What are the top things to consider when buying a house in Santa Barbara, California?
Congratulations, you’ve made it into the next big step of homeownership, buying a house in Santa Barbara, California. Sure, it sounds simple, but you should do your best to look 5-steps ahead with any life-changing decision.
When it comes to buying a home in Santa Barbara, here’s a solid piece of advice. Take a moment and consider what home buying dreams are possible versus which ones aren’t. Maybe consider making a list of your “can’t live without” necessities.
Whether you are already consulting with a professional mortgage broker, or have no idea where to start, it pays to start nailing down a realistic idea of your next home buying endeavor.
So now that you’re looking into home-ownership, here are the top five things to consider when buying a house in Santa Barbara, California.
Find the best mortgage loan then begin looking for houses in your price range
First things first, pin down exactly how much you can afford by securing a mortgage loan. Based on your credit history, debt-to-income ratio, and what kind of loan suits you best, Select Lender can help you calculate exactly how much you can afford when buying your next house.
Get approved first. Once you have a rough idea of your monthly mortgage payment, you can start to consider your monthly budget, commuting expenses, local cost of living, as well as anything else essential to your needs. With an estimated budget, finding a neighborhood that suits your needs will be simpler and more streamlined.
Let’s face it, house shopping is fun and exciting, especially after you’ve been approved with your home mortgage loan. Your loan approval amount will undoubtedly factor into what you can buy. So now you’ve got your mortgage loan, it’s time to open up the laptop and start looking for houses in Santa Barbara, California!
Consider your long-term goals when choosing the perfect neighborhood
Important questions should come to mind when purchasing a home in Santa Barbara. Do you plan to grow your family? Whether you are interested in raising children in your new home or need extra bedrooms for your in-laws down the road, you will have to consider just how many bedrooms your next house needs. With the average home buyer spending more than 10 years before selling, buying a house with adequate space for your needs and family will ultimately help you find happiness in your home purchase.
Self-improvement goals are essential to incorporate, especially when choosing the perfect house for you. The best-case scenario is when your new home makes it easier to be the best you.
Hobbies and Interests
Take this into account, maybe you have a real talent for baking and you’d love to expand your passion in your very own kitchen. By purchasing a home with the right kitchen, you will excel in your interests. In addition to feeling more comfortable and happy with everyday living.
The same would be true if you love to eat out or try new food interests in town. Choose a neighborhood within proximity to exciting nightlife and local activities.
Buying a home for the right reasons will always help you feel more connected and secure to that specific house, and nothing is better than loving where you live.
Make your “Can’t Live Without” list and stick to it
Find the best mortgage loan then begin looking for houses in your price range
Next to securing the perfect loan to buy a house in Santa Barbara, writing down your “must-haves” should be high on all home buyer’s lists of things to do.
Space for Events
Need a house in Santa Barbara with plenty of outdoor space? Outdoor space is often on the top of most homebuyer’s essential needs. Outdoor space is great for birthday parties, special events, gatherings, or maybe you have a home business idea you’ve always needed the space to start.
No matter what you’ve heard, there is such a thing as “too far” when it comes to commuting to work, doctor’s offices, school, or any essential travel on your daily schedule. The best way is to add up the travel time from your prospective house to your various destinations and pin down the perfect neighborhood in Santa Barbara, for your next home purchase.
Education and Local Schools
Every parent dreams that their children can receive a respectable education. Parents want schools that instill strong values, teach work ethic, accountability, and build moral foundations for their children. Santa Barbara, and California in particular provide many educational choices from public to private schools, as well as college options. With students in the house, proximity to a good school in Santa Barbara should be high on your “Can’t Live Without” list.
Amount of Bedrooms and Bathrooms
When buying a home in Santa Barbara, California, be sure to decide as to the ideal amount of rooms and bathrooms that you need. If you are seeking a single-family home with two bedrooms and two bathrooms, but you like to host parties and have guests over, you might consider looking for two bedrooms three baths, or two ½ baths. If you have lots of family or need lots of space, multi-family homes in Santa Barbara often come with many more rooms that can also be used as a home office or hobby spaces.
Be sure everyone has their own idea of what they just can’t live without. So make sure you take a moment to think about what is most important to you.
Don’t stress on the little stuff
Imagine you’ve finally found the perfect house in Santa Barbara. Not far from the local grocery store, has your favorite coffee shop and entertainment just around the corner. Plenty of space in the yard, and the correct number of bedrooms and bathrooms. But you just can’t stop looking at the big bright pink door. Or maybe the pool pump needs to be repaired. Remember, not all fixer-upper work is outrageously expensive, and a lot of things can be improved relatively easily. If you don’t stress on the small cosmetic problems, you just might end up with your Santa Barbara dream house.
Find out what amenities and resources are available near your neighborhood
We’re not just talking about your neighborhood gas station, but is your new house in Santa Barbara near your work? Is it within close distance to popular stores, restaurants, coffee shops, grocery stores? If you travel often, how far is the commute to your airport? When choosing the best neighborhood in Santa Barbara to buy your next home, make sure to look at what’s essential for you.
Whether you want a nearby hiking trail for a daily walk with the dog, or a park to take the family for picnics, investigating what’s around your neighborhood is definitely one of the top five things to consider when buying a house in Santa Barbara, California.
Hottest Neighborhoods in Santa Barbara, California.
Homebuyers looking to buy houses in Santa Barbara, California, will often search for homes in popular neighborhoods like Lower State, Waterfront, West Beach, North State, Mission Canyon, Montecito, Summerland, Goleta, Hope Ranch, Isla Vista, Carpinteria, Naples, Ventura, Capitan, Gaviota, and Las Cruces.
