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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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Tips For Buying Your First Home

For a first time home buyer, the process can grow to be quite overwhelming, giving you the feeling that the financial decisions are quickly spinning out of control. When it comes to real estate, most people donít have a lot of experience or know a lot about it. In all actuality, buying a home is actually a simple process. All you need to do is understand the basics, which will go a long way in helping you buy your very first home.

The first thing you should know is to stay away from pre payment penalties at all costs. What this means, is that if you buy the home then soon after want to sell it before the balance of your mortgage is due, youíll have to pay a penalty. You can find a variety of great loans that donít include these types of penalties. If you find a loan that does include pre payment penalties, you should immediately turn it down and look for another loan.

You should also be look for good ARMís. If you have a good ARM, then your interest rate and monthly payment will adjust at the exact same time. This will make sure that your interest doesnít affect your monthly payment. If your interest rate does affect your payment, then you will notice the unpaid interest reflecting the overall amount of your loan balance.

In addition, you'll want to get pre approved for your house as well. This lets the seller know that you are sincere about buying, and will normally work in your favor to give an edge - which is especially handy if there are several others interested in purchasing the home. Getting pre approved will also save you a lot of time as well. If you canít get approved for a loan, you shouldnít waste your time inspecting it, trying to get a good interest rate, or negotiating with the seller for your ideal price.

Before you purchase a home, you should always know how much you can afford. Before you attempt to purchase a home, you should always go over your budget and figure out how much money you can spend on a mortgage payment. If you manage your money smart and know your finances, this shouldnít take you hardly any time at all. On the other hand, if you donít know your finances, this will take you a long time indeed.

If youíve already purchased your first home, you should always steer clear of any type of home equity loan. These loans can be very appealing when you get in an emergency and need cash, although most home equity loans add up to more than the value of your home. You should never, under any circumstances take a home equity loan, as there are many other ways that you can clear up your personal problems without having to jeopardize your home.

Keep in mind that the above are just a few key tips and that there are many other things youíll need to know when you're facing purchasing your very first house. Youíll need to be familiar with private mortgage insurance, special loan programs, fixed rate and adjustable rate mortgage, and several other things. Buying a home is an easy process, once you know a bit about it. If you familiarize yourself with buying a home and learn all that you can about what is involved, youíll find the home buying process to be easier than you ever thought possible.


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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