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3 Facts to Know About Buying a Home in Los Angeles

October 15, 2020 by Shannon Christenot

Buying A Home in Los Angeles California

Although the meaning of the American dream has changed over the years, it has always included owning your own home. To many people, owning property represents financial maturity and independence that was earned through hard work and smart financial handling.

Regardless of one’s status, buying a home is a big financial decision. It may very well be the biggest financial transaction that most people will make in their lifetime! As such, there are many things to know about it before buying a particular property.

The 3 Important Home Buying Facts

Here are three facts about buying a home in Los Angeles that you should know today to get you started:

  1. You get more for what you pay for. Buying a home offers distinct advantages over renting. In many cases, your mortgage’s monthly payments should either be as close as your rent or almost the same as it. However, instead of just giving money to your landlord, you get to own the property at the end of it all. Another bonus is that you are earning equity in your home with each payment. Once you earn enough equity, you can cash it in to pay for other expenses. Some people use that equity to pay for a renovation, while others use it to pay for hospitalization or college tuition.
  1. You can get lower down payments. One of the biggest barriers to homeownership is its steep initial cost. Many people think that you need at least 20% to buy a home! The truth is, there are ways to reduce that figure to more attainable figures. It’s always better to pay higher down payments to get lower monthly payments, shorter terms, or avoid paying mortgage insurance. However, you can potentially get away with lower down payments by taking advantage of federally backed home loans available to you. For example, you could lower your down payment to as little as 3.5% if you qualify for an FHA loan. FHA loans reduce your risk profile and offer low-interest rates. To be eligible for an FHA loan in Los Angeles, you need to have a debt-to-income ratio of below 45%. You also need to have sufficient and documented income for at least two years! Having a credit score of 580 and higher will get you qualified for a 3.5% down payment. Credit scores of 500 to 579 will land you a higher but still more affordable 10%. Meanwhile, eligible active-duty service members, veterans, and their surviving spouses can get a VA loan. Like FHA loans, VA loans are backed by the US government and guarantees lower interest rates than conventional loans. However, the primary advantage of getting VA loans in Los Angeles and elsewhere is that it may allow you to buy a house with zero down payments and no private mortgage insurance. 
  1. You’ll benefit from a mortgage broker’s guidance. With the wealth of information available on the internet today, it’s tempting to try buying a home without a mortgage broker. You can develop a good working relationship with lenders and even shop around for the best deals. However, a good local mortgage broker will almost certainly have more experience in the job. Moreover, your chosen broker will always look out for your best interests. They will spare you from the hard work and patience needed to put a loan together. These professionals are especially helpful for medium to low-income buyers looking for the best deals. Since these groups of buyers can be considered high-risk by lenders, putting a loan together will involve dealing with many rejections and negotiations. Working with a mortgage broker in Los Angeles will help you secure the loan faster, allowing you to put in an offer for your chosen property as soon as possible.

Buying a Home in Los Angeles with Shannon Christenot

Buying a home is a financial decision that should not be taken lightly.  However, it doesn’t have to be the confusing and laborious process that many people make it out to be. As your flip through listings in your local area, make sure to find the best mortgage lender as well. Your mortgage broker will help you find the best deals and put you on the path of being a homeowner in no time.

Shannon Christenot is a mortgage broker in Los Angeles. We offer conventional loans, FHA loans, VA loans, USDA, and more. We also help our clients with mortgage refinancing to take advantage of lower interest rates and more. Dial (818) 601-2231 today to schedule a free consultation!

