you.
For most buyers, this is when the butterflies really show up. Once you’ve found a home you want your agent will work with you to craft an offer. Remember, the listing price is only a starting point. Your agent will understand the market and help guide you to make the most attractive offer, whether it’s below, at or above listing price. Are there any contingencies to your offer? Will you require an inspection? These are all things your agent will help you with. Once you’ve submitted the offer you get to wait. It will seem interminable. You may get neither a simple yes or no but a counteroffer to consider. It can be something of a dance. If you get a solid “no,” it’s back to Step 5. If you get to a “yes,” celebrate!
Los Angeles, California: it's a city that needs no introduction, especially if you're hunting for a home. From its pulsating nightlife to its lively beaches, its star-studded events to its world-class attractions, the list of reasons to call Los Angeles home is extensive. You needn't look far to find entertainment in the City of Angels, either. There's the stunning architecture, lush gardens, and impressive art collection of the Getty Museum; Griffith Observatory's breathtaking views of both Beverly Hills and faraway planets; and the silver-screen excitement and thrilling rides of Universal Studios Hollywood, too.
Updated, light and bright unit in the heart of Tarzana! Enter into a formal dining area with a step-down living room complete with a fireplace. The view from the balcony is of the courtyard with beautiful landscaping. The open kitchen features new countertops, dishwasher, and refrigerator. The very roomy bedroom also opens out to a private balcony and has new flooring. The bathroom is large and completely renovated. The whole unit has been freshly painted. The secure complex is quiet and features a huge lobby with an elevator to your unit. Don’t miss this great opportunity! Take a virtual tour now: https://bit.ly/2JAIjEn
If your take-home pay won’t get you to your down payment goal on your desired timeframe, or you’re worried about negatively impacting your lifestyle as you scrimp and save for your dream home, consider increasing your income by picking up a side gig – either by taking on a second part-time job, picking up work as an independent contractor, or exploring the many ways to make money from home.
Stylish condominium in the Heart of Hollywood! This light and bright unit boasts 2 bedrooms and 2.5 baths, an open floorplan, a gas fireplace in the living room, indoor laundry, and a spacious balcony. The master suite features a walk-in closet and en-suite bath with a soaking tub and rainfall shower. All this in a secure building with gated subterranean parking. Community rooftop sun deck and BBQ. Amazing location close to Metro Line and everything Hollywood has to offer! Take a virtual tour of this home: https://bit.ly/2UBcQsa.