Popular Zip Codes in Santa Barbara, California.
Some of the hottest and most popular neighborhoods in Santa Barbara to buy a home are in zip codes like 93101, 93107, 93120, 93102, 93108, 93121, 93103, 93109, 93140, 93105, 93110, and 93190.
Types of Homes Available in Santa Barbara, California
Homes in Santa Barbara, California that are available for purchase include multi-family homes, single-family homes, condominiums, and townhouses.
Finding the Best Mortgage Lender in Santa Barbara, California.
The first step in buying a home is to secure your mortgage loan. Select Lender is a full-service mortgage lender and mortgage broker. Select Lender provides home purchase loans and home refinancing loans to homebuyers and homeowners all over the state of California.
Choose the perfect loan with Select Lender and take the first steps to buy a house in Santa Barbara, today.
FHA Home Loans
With a credit score of 500 and higher, in addition to a debt-to-income ratio on the lower half of 50%, you can usually get approved for a first-time home buyer's loan through Select Lender. Depending on your credit, you may end up paying as much as 10% down or as little as 3.5% down when buying a home in Santa Barbara, California.
Conventional Home Loans
Qualifying for a conventional home mortgage in California will usually require a credit score of 620 or higher with a debt-to-income ratio of 50% or lower. Private mortgage insurance is often a requirement for conventional home loans in Santa Barbara, California as well. Select Lender can help qualify you for a conventional loan with one easy click.
USDA Home Loans
If you have been looking into USDA home loans for buying a house in Santa Barbara, California, Select Lender is available to get you started. USDA loans come with no down payment, typically have better interest rates, and can be easier to qualify. USDA loans are backed by the government, helping your likelihood of getting the loan you need.
VA Home Loans
Another no-money-down option is a VA home loan through Select Lender. When it comes to getting approved, you should expect to show your COE, or Certificate of Eligibility, and have a credit score between 580 and 620 for the best chance to qualify. Government-backed VA home loans are typically available for veterans in Santa Barbara, California.
Jumbo Home Loans
Another home mortgage loan option available through Select Lender is a Jumbo loan. To get approved for a Jumbo loan in California, you will need to have documentation of all income and assets needed to qualify. The debt-to-income ratio will need to be 50% or less, similar to conventional loan options with a credit score higher than 680.
Zero-Down Home Loans
There are several no-money-down or zero-down mortgage loans available to use when buying a house in Santa Barbara, California. VA loans and USDA loans are among the most common. Select Lender knows the requirements and with one simple inquiry, can help you shop for the perfect loan that suits your needs.
Conventional Home Refinance Loans
Are you looking to change your current mortgage terms with a home refinance in Santa Barbara, California? Select Lender can help you reduce your monthly mortgage expenses, and possibly save you thousands of dollars during the payoff process of your home. Conventional home refinancing is usually a smart move, especially if your credit score has been improving.
FHA Home Refinance Loans
Refinancing your FHA loan through Select Lender into a conventional loan, with 20% home equity or more, can usually rid you of the need for mortgage insurance. You’ll also want to show a solid mortgage payment history, but you can save money and enter into a much better home mortgage, especially if you have not been late on payments.
USDA Home Refinance Loans
Similar to most scenarios, when refinancing your home in Santa Barbara, California, you will have the opportunity to lower your monthly rate as well as your monthly mortgage payment. Select Lender can help investigate refinancing options with you. As long as your mortgage payments are current and your credit score isn’t terrible, you should be able to refinance.
VA Home Refinance Loans
Whether you are looking for a VA cash-out refinance loan, or to make changes to your monthly rate on your Santa Barbara home, Select Lender has the lending power and experience to find the perfect refinance solution for you. Your home does need to be your primary residence, but you may be able to finance up to 100% of the appraised value of the house.
Jumbo Refinance Loans
A good reason to refinance your Jumbo loan is to take advantage of your built-up home equity with a cash-out refinance. Another option is to use Select Lender to compare the rates on another Jumbo loan. If you can improve your rate, you can save money each month by refinancing your Jumbo home loan in Santa Barbara, California.
Zero-Down Refinance Loans
In most scenarios, you won’t need to put money down to refinance your mortgage in Santa Barbara, California. With Select Lender, we will typically use your loan-to-value ratio and your credit score to qualify you for your refinance, not a down payment. Refinancing your mortgage can lower interest rates, shorten your loan term, and save you money in the long run.
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I have never experienced a loan process that went so smoothly (this is my fourth). The team were amazing! They gave me the lowest rate among three lenders that I spoke with, they were always available and very friendly and I had communication with them throughout the entire process, they always kept me up-to-date with the file and everything went very smooth, even with some credit issues I have. And the loan was completed before we were scheduled to close so we were able to close early. I have a friend who used another lender at the same time and she went through so many hassles and had to extend their closing. Next time she’ll use them also have a much better experience. Thank you!
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They are a great team of loan officers who helped me buy a new house last summer. Their team was always quick to answer my questions and was very knowledgeable. I would highly recommend them to anyone looking for a new team of loan officers. Their friendly and outgoing personality make them a delight to work with.
I've had the pleasure of working with them twice for a new loan origination and a refinance. Both instances they completely exceeded my expectations. On our original loan, we were looking for our first home while my wife was pregnant with our first child. It is generally an extremely challenging time to look for a home and go through your first loan process, but they made the experience pleasant and easy as they are exceptional on their knowledge and follow-up. When we were ready to do a refinance we went through them again and it was a very easy low stress process that ended up saving us a lot of money. I am very happy to recommend them in the highest regard, they are exceptional at what they do and are a pleasure to work with. Thanks!
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