Property Taxes on a Newly Purchased California Home

As a first time home buyer in California, you will need insights into the property taxes expected of you by the state.

What property taxes do you pay in California?

Property buyers in California pay different taxes and charges. The real estate taxes and levies include:

• 1 percent real estate valuation taxes • Taxes to pay for the California for bonds and voter–approved debts • Property assessments taxes • Mello–roos taxes. • Parcel taxes

How do I know the exact taxes for my real estate?

The local county assessor's office or real estate agent can determine the property tax levy for you. In San Francisco, for instance, as of 2016, the total the property taxes and the voter-approved taxes is 1.159 percent.

How do I calculate my real estate taxes in California?

Multiply your new home's price by the property tax rate in your county. When you buy property priced at $500,000 in Francisco, multiply $500,000 by 0.01159. Your yearly property taxes would amount to $5,795. For more information or if you need assistance in calculating property taxes, Vahe Hayrapetian and his team of professionals can help. Check them out on Facebook to know more.

References:
http://homeguides.sfgate.com/calculate-california-property-taxes-newly-purchased-home-2875.html 
http://www.californiataxdata.com/a_free_resources/faq.asp
http://www.lao.ca.gov/reports/2012/tax/property-tax-primer-112912.aspx
http://www.sacbee.com/news/politics-government/capitol-alert/article48004310.html

How to Afford a California Home

Ever since house prices crashed in the 2008 financial crisis, the housing market has been a lot harder and more complex. This resulted to tighter regulations and caution on the part of the banks who issue mortgages. However, there are still a few good ways to ensure that your loan application goes through.


First, make sure you have saved a large down payment. This shows that you have committed to the financial responsibility of the house and you are capable of raising the funds you need. It also reduces the size of the loan, making it easier on both you and the lender.


Next, you should expand your search. Don't just go to the big banks and hope they make you an offer. Instead, rely on the help of a home loan company like that of Vahe Hayrapetian. Vahe Hayrapetian has 18 years of experience in real estate and his company offers loan services as well as realtor services. That covers the whole process of finding a home and then getting the loan you need to purchase it.

Mortgage Bankers Like Vahe Hayrapetian Offers Guidance in Home Loans

Buying a home is a major financial transaction. Before you start looking at home listings, you first need to take a good look at your financial situation and make the right budget preparations. In all likelihood, a home loan is going to be your primary means of financing, so among your first steps should be to review your credit score and determine if it’s good enough to be pre-approved for a favorable loan.

After assessing your credit standing, you also have to select the right type of mortgage that will suit your needs. Your mortgage option will depend on various factors, such as how long you plan to keep the home, the potential of changing mortgage payments, and your expectations on your future financial situation. Given the long-term and complex issues surrounding a home loan, it’s best to work with a reputable mortgage banker like Vahe Hayrapetian who can guide you through the process.

Popular Types of Mortgages

The fixed-rate mortgage is the most common and one of the easiest to manage home loan types, as it sets a specific monthly amount to pay. While your homeowner’s insurance and property taxes may increase, your fixed-rate mortgage payments will not. You can choose from a 10-year to a 30-year repayment plan, and may shorten the period to accrue less interest along the way.

Adjustable-rate mortgage (ARM), on the other hand, would have fluctuating interest rates based on current market rates. Despite the instability, some home buyers prefer an ARM because its initial interest rate is usually lower than the fixed-rate type. This is suitable for those who need lower payments at the start to qualify for mortgage, or for buyers who plan to move or get a refinancing in the future.

Reverse mortgages are loans intended for seniors aged 62 years and older. Under this loan type, the conventional payment system is reversed, that is, borrowers will be receiving a lump sum, or monthly payments, or a line of credit from the lender, using their home equity. Qualified seniors can use the loan amount to maintain or improve their quality of living and remain in their homes without paying monthly mortgage payments.

While weighing on your choices, it’s important for you to keep your good credit standing from pre-approval time until you have closed your mortgage deal. To find out which loan type may be most suitable for you, don’t hesitate to get help from an experienced loan officer like Vahe Hayrapetian, and get better assurance about your prospects for long-term home ownership.

Professionals like Vahe Hayrapetian on What to Know When House Hunting

Everyone dreams of purchasing their own home someday, and for many of them, the time is ripe to make that big step. If you’re among these first-time homebuyers, it will pay a lot to arm yourself well with all the information you can get before closing a deal. Professionals like Vahe Hayrapetian who specialize in the real estate industry offer these expert tips for home buying newbies.

Know the Process

Once you’ve decided to buy your first home, the first thing you’ll need to do is to learn as much as you can about the home buying process. Thankfully, you’ll find no shortage of start-to-finish guides for the whole process, but there are also some things you should know that are not often included in these guides. One of these is to never let your emotions get in the way of buying a home. Also, unless you are a savvy investor, never plan on buying a home if you don’t intend to stay there for a long time.

Know About your Prospective Home

Once you’ve found a property that catches your fancy, try to know everything about it and the neighborhood where it’s located. Learn more about how long it has been on the market, and, if possible, ask for copies of insurance and utility bills to have an idea on how much owning the home can actually cost.

Get Pre-Approved on Your Loan

Getting pre-approved for a mortgage loan is an important factor and can make the difference between getting the home of your dreams and losing it to another buyer. Sellers generally favor buyers with loan pre-approvals as these give them the assurance that the buyer has the financial means to pay for the house. On your end, a pre-approval will give you a good idea of just how much home you can afford. Loan originators like Vahe Hayrapetian can help you by presenting you with options for a good mortgage, and helping you secure a pre-approval. Finally, don’t be afraid to take your time and weigh your options. A house, after all, is one of the biggest purchases you’ll make in your life, and you’ll want to get one that not makes good financial sense, but also a place that you can call home for many years to come.

People like Vahe Hayrapetian Get You Going on a Home Mortgage Loan

Owning a home is part and parcel of the American Dream. You and your family need a place to return to at the end of the day, a place you can call your own. One step in the journey often includes securing a mortgage for that property.

Past events have already given many Americans hard lessons on property and finance. You may have even heard of some unsettling mortgage or home finance stories in your community yourself. To prevent yourself from becoming one of those stories, you need to have veteran home finance experts like Vahe Hayrapetian guiding you in the effort to take out flexible mortgage options.

Effective Groundwork

Much preparation is needed on your part to have a higher chance of being approved for a loan you can afford. A mortgage broker can suggest starting by securing a credit report from a number of consumer reporting bodies. The file will show your entire credit history and current FICO score. Some loans like the FHA loan can be granted to just about everybody, but those with a credit score of at least 580 get a low down payment rate of 3.5 percent.

If your FICO score is too low, credit reports also give you the chance to settle some debts and bring the score up. If you’ve been using credit cards too often, review your dues and exercise self-control. The smaller items you can pay back will go a long way in marshalling enough money to settle the larger dues.

Finances

Your current financial status is key to the process. For a prospective lender, you need to show them proof of employment and your recent tax returns. Some mortgage agents who are trained to pre-approve a loan will insist on other data such as your pay slips to add more substance. With your debts presumably settled, you will need every opportunity to save up for a large down payment.

Loan originators like Vahe Hayrapetian are well-connected with a number of reputable lenders. A pre-approval may help you check up a list of lenders whose terms suit your needs and current capability to pay. There’s nothing wrong with taking out a loan, if it means securing one part of your future. Set off on that road now.