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San Diego downtown real estate broker

Bob Schwartz, CRS, GRI 

Certified Residential Specialist

 


 

San Diego, California 92101

Telephone - Cell:
(619) 300-8819

Facsimile:
(619) 229-0048
E-mail:

 brokerforyou@gmail.com

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Knowing When Your Ready To Buy


All across the United States, there are millions of people looking to a buy home - either now or in the future. Recently, lower interest rates have come along, making it more affordable than ever to buy a home. When most people stop and give it some thought - buying a home makes a lot more sense than renting a home or an apartment.

In order to buy a house, youíll need to begin saving your money and have sufficient funds for the closing costs and a down payment. Your down payment will normally need to be around 15% of the price or the value of the property - whichever is lower. To be on the safe side, you should always try to have 20% to put down. If you arenít able to put 20% down, youíll need to buy some private mortgage insurance, which will cost you more in terms of your monthly payment.

Overall, the closing costs will run you around 5% of the property price. Before you purchase the home, you should always get an estimate. An estimate wonít be the exact price, although it will be really close. You should always plan to save up a bit more money than you need, just to be on the safe side. Itís always best to have more than enough than not enough.

Youíll know your prepared buy a home when you know accurately how much you can afford, and youíre willing to stick with your plan. When you buy a home and get your monthly mortgage payment, it shouldnít be any more than 25% of your total monthly income. Although there are lenders out there who will say that you can afford to pay more, you should never let them talk you into doing so - but stick to your budget instead.

Keep in mind that there is always more money concerned with a home other than the mortgage payment. You also have to pay for utilities, homeowners insurance, property taxes, and maintenance. Owning and caring for a home requires a lot of responsibility. If youíve never owned a home before, it can take a bit of time to get used to.

Prior to filling out any applications, you should always look over your credit report and check for any slip-ups. Although you may think you donít, you can easily get an error on your credit report and not even realize it. If you have an error on your credit report, it can cost you a lot of money in interest rates. An error will decrease your credit score, which will put you in a higher interest bracket and ultimately cost you a lot more money in the end. Therefore, you should always know your credit before you approach a lender.

If you check your credit report ahead of time, you may leave yourself enough time to fix any problems and get your credit back on track. Rebuilding credit can take time though, sometimes even years. You should always plan ahead - and give yourself plenty of time to fix your credit.

Buying a home will involve a bit of work on your behalf. You should always strive to get the best possible deals, which means knowing your credit and where you stand. This way, you can get the best interest rates. You donít want to buy a home with bad credit, simply because youíll pay a lot more money for the home. If you take the time to fix any credit problems and save up some money - youíll be able to get a much better home for your money.


ABOUT THE AUTHOR

 

Bob Schwartz, is a Certified Residential Specialist, CA licensed real estate broker with www.Brokerforyou.com. Bob has over 27 years of residential real estate experience, authored a number of published articles and served as an expert witness for San Diego lawyers. You can contact Bob via e-mail at bob@brokerforyou.com or visit his highly popular San Diego real estate website at: http://www.brokerforyou.com
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