Becoming a first-time home buyer is an exciting milestone in life, but it can also feel overwhelming and daunting. The process of buying a home involves numerous financial considerations, property searches, and navigating through complex paperwork. However, armed with the right knowledge and guidance, your experience as a first-time home buyer can be smooth and successful.
The average home price has more than doubled over the past ten years. As a result, Americans are finding it increasingly difficult to afford to buy a home.
In 2022, the median home price in the United States was $458,200 and the median household income was $70,784. This means that the median home price was 6.47 times the median household income.
* Data cited from internet sources and may not be 100% updated
Sean Grovier is the External Home Loan Advisor of Golden 1 Credit Union. As a seasoned residential loan officer with nearly two decades of expertise, he primarily aims to streamline his client’s home-buying or refinancing journey. Whether they are stepping into homeownership for the first time, upgrading, investing, or seeking a vacation retreat, he’s to understand their aspirations and tailor solutions to fit attentively. He provides a range of conventional and bespoke portfolio programs, focusing on loan values from $300,000 to $2,000,000. Moreover, he offers specialized programs tailored for professionals in the medical and legal sectors, ensuring his clients receive top-tier service tailored to their unique requirements. At the heart of his practice lies in building and nurturing relationships.
In this first episode, we delve deep into the intricacies of the Silicon Valley real estate market. Firstly, it's essential to understand its implications for first-time home buyers. Additionally, the episode sheds light on the unique definition of a “first-time home buyer” in the lending world. Surprisingly, even those who haven't owned a home in the past three years qualify. Moreover, with Silicon Valley's median home price hovering around $1.5 million, we discuss the challenges that arise with rising interest rates which potential buyers face.
On the other hand, there's a silver lining for high-tech professionals. Because of their substantial incomes, they can offset these challenges. Furthermore, the episode explores various loan options for first-time buyers in this pricey region. For instance, it covers the popular 30-year fixed loans and also the lesser-known adjustable-rate mortgages (ARMs). We also delve into which loans are best suitable to the buyers needs, and the importance of pre-approvals, highlighting the difference between a regular pre-approval and a fully underwritten one.
Lastly, we share expert advice on bridge loans, home equity lines of credit, and the role of credit scores in loan approvals. This episode is a must-listen because of its treasure trove of information for anyone looking to navigate the Silicon Valley real estate market.
“Your credit score is more than just a number; it's the key to unlocking your dream home in Silicon Valley.” – Sean Grovier
“In the high-stakes game of Silicon Valley real estate, every penny counts. Know your loan options.” – Sean Grovier
“In the world of lending, not owning a home for three years makes you a first-timer all over again.” – Sean Grovier