FAQ About Buying

Most frequent questions and answers

With interest rates at historic lows, this is the opportune time to buy a house. Low interest rates help homebuyers afford more expensive homes, however, with housing inventory also at historic lows, we are experiencing a fiercely competitive market right now.

Interest rates are currently on the rise as the economy continues to show signs of improvement and recovery from the effects of the COVID-19 pandemic. You can keep a close eye on rates by checking in on our Homebuyer’s Mortgage Watch, updated every week. In general, when the economy is thriving, interest rates rise.

All signs point to no, the housing market is not going to crash in 2021. In fact, the real estate market is thriving as a driver of our economic recovery. Despite the pandemic, today’s real estate market is healthy with market conditions of low supply and high demand keeping home values strong with no bubble in sight.

Yes, 2021 is a good time to buy a house in Orange County with mortgage rates still at historic lows. Although home prices have been rising across Orange County, low mortgages make the cost of a home today more affordable than several years ago. So, if you’re ready to purchase, this is a great time to do it. Check out our Orange County Market Report to learn more. 

When mortgage rates are low, then most consider it a good time to buy a house. Mortgage rates hit all-time lows in 2020 and while they have started to rise, they are still at historic lows. That makes this a good time to buy a home in Los Angeles and secure it for less.

It is a good time to buy a house in San Diego because mortgage rates are at historic lows. However, low rates have been encouraging a record number of buyers to enter the market, so it’s important to be prepared for firece competition among limited housing inventory when you are buying a home.

Current market conditions make this a great time to buy a house in Riverside. Mortgage rates hit all-time lows in 2020, and they’re only just beginning to rise which means purchasing a home today is more affordable than it was just 2 years ago. Here’s what $350,000 can get you in Riverside County in today’s market.

With mortgage rates at historic lows, this is a good time to buy a home for less. Download our San Bernardino County Market Report to learn more about the local market.

According to our 2021 predictions, home prices are expected to rise this year, not go down. Home prices saw doubledigit growth in 2020 and while we don’t expect to see a dramatic rise in prices for 2021, home values are expected to continue rising.

Home prices are expected to continue rising in Orange County. We are currently experiencing a booming seller’s market thanks to low inventory and high buyer demand, which drives up home prices.

If you want more choices, the best time to buy a house is spring or summer when there are usually more sellers on the market and thus more homes for sale to choose from. However, competition is less during the winter months, so if you’re looking for deal, the best month to buy a home is December according to the stats.

The housing market is booming, and it’s expected to continue for several years. There no market crash expected in 2021 because despite the pandemic, today’s real estate market is healthy with market conditions of low supply and high demand keeping home values strong.

It’s not hard to buy a house in California if you have a qualified real estate agent by your side. The biggest hurdle for most homebuyers when it comes to purchasing a home is saving up for the down payment, but there is assistance available. Through California’s GSFA Program, you could get up to 5% in down payment assistance as a gift, with no need to pay it back.

The first thing you need to determine when budgeting to buy a house in California is how much you can afford to pay each month in mortgage payments. Based on your monthly mortgage budget, you can work backward to determine how much house you can afford while budgeting for a down payment as well.

Generally speaking, the further inland you look, the more affordable housing prices will be. Check here these lists to view the most affordable places to live in Orange County, LA County, San Diego County, and the Inland Empire.

Your monthly mortgage payment is dependent on several factors – most importantly, your interest rate. If you secure a rate of 3.5%, your monthly payment on a $600k mortgage would be $2,694. This will fluctuate based on whether or not you have to pay Private Mortgage Insurance (PMI), your homeowners insurance, property taxes, and more. 

Veterans and active-duty military have the option of receiving up to 0% down with a VA loan. California also offers a down payment assistance program called GSFA that will gift homebuyers up to a 5% down payment for free. While a 20% down payment is ideal, it is not needed in order to buy a house.

In order to calculate how much you can afford, you want to consider your mortgage amount, not the home price. As a general rule of thumb, you should estimate spending 24% of your monthly income on your housing or mortgage payment. So on a $700k mortgage, you would need to make $215,337 a year.

Your credit score determines the interest rate you will qualify for on a mortgage loan and the type of loan you can qualify for when buying a house. The higher your score, the better (lower) your rate will be. The FHA (Federal Housing Administration) will borrow to homeowners with credit scores as low as 580.