Filed Under: Buy A Home Tagged With: California, Home buying tips, Los Angeles

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Caroline Wong
Caroline Wong
17:04 22 Apr 20
Shannon was very prompt and responsive to all queries. The process went more smoothly than I ever could have imagined. Highly recommend Shannon for all your mortgage/re-financing needs.
Sarah Goldberger
Sarah Goldberger
19:36 21 Apr 20
I cannot recommend Shannon highly enough! As an independent contractor, I knew getting a mortgage would be a little difficult, and Shannon supported me and helped make it work every step of the way. If I ever need brokerage services again, she'll be my first call!read more
Kristina Robbins
Kristina Robbins
21:47 15 Apr 20
We’ve worked with Shannon and her team twice and both experiences were stellar. The first was buying our first home and she walked us through the process and explained everything along the way to help us get quickly up to speed. The second time we were going for a refi in maybe the most turbulent mortgage market ever as COVID hit. She guided us through all the hurdles and worked double time to satisfy all the lenders new requests. We got a rate a full percent lower. I can’t recommend this team highly enough.read more
Karl Larsen
Karl Larsen
23:55 13 Apr 20
Shannon Christenot is the most amazing lender we’ve ever had. As a matter of fact this is the second time we’ve used Shannon to do a mortgage with us. She held our hand every step of the way. She made the whole process stress-free as well. And when we were coming down to the wire to finish our escrow within the 30 days she got us an extension Without even asking. Now we are locked into a very low rate. We’ve saved hundreds of dollars per month for the next 30 years. We cannot Thank Shannon enough. I would recommend Shanon to anyone thinking of buying a home or refinancing.read more
Tony Bilby
Tony Bilby
03:09 07 Mar 20
Shannon and her team were professional, competent, and swift when it came to the lending associated with my home purchase. We were able to get the loan approved and close on a house in less than 30 days. Record time!read more
Joshua Barton
Joshua Barton
16:05 23 Nov 19
I have had the pleasure of working with Shannon for 8 years - her knowledge of the mortgage process and attention to clients is unparalleled. The Los Angeles market can be tricky with high dollar homes and unique income of the Entertainment Industry, but Shannon takes charge and leads everyone through to successful closings like clock work - cannot recommend her enough a true Rock Star in Mortgage world.read more
Lauren S
Lauren S
04:52 18 Oct 19
Working with Shannon was a real pleasure. She was always available and got back to me promptly with any necessary information. I was able to refinance my mortgage at a rate considerably lower than another larger company quoted who I had started working with. I look forward to working with Shannon again and I highly recommend her to anyone looking for a competent and decent mortgage broker.read more
Mike White
Mike White
02:15 27 Sep 19
As first time home buyers we had no idea what we were doing. We were pre-approved by a well known company but quickly discovered that we absolutely did not want to work with them for the actual mortgage. Shannon was recommended to us by a friend and I called on a Saturday morning. By Saturday evening we were well on our way to buying a house (we closed three days ago!). Shannon made navigating these foreign waters so easy, answering all of our newbie questions with patience and grace. Plus she got us a fantastic rate. We are so grateful for Shannon and can not recommend her enough. WE OWN A HOME!!read more
Alaine Smith
Alaine Smith
13:15 26 Sep 19
It was wonderful working with Shannon! She is attentive, thorough, and intelligent. It was easy to communicate with her because she took time to hear and understand my goals and always responded quickly. I highly recommend her to anyone looking. The customer service she provides exceeds expectations by a long shot! Thank you, Shannon, for all your help!read more
Julie Mckay
Julie Mckay
17:20 28 Aug 19
I just purchased my first home! Shannon and her team were truly a dream to work with. I was never left in the dark and she was always quick to respond with all of my questions. My experience couldn't have been easier. I highly recommend Shannon and would use her again in a heartbeat! She is the BEST!read more
jojo quijada
jojo quijada
19:55 27 Aug 19
I've been in the real estate business for over 5 years now, and I always trust Shannon to work with my clients. She and Josh are an AMAZING TEAM! Buyers love to work with Shannon as she gets things done asap and answer any and every question/concern. I couldn't recommend a better person for lending. Can't thank her enough!!read more
Rotimi Ayanbeku
Rotimi Ayanbeku
20:12 15 Aug 19
I always go back to Shannon because she is one of the best in the business! I've worked with Shannon over the years, however, she outdid herself in my last deal. She was so professional, caring and effective that my clients were comparing everyone else in the deal to Shannon. More importantly, we were ready to fund in less than two weeks. Once again, Shannon affirmed my belief in her that she always rises to the occasion. Thank you for being the best!read more
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Shannon Christenot is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.

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